New Orleans Home Prices by Neighborhood
More than half way through the year, New Orleans neighborhood home prices have made some moves from 2015, with the Lower 9th Ward/Holy Cross neighborhood clocking in with the biggest percentage of increase in sales prices.
At the other end of the spectrum, Central City recorded the biggest losses in sales prices, but most of that is due to the condition of the properties being sold right now. As those homes are renovated and resold, we expect to see an increase in the numbers in 2017.
So, how did your neighborhood perform?
Overall, most of our Crescent City communities continued to see price increases, even though some were small. The condo market in the CBD/Warehouse District has dropped over 7%. This isn’t a surprise – we called it earlier this year when we saw average sold prices increase around 40% in a very short time frame.
Where are the next hot spots?
Gentilly, Central City and Holy Cross/Lower 9th Ward are all on our radar for 2017. Don’t discount the appeal of Algiers, even though it’s on the West Bank. With much more affordable prices than on the East Bank, it’s becoming a mecca for young families that want yards, off street parking and the ability to get downtown in just 15 minutes. Throw in the historic architecture of Algiers Point and it’s a spot to keep your eye on.
Do you need help buying or selling your New Orleans home? Call us today at 504-327-5303 and we’d be happy to come up with a custom plan to meet your needs.