New Orleans French Quarter Real Estate Prices
After a big jump in New Orleans French Quarter real estate prices from 2015 to 2016, there has been a steady decline.
- Median sold prices in the neighborhood have dropped from $440,000 in 2016 to $355,000 as of March 2018.
- Average sold prices have dropped from $606,048 in 2016 to $558,923 in March.
What’s driving the changes?
Depends on who you ask. But certainly the crackdown on short term rentals by the City of New Orleans hasn’t helped. There are out of town owners who have decided that abiding by the rules is too cumbersome and they are opting to sell.
The numbers of properties that were listed for sale increased from 251 in 2016 to 313 in 2017. That’s a 25% jump in inventory, then the old law of supply and demand kicks in and pushes prices down.
As of March 20, 2018, there have been 75 new listings in the French Quarter. If this trend continues, the number of available units for sale will definitely exceed that of last year. This may result in another year of dropping prices in what is historically the most expensive price-per-square-foot neighborhood in New Orleans.
Need help finding or selling a French Quarter property? Call us today at 504-327-5303.