Location, Location, Location
The real estate mantra of Location, Location, Location, echoes true in New Orleans. As you can see by the graph below, properties in Orleans Parish are at a premium and seem to be escalating faster than in other parishes. Yet, this seems to be having an effect on neighboring parishes.
St. Bernard Parish used to be far and away the lowest PPSFT of the four, but it has recently overtaken St. Tammany Parish and closed the gap on Jefferson Parish. Jefferson Parish is able to keep the lead because of an upward trajectory (more extreme than St. Tammany and St. Bernard).
While the COVID-19 pandemic rocked the real estate market in March of 2020, buyers can see home prices were already appreciating as far back as 2016. While prices are expected to level off as interest rates increase, there is no evidence to show that they will fall back to the prices of the early 2010s.
A Big Little City
While Orleans Parish does post some fantastic amenities, high prices may motivate buyers (especially those who will finance less of the sale) to explore the surrounding parishes. Prices for these three neighboring parishes seem to be grouping together. Could this be a result of Orleans Parish spilling over into its neighbors?
If you've lived in this area long enough, you realize that commutes are very manageable when compared to cities like Houston. While it may seem inconvenient to have to commute, when examining the distances, it may not be as intimidating. For example, traveling from Power Blvd (almost Kenner) to the Superdome is 11.2 miles (14 min) according to google maps. Trying to get downtown from Chalmette? 8.2 miles later and roughly 20-25 minutes (morning traffic) and you're on Poydras.
Contact Chuck Stall REALTOR® at 504-432-0263 or email firstname.lastname@example.org with any and all of your real estate questions and needs.