New Orleans-area home prices rise in early 2019

New Orleans
New Orleans area home prices rise in early

Home prices in metro New Orleans were up at the start of 2019, according to the latest data from the National Association of Realtors.

The median price of a single-family home in the New Orleans area was $204,500 in the first three months of this year, up 4.6% from the same period a year ago, according to the report. However, the median price was down from $206,600 in the last quarter 2018.

The figures are part of the National Association of Realtors quarterly report on median home prices, which tracks sales in metro areas across the country four times a year. The figures are a preliminary look at regional trends in home prices.

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The report provides a high-level overview of prices in the largest U.S. metros, including the New Orleans area. The figures reflect the median price for an existing single-family home in the entire New Orleans-Metairie metropolitan statistical area, which covers eight parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany and St. James. The price includes condo sales.

To be sure, prices vary depending on where you live. In general, prices are highest in Orleans Parish, while distant suburbs offer some of the most affordable prices.

The average price of a single-family home in Orleans Parish was $353,425 in the last three months of 2018, according to an analysis by the University of New Orleans’ Institute for Economic Development and Real Estate Research, the latest parish-by-parish data available. That was up from $327,952 during the same period in 2017, a 7.7% increase.

Within New Orleans, prices were lowest in New Orleans East where the average home sold for $133,026 in the last quarter of 2018, according to the UNO report. Prices were highest in the 70130 ZIP code, which includes downtown New Orleans. Homes there sold for $751,932 on average in the final quarter of 2018.

By comparison, the average single-family home price was up 3% to $234,395 in Jefferson Parish, up less than 1% to $169,621 in St. Bernard Parish, and up 1% to $259,972 in St. Tammany Parish, according to the UNO report.

The NAR report shows the median price of a home in New Orleans-area remained below the national median, which was $254,800 in the first quarter. Prices increased in 153 of the 178 metro areas tracked by the report.

In a news release, Lawrence Yun, NAR’s chief economist, noted home prices appear to be on the rise across the country, though at a slower pace than in previous quarters. Yun said prices are likely to flatten and stabilize, particularly in pricy markets, as families seek out more affordable areas to settle and buy a home.

“A shift in job search and residential relocations into more affordable regions of the country is likely in the future,” Yun said.

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