Louisiana Real Estate Summary

The Louisiana real estate market is mixed.  Areas flooded by Hurricane Katrina have sent people to other areas of the state looking for homes, making the demand higher.   The economy is recovering in New Orleans, but steady across the rest of the state, making Louisiana relocations possible again.  Jobs are rebounding and the unemployment rate is dropping.

New Orleans real estate is in an increasing market.  There are many more buyers than sellers, due to the hurricane wiping out much of the city.  The supply of houses is also low in all price ranges since the destruction from the hurricane.  Houses that are out of danger areas are selling for an average of $250,000.  If a house is priced under $300,000, it will sell within a week.  These prices are up 15% from a year ago.

Baton Rouge real estate is in a growing market.  Houses are selling for an average of $200,000 after being on the market for 60 to 90 days.  The average price is up 5 to 10% from one year ago.  The market has more buyers than sellers, as hurricane victims are still trickling in to the area.