Today, the research and analytics firm released data on the most and least expensive neighborhoods in New Orleans according to price per square footage. This October, the prices range from $32/square foot to $1,093/square foot.
Hardly surpassing the Central Business District, the French Quarter continues to rank as the most expensive neighborhood in the city. While there is no shortage of million dollar homes in this part of the New Orleans, it has an average cost of $531/square foot. Though, there are a few homes in the Quarter that can be bought on a budget.
While the Lower 9th Ward remains the least expensive neighborhood with an average of $54/square foot, Little Woods, a subdistrict in New Orleans East, holds the least expensive home, valued at $23/square foot.
"Why do we use price per square foot? This allows us to compare prices across neighborhoods in a meaningful way, even when the type (condo, house, etc.) or size of property is different in each area," says Constantine Valhouli, Director of Research for NeighborhoodX.
Valhouli continues, “It is worth noting that the most or least expensive property on a per-square-foot basis is not always the most or least expensive on an asking price basis. Sometimes, a small property might command a premium per square foot but still appear like a bargain. Other times, a massive multimillion dollar property might actually be a bargain on a per-square-foot basis.”
To see more in depth information about the analyzed New Orleans neighborhoods, check out the graph below. Hover over any data bar to learn more about the neighborhood’s averages.