Since you’re reading this, you probably already know that we’re quite fond of life in New Orleans, Baton Rouge and on the Mississippi Gulf Coast. We are passionate about being from here, working here and living here each and every day. These are places where the food, music, people and sports are second to none. And one of the best parts of this community is that it doesn’t stop at the city limits. The surrounding areas are full of beautiful places and friendly faces, and it turns out, this opinion is shared by many! The housing market in the New Orleans suburbs is strong, with sale prices rising by the day. This means it’s a great time contact the local experts at Gardner Realtors to find your dream home!
These statistics come from Real Property Associates who use data from the New Orleans Metropolitan Association of Realtors and Gulf South Real Estate Information Network. More specifically, this data is from single-family homes sold in the eight-parish region surrounding New Orleans, including Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. Tammany and Tangipahoa parishes.
“In 2017, the Metro New Orleans suburban markets outperformed Orleans Parish, which cooled down after rising prices since 2010. One of the main draws of the suburbs is a buyer’s purchasing power,” says Gardner Realtors Vice President of Operations & Special Initiatives, Chip Gardner. “Generally speaking, the suburbs are significantly less expensive; so, a buyer typically gets more house for the money. The stable level of inventory and strong demand in the suburbs, led to the appreciation in these markets.”
“Regarding Baton Rouge, the average sales price remained flat at $215,000 in 2017. This is attributable to a 25% increase in the number of homes for sale. Then when you look at the Mississippi Gulf Coast, the average sales price increased by 8% in 2017 to $158,000. This strong increase in pricing is attributable to a 35% decrease in the number of homes for sale over the past two years coupled with increased demand.”
The intriguing highlights below are for the 2017 calendar year
- The average sales price for the Metro New Orleans eight-parish region increased by 2.5% to $252,000
- Prices rose in six of the eight parishes
- Jefferson Parish saw the biggest growth in 2017 with a nearly 9% rise in percentage change in price/sq ft
- As people look to live close to downtown, St. Bernard Parish was right behind with a growth of almost 8%
- Prices in the growing New Orleans Lakefront and Lakeview areas rose despite a slight fall in Orleans Parish overall
- St. Tammany Parish continues to grow, with prices per square foot up almost 3%
- The most affordable areas continue to be St. Bernard and the River Parishes
Jennifer Keller of Gardner Realtors explains some of these statistics. “The Old Jefferson area has really shot up in value for several reasons. Also, the homes are cottage style and have the old charm that people love from Uptown with a lower price. The location also isn’t far from Uptown/Downtown either! Overall, Jefferson Parish remains a very safe sought-after area for families of all sizes!”
Related: New Orleans Awards & Rankings
2017 New Orleans Area Home Prices
Source: Data provided by New Orleans Metropolitan
Association of Realtors and Gulf South Real Estate
Information Network; Report prepared
by Wade Ragas, Real Estate Property Associates Inc.
Looking at the Future
With these numbers in hand, we’re optimistic about the growth of New Orleans and the surrounding metro area. St. Bernard and the surrounding Parishes are keen to continue their growth streak with the coming $1 billion container terminal being built in Meraux by the Port of Orleans. Similarly, the $360 million expansion to Ochsner Health System’s Jefferson Highway campus should create more real estate demand in both Orleans and Jefferson Parishes. With the tradition of New Orleans and exciting projects and growth piling up in the pipeline, the future is bright not only in the Crescent City but in the New Orleans suburbs as well!
Especially in markets like New Orleans, Baton Rouge and the Mississippi Gulf Coast, it’s important to have experts on your team who know your local market. We know this community, we love this community, and we can’t wait to help you find your dream home!
For all of your dream home needs, contact your LOCAL expert at Gardner Realtors today!