Why Live in New Orleans
New Orleans captivates residents with its vibrant French Quarter, where historic architecture and lively entertainment converge around Jackson Square and the iconic St. Louis Cathedral, the oldest continuously used cathedral in the United States. The Garden District showcases grand mansions and lush gardens, accessible via the St. Charles Avenue streetcar. Music flows through the city's veins, from the authentic jazz at Preservation Hall to the local scene along Frenchmen Street at venues like The Spotted Cat and Blue Nile. Culinary excellence defines the city through institutions like Commander's Palace, a Garden District landmark serving haute Creole cuisine, and Antoine's Restaurant, the oldest family-run establishment in New Orleans, known for creating Oysters Rockefeller.
The New Orleans real estate market presents diverse options across distinct neighborhoods. The Garden District commands the highest median single family home prices at $1,140,000, while Mid-City provides more affordable options with a median price of $387,000. The French Quarter's median single family home price sits at $499,000, and Uptown homes typically sell for a median of $629,000. Citywide, the median sale price for all homes is $335,000, with townhomes at $411,000 and condos ranging from $260,000 for one bedroom to $387,000 for two bedrooms.
Living costs in New Orleans run 12.2% above the national average. A family with school-age children needs approximately $117,000 annually to live comfortably, while renters should aim for $65,000. The combined sales tax rate stands at 10.12%, including a 5% state rate and 5.12% local rate. Education options include highly rated private schools like Isidore Newman School and public institutions such as the New Orleans Center for Creative Arts. The city experiences subtropical weather with hot, humid summers averaging 90°F and mild winters around 45°F, with consideration needed for flooding risks during hurricane season from June to November.
Home Trends in New Orleans, LA
On average, homes in New Orleans, LA sell after 88 days on the market compared to the national average of 50 days. The median sale price for homes in New Orleans, LA over the last 12 months is $332,500, down 1% from the median home sale price over the previous 12 months.
Median Sale Price
$332,500
Median Single Family Sale Price
$340,000
Median Townhouse Sale Price
$415,000
Median 2 Bedroom Sale Price
$387,000
Median 1 Bedroom Sale Price
$260,000
Average Price Per Sq Ft
$245
Number of Homes for Sale
2,400
Last 12 months Home Sales
8,098
Median List Price
$365,000
Median Change From 1st List Price
6%
Median Home Sale Price YoY Change
-1%