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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



New Orleans, LA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New Orleans, LA Housing Market Trends

With 369,749 people, 156,586 houses or apartments, and a median cost of homes of $300,617, New Orleans real estate is some of the most expensive in Louisiana, although New Orleans home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in New Orleans, accounting for 45.02% of the city's housing units. Other types of housing that are prevalent in New Orleans include duplexes, homes converted to apartments or other small apartment buildings ( 24.07%), large apartment complexes or high rise apartments ( 20.27%), and a few row houses and other attached homes ( 10.19%).

People in New Orleans primarily live in small (one, two or no bedroom) single-family detached homes. New Orleans has a mixture of owner-occupied and renter-occupied housing.

The housing in New Orleans was primarily built before 1939 ( 33.42%), making the housing stock in New Orleans some of the oldest overall in America, although there is a range of ages of homes in New Orleans. The next most important housing age is between 1940-1969 ( 30.35%), followed by between 1970-1999 ( 24.83%). There's also some housing in New Orleans built between 2000 and later ( 11.41%).

Vacant housing appears to be an issue in New Orleans. Fully 19.03% of the housing stock is classified as vacant. Left unchecked, vacant New Orleans homes and apartments can be a drag on the real estate market, holding New Orleans real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

New Orleans Home Appreciation Rates

New Orleans's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Orleans during the period has been just 4.87%, which is lower than 70% of US communities.

Over the last year, New Orleans appreciation rates have trailed the rest of the nation. In the last twelve months, New Orleans's appreciation rate has been -1.36%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Orleans were at -0.33%, which equates to an annual appreciation rate of -1.30%.

Notably, New Orleans's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Louisiana, our data show that New Orleans's latest annual appreciation rate is higher than 50% of the other cities and towns in Louisiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within New Orleans differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Orleans - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best New Orleans real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$300,617

New Orleans, LA Home Prices
> $1,227,000
$920,001 - $1,227,000
$613,001 - $920,000
$490,001 - $613,000
$368,001 - $490,000
$245,001 - $368,000
$123,001 - $245,000
$61,001 - $123,000
$0 - $61,000
4.1%
4.1%
3.7%
3.7%
10.0%
10.0%
7.8%
7.8%
13.1%
13.1%
20.1%
20.1%
30.6%
30.6%
7.5%
7.5%
3.0%
3.0%
0% 100.0%
% of Homes
Very High

for Louisiana

High

for nation

Number of Homes And Apartments:

156,586

New Orleans Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,643 / per month

Homeownership Rate

Owners
Renters
Vacant
46.4%
46.4%
53.6%
53.6%
19.0%
19.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.4%
11.4%
24.8%
24.8%
30.4%
30.4%
33.4%
33.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
45.0%
45.0%
10.2%
10.2%
24.1%
24.1%
20.3%
20.3%
0.4%
0.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.9%
2.9%
19.5%
19.5%
33.2%
33.2%
30.7%
30.7%
11.2%
11.2%
2.5%
2.5%
0% 100.0%
% of Homes