The housing market in New Orleans, LA is highly competitive. The median value of a home in the city is $256,000, which is significantly lower than the national median value of $338,100. Over the past year, houses in New Orleans have appreciated by 6.11%, which is slightly less than the national average appreciation rate of 8.27%. This can be attributed to the increasing demand for homes in the area and limited inventory available. With an attractive combination of affordability and strong potential for appreciation, New Orleans offers an attractive option for prospective homebuyers.
The median home cost in New Orleans is $256,000. Home appreciation the last 10 years has been 74.3%. Home Appreciation in New Orleans is up 9.2%.
Average Age of Homes
- The median age of New Orleans real estate is 60 years old
The Rental Market in New Orleans
- Renters make up 41.8% of the New Orleans population
- 2.9% of houses and apartments in New Orleans, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.