Plaquemines Parish Experiences a Growth in Home Prices
Plaquemines Parish, specifically Belle Chasse, saw a 7.9% growth in home prices during the first 6 months of 2015 according to Wade Ragas, local real estate consultant and expert. The 7.9% growth was based on numbers pulled just before Hurricane Katrina, and overall in the Greater New Orleans area, home prices have jumped 50% since just before Katrina. On the Southshore, the average sale price for a single-family home in New Orleans went from $114 / square foot to $166 / square foot which was a different in home pricing of $228,620 vs. $339,743. Belle Chasse in Plaquemines Parish saw the 2nd highest increase in home prices in Greater New Orleans followed by a 6% increase in St. John the Baptist Parish.
Home prices on the Southshore in New Orleans have risen on average 4.6% per year for a record-high increase of 46%. All numbers culminated for the 8-parish region surrounding Lake Pontchartrain in the Greater New Orleans area saw an increase in home prices of 18.6%, which is still a pretty significant increase for a 10-year period. However, interestingly, Jefferson Parish home pricing has not “moved” very much at all since Hurricane Katrina.
Homes for sale in Jefferson Parish have remained nearly the same pricing overall in this period with only a 1%
growth in 10 years. The average price of a home in Jefferson Parish is $194,510 which equals approximately $106 / square foot. Spikes of home pricing in Jefferson Parish can be seen in prominent neighborhoods such as Old Metairie and Bucktown where the average price of a home is $494,724 amounting to $204 / square foot.
The Greater New Orleans area can actually be compared to larger metros in its growth rate. These metros, such as Dallas, Houston, or Miami were seeing similar growth according to Ragas.
“We have a surge in demand, but we don’t have enough inventory to keep that at an affordable level,” Ragas said. “Problems like this tend to solve themselves if markets are left alone.”
Ragas claims that there is a supply of buyers but not such a large supply of homes to be purchased, which have led to bidding wars for homes located in safe and quality neighborhoods in the city. The Parks of Plaquemines, located just across the river from New Orleans offers new lots for sale as well as new homes for sale. When buying a new home in our master planned community, you can avoid the high price of purchasing a home in the city of New Orleans with lower taxes, lower utilities, and a much higher level of safety. For More Information about purchasing a home at The Parks of Plaquemines, Contact Us at 504-364-2350 or E-mail [email protected].