A Look at What $300K – $400K Will Get for a Home in New Orleans
Local New Orleans residents are familiar with the famous city’s unique buildings and niche communities. When purchasing a home in the area the price is based on many variables such as size, building type, and location. The $300,000-$400,000 price range affords many great homes in New Orleans.
If you want the best bang for your buck, look into purchasing a home in an up-and-coming area. Homes that are in up-and-coming neighborhoods tend to sell at a lower price point which means they will rise in value within a few years.
There are several New Orleans neighborhoods that are deemed up-and-coming. Broadmoor, the area east of Napoleon Ave, has seen many renovations and new construction. Housing prices are rising to the $400,000-$500,000 range. The Upper 7th Ward, from Esplanade Avenue to Interstate 10, is another area on the rise. In recent years the area has seen major changes, expansion, and construction. For $300,000-$400,000 you can purchase a 1,850 sqft home that has three bedrooms and two bathrooms. In Uptown you can get a 1,300 sqft home with two bedrooms and two bathrooms and in Mid-City a three-bedroom, two-bathroom home with 1,600 sqft is in the $300,000-$400,000 price range.
If single-family is not the way you want to go, try a condo. Out of towners, young couples with no children and singles would rather purchase a condo. They like to live within walking distance to nightlife, entertainment and cultural events. The Garden District offers two-bedroom, two-bathroom condos in the $300,000-$400,000 price range.
For those families seeking a larger single-family home, they can find one in the $300,000-$400,000 price point in Lakeview and Gentilly. There is more single-family inventory in these two areas. For an average three-bedroom, two-bathroom home in this price range you can purchase a 2,000 sqft home in Gentilly and a 1,800 sqft home in Lakeview.
“It really just depends on what you’re looking for in a project, in my opinion,” Realtor William King says. “If you are looking to have something fully renovated and turnkey, the price is going to be fairly similar across the board, especially in the $300,000 to $400,000 price range. I think you can find a lot of stuff, but it will ultimately come down to how many bedrooms and bathrooms you want.”
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