Metro Home Prices Fall, on Average, but “Star” Mid-City Bucks the Trend; Appreciates 15%
In the August 21, 2011 Times Picayune, an article about data from the New Orleans Metropolitan Association of Realtors painted a sobering portrait. The average price per square foot (psf) of homes in the New Orleans area fell 5% in the first half of this year. The sole exceptions were a few areas in Orleans parish itself. Among these, only Mid-City stood out from the pack, with prices per square foot for undamaged properties rising from $118 to $136 in the first six months of 2011.
Per the article, Orleans Parish was the bright spot—the only place that has continued appreciating since Hurricane Katrina, with per-square foot prices rising 24% since the storm. “Within Orleans parish, Mid-City was the star, with prices appreciating 15% in the first half of the year,” the article stated. That is far more than any other area of any parish. Prices for damaged properties went up even more in Mid-City—20% from $26 to $31 psf.
Parishwide, prices gained just 1% in the first half of the year. The next area in line after Mid-City is an area of Uptown, zip code 70118, where values for undamaged properties rose 9%. Even the French Quarter, which commands the highest per-square-foot prices in the city, fell 5% in value.