Central City, New Orleans LA Home Prices
As prices have skyrocketed in the areas along the river (Uptown, Garden District, Lower Garden District), people have begun looking to the other side of St. Charles Avenue for affordable investments and places to call home. As a result, we’ve seen changes in Central City home prices.
It makes sense, because while the architecture is the basically the same both above and below St. Charles, the difference in prices is absolutely striking.
Of course, along with those lower prices comes the choice to buy on a block that may still have blighted or neglected home there. Or a corner bar that could prove to be a noise problem (we’re not knocking corner bars, just reminding buyers to do their due diligence about the location of any home they are interested in purchasing).
Rising Prices in Central City, New Orleans
Over the last few years, prices in what was considered to be a less than desirable area of the city have been consistently rising.
Back in 2012, the median sale price of a single family home in Central City was less than $75,000. So far in 2015? That median price has risen to $165,000.
Not only have prices gone up, but the number of properties for sale have dropped. Inventory of available homes was 29 months in July 2012 and just 4 months in April 2015. Supply and demand, folks. Supply and demand.
Multi-family Prices are Increasing Too
The increase in interest and prices is not limited to single family homes, either. Multi-family prices have risen from a median of $31,299 in 2012 to the 2015 high of $105,000.
At the same time, inventory has dropped from a high of 21 months in January 2011 to 8 months in May 2015.
We’ve seen a lot of investors scoop up low priced properties over the last couple of years, renovate them and then rent them out. Watch for some of these to hit the market again if prices continue to rise year over year, making it an attractive time to sell and make the most return on their investment.