While prices are still on the rise, the New Orleans housing market is easing up a little bit. A new report by the New Orleans Metropolitan Association of Realtors, broken down by NOLA.com, shows that the city’s hot housing market slowed down in the first half of 2016.
The average price for a single family home in Orleans "in fair or better condition" sold for $383,608 or $185 per square foot in the first half of the year, a 7.2 increase from last year. While prices are still rising, things are cooling down; consider that this report from last year showed a 14 percent increase in home prices.
In another interesting piece of data from the report, average prices declined 4.4 percent and 2.7 percent in the Uptown and French Quarter neighborhoods. Also, New Orleans East saw gains of between 22 percent and nearly 26 percent.