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New Orleans real estate market overview
- Average Monthly Rent: $1,333
- Home Price/Value Percentage Change: -2.20%
- Median Home Value: $260,904
- Best Time To Sell a Home: May
- Affordability Index: Moderate
- Days To Sell a House: 64
- Job Market: Weak
- Public School Ranking: 49
Location and weather
New Orleans is in southeastern Louisiana and is one of the most well-known, historic cities in the United States. Surrounded by the Gulf of Mexico, Lake Pontchartrain and Lake Borgne, New Orleans is known for its culinary expertise and restaurants that showcase talented chefs. With a rich history, the famous New Orleans architecture, stately Antebellum Garden District, the French Quarter, Jackson Square, and annual Mardi Gras festival, New Orleans is a sensory feast.
It is known for jazz music and the historic Preservation Jazz Hall, where you can hear authentic New Orleans jazz. The city is also home to the Saint's NFL team, and the Mercedes-Benz Superdome.
New Orleans summers are long, humid and hot, while the winters are short, cool, and windy. The summer temperatures are in the 90's, with lows in the 70's. Winter temperatures are in the 60's, with lows in the 40's.
Population, job market and cost of living
New Orleans's population in 2023 is 396,048, with a growth rate of 1.02%.
The job growth has decreased by -7.26% over the last year and in ten years, is predicted to have increased by 25.13%. The major industries are in accommodations, food services, healthcare, social assistance and educational services. The largest employers are Morgan and Company, Entergy, Ochsner Health, OPSB Charters and Archdiocese of New Orleans.
The cost of living is moderate, due to the New Orleans real estate market and cost of available housing. Housing in the French Quarter and Garden District is much more expensive, due to their desirable location. As a desirable tourist destination, with beautiful antebellum homes, an energetic restaurant and bar scene, music festival presence, and moderate cost of living, New Orleans will continue to attract those that want to live and work in this progressive, well-known city.
New Orleans real estate market details
- Lakeview Park
- Village De L'Est
- French Quarter
- Audubon
- Plum Orchard
The average monthly rent in New Orleans is $1,333 for an average apartment size of 896 sq. feet.
There has been a -2.2% decrease in median home value over the last year. As of 2023, the median home value is $260,904.
On average, homes in New Orleans sell after 64 days on the market.
The best time to sell a home for the highest valued sale is during May. For the quickest sale, homeowners should sell in May.
The affordability index in New Orleans is 102. This number indicates moderate affordability in this city.
The top ranked public schools are Benjamin Franklin High School, Lusher Charter School, Lake Forest Charter Elementary School, New Orleans Center for Creative Arts and Edward Hynes Charter School Lakeview. This information is based on data measuring academic performance and equity.