The prices in real estate in New Orleans, in the Louisiana region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in New Orleans has had a strong decrease during the last 6 months. In June, the average price per sq.feet was $863. In the following month the price per sq.feet increased considerably to $1,089. The price for the following two months in (August, September) had a considerable decrease of 26 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 45 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $614.75 to $277.5 during October, and November.
Based upon to the price in New Orleans (cities), this has gone up in the last 6 months. In our first sample month during June, the average price is $544,034. In July This price remains at $536,267. In the following two months the average price has remained the same with regard to the previous two months from $540,150.5 to $523,349.5. Based on an analysis of the first four prices and the last two months the average price has risen strongly 129 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $774,430 they are 46 % more affordable than the average price for New Orleans. The properties with the highest average price have 4 bedrooms, Their price is 4 % more costly than the average. After that we have properties with 3 bedrooms priced at $606,239.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $238 / sq.feet, with an average $279 / sq.feet price in New Orleans. The properties with the highest average prices have 1 bedroom. They are 84 % more expensive than the average followed by properties with 2 bedrooms with a price at $426 / sq.feet.
The graph displaying the average prices displays the property type "Townhouse" as the most affordable one. At an cost of $774,430 it is 26 % cheaper than the average price in New Orleans. "Office" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "House". At a price of $874,687 it is 128 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Office" at an average cost of $265 / sq.feet followed by "House" priced at $280 / sq.feet. "Condo" is the most costly type of property with a $470 / sq.feet cost followed by "Commercial" with an average price of $457 / sq.feet.