Home Buyers Widen Search for New Homes in the Suburbs

New Orleans’ home buyers are widening their search for new homes to purchase into markets outside of the city limits. Home prices increased in the city 14 percent last year making it the highest spike in 50 years according to the New Orleans Metropolitan Association of Realtors. Prices across New Orleans metropolitan area increased an average of 5.3 percent but outside the city limits potential home buyers can still purchase an affordable new home.

If you are in the market for a new home, here is a list of the areas in and around New Orleans with their current pricing averages.

In New Orleans the highest average prices were seen Uptown in zip code 70115.  The average price was $633,257 at042 $274 per square foot making this an 18% increase from 2014.  The French Quarter and Treme consisting of the 70116 zip code were also on the high end with a 44% increase in 2015.   The average house price was $589,774 at $302 per square foot and the condo prices ranged from $400 per square foot to $550.  Those who are looking for New Orleans’ charm and history and have a larger budget should keep these areas in mind.

If you do have a slightly moderate budget, there are still areas in the city you can go.  Zip code 70113 which includes the areas of Central City and the section of the Central Business District around Loyola Ave. saw an average price of $391,836 at $193 per square foot.  This seems to also be a hot market because it had a 60% price gain last year.  Our last zip code, 70117, includes Bywater, Marigny, St. Roch and the Lower 9th Ward.  These neighborhoods saw an 18% jump last year but are still affordable at an average sold price of $271,226 or $173 per square foot.

For those home buyers who are on a tighter budget and do not mind adventuring out to the suburbs Jefferson Parish and St. Tammany Parish are two great areas to look.  The highest area of interest can be found in St. Tammany Parish, zip code 70452, that include East St. Tammany and north of Slidell around Pearl River.  There was a 29% 052increase last year, making the average home price $180,997at an average $99 per square foot.  Our next area that has a slightly less average price of $165,761 or $81 per square foot is zip code 70056 West Bank’s Terrytown and Timberlane in Jefferson Parish.

For those home buyers who have a budget below $160,000, there are still many options.  The west side of Slidell in St. Tammany Parish, zip code 70460, had an average price of $154,984 with an average $81 per square foot.  Two zip codes in Jefferson Parish both had an average price of $152,423 or $73 per square foot which were 70058, Harvey neighborhood, and 70094 which includes Westwego, Avondale and Waggaman neighborhoods.  The most budget friendly neighborhoods were found in zip code 70062 and include Kenner along the river and around Louis Armstrong Airport.  The average price sold in these areas was $122,459 ($102 per square foot).

Developers are building new homes fostering potential new growth all around.  Ochsner Medical Center on Jefferson Highway is slated to have a development similar to Magazine Street.  Broadmoor, Lakeview and Gentilly have seen a huge spike in new construction, and Old Jefferson and Jefferson Parish are in demand with their walkable proximity to the Riverbend area and Tulane and Loyola Universities.

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