Building Costs Per Square Foot in the City of New Orleans (LA), USA

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Residential Construction Market Analysis in the City of New Orleans (LA), USA

Newly Built House in New Orleans - 4140 Davey Street LA-70122 - 4 Bedrooms and 5 Baths with 1 Garage Space on Gross Floor Area 3,013 sqft - Built in 2022 - Price $749,000 (2)

Newly Built House in New Orleans – 4140 Davey Street LA-70122 – 4 Bedrooms and 5 Baths with 1 Garage Space on Gross Floor Area 3,013 sqft – Built in 2022 – Price $749,000 (2)

Building costs are 2% above the national average in the City of New Orleans in Louisiana. New Orleans, the city brimming with music, culture, and history, is one of the most beautiful in the entire southern United States. It has its own charm that you could not find in another part of the world, and that is what makes many people choose it as their place to live and a unique center for business in the real estate market.

In this article, we will tell you everything you need to know about residential construction, the real estate market, and everything you need to know about them in the city of New Orleans, Louisiana.

New Orleans (LA) Construction Outlook

The construction outlook of New Orleans is one of the most diverse in the state of Louisiana, even that of the state capital (Baton Rouge). In the center, you can find some good-sized buildings, and there are also characteristic streets with townhouses or houses from the 1800s.

It is a city full of history, and that is why many of its buildings are historical or cultural heritage, so you cannot modify their facade or their interior. This makes for a contrast between the modern construction of the city and the older one, but in both cases it is beautiful and you can find properties in good condition on both sides.

New Orleans also has some swamps and other neighborhoods that are in areas completely surrounded by nature. With Hurricane Katrina, a large number of these properties were completely destroyed, but new and more resistant ones were built.

Today, most residential properties are built in such a way that they can be protected from any natural catastrophe. If you plan to build a property from scratch, you must take the climate issue of the region into account before starting.

New Orleans (LA) Housing Market Analysis and Forecast

The New Orleans real estate market represents trends that are difficult to fully predict, since although it has been growing steadily in recent years, its high and low peaks occur randomly, with only a few seasonal trends.

June is historically the month in which property values ​​increase the most, in fact, the highest historical peak in the general value of residential properties occurred in June of this year when they reached an average of $399,000 (it is the historical peak without count inflation).

Surprisingly, in September prices always reach a low peak, but they immediately resume their value in October, although in winter there is a slight drop. This is a surprising fact since this September low peak does not occur on such a regular basis (in the last 10 years) in any state. In addition, prices during the winter are unpredictable, it is only clear that June is the high peak and September is the low peak.

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Regarding the number of properties sold, this month a total of 295 properties were sold, 11% less than in October of last year when 333 were sold. Again, June is the month in which most properties are sold. sells and in this case, it is January that has the record with the fewest properties sold.

New Orleans (LA) Average House Price (Median Home Price)

The median home price in the city of New Orleans is $323,000, which is 4% lower than the value it had in October 2021 when its value was $337,000. The highest peak this year occurred during June when it reached an average value of $399,000 (which is an all-time high if inflation is not taken into account).

The median home price is obtained through the sum (and average) of the value of all residential properties listed for sale. This means that in reality, you can find somewhat different values, both more expensive and cheaper. Take the median home price as a kind of guide, taking into account these swings high or low that you can have. Next, we will tell you a little more about the more detailed values ​​of the properties.

One of the most popular types of properties is single-family homes. These have an average value of $323,000, so it is exactly the same as the overall average value of all the properties. However, it only suffered a 2% loss in value, since in October 2021 it cost $330,000. That is why you should not think that the value is exactly the same as the average of all the properties.

In the case of condo/co-op properties, their average value is $270,000, 8.9% less than the value they had in October 2021 (when they cost $296,000). The historical peak of the value of these properties was in August 2018 when they cost an average of $399,000, and from there it went down.

There are no exact records of the townhouses or residential apartments, but there are estimates. In both cases, if they are 40 years old or less (that is, if they are newer properties) they cost between $55,000 and $150,000 when they have 3 bedrooms or fewer.

Proposed Residential Building Projects in New Orleans (LA)

New Orleans has quite a few residential construction projects that make locals and investors very eager to see them. From tall buildings that will change the city’s skyline, to luxury residential neighborhoods, many changes are expected in the New Orleans construction outlook for the coming years.

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One of the most striking projects is The Odeon, which began development in 2013 and will be finished after 10 years of work in 2023. This building already has 98% occupancy of its residential apartments, so some people are More than ready to go live there once the building is enabled. Residential apartments are not the only thing you will find at The Odeon, there are also shops, restaurants, a swimming pool, and much more. It is a building that will become the tallest in all of New Orleans, and there will be no shortage of luxuries.

Another building that will arrive in downtown New Orleans is The Standard, whose apartments are already completely sold. However, not all are non-stop buildings and luxuries in New Orleans, there are also some projects aimed at middle-class people.

In the last few years, the state government has invested more than $2 billion in public schools for the city of New Orleans, so many neighborhoods are being built around new schools or adding new houses. These projects are houses for middle-class families, and although they are already built, they are made with good materials to withstand the storms of the city.

Newly Built House in New Orleans - 7424 Ligustrum Drive LA-70126 - 4 Bedrooms and 3 Baths with Garage on Gross Floor Area 1,800 sqft - Built in 2022 - Price $285,000

Newly Built House in New Orleans – 7424 Ligustrum Drive LA-70126 – 4 Bedrooms and 3 Baths with Garage on Gross Floor Area 1,800 sqft – Built in 2022 – Price $285,000

Building Costs Per Square Foot for Single Family Homes in the City of New Orleans (LA), USA

Building costs are 2% above the national average in the City of New Orleans in Louisiana.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in New Orleans City ranges from $351.79 per sqft to $539.27 per sqft, with the average being $415.16 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in New Orleans City ranges from $213.80 per sqft to $327.73 per sqft, with the average being $252.31 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in New Orleans City ranges from $138.21 per sqft to $209.93 per sqft, with the average being $161.81 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in New Orleans City ranges from $100.87 per sqft to $154.68 per sqft, with the average being $119.04 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in New Orleans City ranges from $81.88 per sqft to $125.39 per sqft, with the average being $96.55 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in New Orleans City ranges from $64.58 per sqft to $98.98 per sqft, with the average being $76.18 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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