New Orleans West Bank Home Prices
Now that we’re more than half way through the year, how are New Orleans West Bank home prices holding up in our changing real estate market? Pretty well, overall.
We’ve seen incremental increases in average sale prices for the last 3 years and it looks like 2016 will be even better for homeowners. As of 8/23/16, the average sale price on the West Bank is $151,276, up 5% from 2015.
What’s driving the increases?
As property in New Orleans proper becomes more and more expensive and young families are searching for home with bigger yards and room to grow, the West Bank is looking more and more attractive to them.
Our average sold price of $151,276 is less than half of the East Bank average of $330,135.
While a 5% increase in average prices may not seem like a big deal, it’s steady growth in an area that has seen too many ups and downs since 2007. Steady also indicates sustainable – the massive price increases we’ve seen on the East Bank are being reversed in some neighborhoods, particularly those that grew too much, too fast.
We’ll take slow and steady any day.