Is buying property in New Orleans a good investment?
Is buying property in New Orleans a good investment? New Orleans definitely has a track record of being one of the best long-term real estate investments in the U.S. While a large number of people fled New Orleans after Hurricane Katrina, the city remains home to roughly 390,000 people.
Is New Orleans a good place to buy rental property? For real estate investors, this means a New Orleans investment property will appreciate in value over the short and long-term. According to NeighborhoodScout, the New Orleans real estate appreciation rate over the last 10 years has been 46.15% (an annual average rate of 3.87%), which ranks in the top 30% nationwide.
How is the real estate market in New Orleans? The New Orleans housing market is somewhat competitive. Homes in New Orleans receive 2 offers on average and sell in around 16 days. The average sale price of a home in New Orleans was $340K last month, up 3.0% since last year. The average sale price per square foot in New Orleans is $209, up 2.7% since last year.
Is it a good time to buy a house in New Orleans? The best time to buy a home in New Orleans
Generally the spring months of March, April and May — as long as it’s after Mardi Gras —are when the market is traditionally the busiest. During this time is when there are the most inventory and options for buyers, but they might also end up paying more.