It’s tempting to think of the New Orleans West Bank as being insulated from the crazy real estate market we’ve found ourselves in. But that’s not the case, as we’ll show you below.
Comparing February 2020 to February 2021 numbers is a pretty good indicator of the trends. 2020 stats are prior to the COVID-19 shutdown, which put a damper on last spring sales numbers.
NOTE: You can hover over each graph for the month-by-month details of each market.
Algiers 70114 + 70131
I’d say that prices in the 70131 portion of Algiers are “only” up 21.7% because the 70114 section is up by a whopping 46.8% from February of last year. This is the biggest increase on the New Orleans West Bank. More folks are choosing the 70114 zip code, which has historically been affordable, as prices rise in the city. Don’t think that increase is all because of Algiers Point. Their median sold price is up by 15.6%, which is a drop in the bucket compared to the overall zip code.
City of Gretna home prices have gone up over 16% in the last 12 months. This increase continues a steady appreciation that goes back to May 2019. At the same time, the number of homes for sale has dropped by 9%. Interestingly enough, days on market for Gretna homes have been on the rise, probably related to the increase in prices.
Terrytown and unincorporated Gretna median sold prices are up by 14.7%, while the number of homes for sale has dropped by almost 43%. February 2020 median days on market were a mere 9 days. This is one of the shortest marketing times on the New Orleans West Bank for home sellers.
Harvey has also seen an increase in prices, up by 11.8% in the last year. Inventory is limited, with less than 2 months of homes available for sale based on current market activity. It’s taking a median of 14 days for homes to sell, with an average of 20 showings per listing. Those are amazing numbers for this area.
Marrero prices are also up, but not by as much as the areas closer to the Crescent City Connection. Median sold prices rose by 7.1% over the last 12 months, while inventory dropped by over 41%. Keep an eye on Marrero, because we expect prices to continue to rise given the limited number of homes for sale. We have plenty of buyers waiting for more new construction to pop up in Marrero. However, with lumber and material costs on the rise, we don’t expect that many will be affordable by the time they are complete.
Westwego, Avondale, Bridge City, Waggaman, Nine Mile Point
The 70094 zip code has traditionally been the very most affordable area of the New Orleans West Bank. But those the prices, like everywhere else, are also up. Median sold prices rose by 10.8% to end February at $133,000. While the affordability factor is great, there’s not a lot to choose from. There were only 38 homes for sale in the entire zip code at the end of February.
Belle Chasse 70037
Sold prices in Belle Chasse have risen 7.5% in the last 12 months, but the last 90 days have seen the sharpest increase. We expect that this trend will continue IF you can find a home for sale. At the end of February 2021, there were only 26 homes for sale in the entire 70037 zip code. Of note is the fact that most Belle Chasse homes are sold with less than 4 showings, so buyers need to be ready to write an offer when they see the right place.