Hottest New Orleans Neighborhoods by Price Range

It’s pretty easy to pick a few top neighborhoods in New Orleans. However, when you start looking at the actual price range for home sales throughout the area, the list may be a bit surprising.

Based on the sales data from October 2017, the lowest priced home that sold in the city went for just $22,500. That’s cheaper than most new cars. However, the home found at 3934 Louisa Street in the Desire neighborhood was listed in poor condition.

While it can be interesting to look at a property with such a low price tag, it can also be interesting to see which New Orleans neighborhoods are the hottest in other, more realistic price ranges. Here’s a look at the hottest New Orleans neighborhoods by price Range.

Under $100K

Most homebuyer don’t shop in the under $100K price range. These homes are often sold to investors looking to rehab the property. However, that’s not always the case.

The hottest neighborhood for the lowest priced homes in October 2017 was Algiers. This neighborhood had 9 of the 42 total sales in this category with prices ranging from $30K to $85K and homes staying on the market for only about 17 days.

$100K to $200K

Again, Algiers takes the top spot for this price range. In fact, 15 of the 63 sales between $100K and $200K were found in the Algiers neighborhoods. Out of those sales, surprisingly 12 were listed in excellent or very good condition. This makes Algiers a very popular neighborhood for affordable real estate in New Orleans.

$200K to $300K

When you bump up the price a bit, the hottest neighborhood for October 2017 now becomes Gentilly. Five of the 44 homes sold for $200K to $300K were sold in Gentilly. The rest of the sales in the price range were spread all across the city.

$300K to $400K

Once again, Algiers is the hottest neighborhood for another price range. Six of the 37 total sales between $300K and $400K were from the Algiers neighborhood. However, Algiers wasn’t the outright winner as the “sliver by the river” area from the French Quarter to the Bywater notched 6 sales, too.

When the spring sales numbers for 2017 were released, Lakeview was the winner in this category. However, the new construction throughout has caused prices to go up a bit in Lakeview.

$400K to $500K

Just as mentioned above, prices in Lakeview have gone up a bit and it was the hottest New Orleans neighborhood for sales between $400K and $500K in October 2017. Out of the 23 sales in this category 5 were from this neighborhood.

$500K and Up

The price range of $500K and up is considered to be the start of the New Orleans luxury real estate market. Uptown could be named the hottest neighborhood in this price range. However, the 43 sales for more than $500K were spread across Audubon, the Garden District, Touro and West Riverside. Many were found between St. Charles Avenue and the river.

$1 Million+

The true luxury market starts at $1 million home listings. Since the spring of 2017, this section of the market has slowed down and only saw 5 sales in October. A home found in the Garden District on Third Street sold for $4.5 million, which was the most expensive home sold in New Orleans for October 2017. It was originally listed at $6.45 million and it took 651 days to get the home sold.

Comparing Spring and Fall Hottest Neighborhoods for 2017

When we look back at the numbers from April and Many, it’s easy to see that not much has changed in the lower price ranges. Algiers has dominated the more affordable homes and was the hottest neighborhood in April 2017 for homes sold under $100K, from $100K to $200K and from $200K to $300K. It took all of the same categories in April, except Gentilly snuck in and took the $100K to $200K price range.

As stated earlier in the post, Lakeview was the hottest neighborhood in the $300K to $400K price range in the spring, but new construction has caused the prices to rise a bit. The spring showed Uptown as the hottest neighborhood in the $400K to $500K price range and when it came to properties selling for $500K and up, Lakeview and Uptown led the way.

It’s also interesting to note that May 2017 was a big month for million dollar homes in New Orleans. In fact, 13 were sold, which was a huge change compared to only 4 sold in April 2017. In May 2017, a penthouse condo found at One River Place was the most expensive home sold in New Orleans and it went for $3.05 million.

Overall, Algiers remains the hottest neighborhood in New Orleans for affordable real estate, while Lakeview and Uptown dominate the higher prices ranges.