Aug 24, 2023 - Real Estate

Share of $1M+ homes in Louisiana up since before the pandemic

The facade of a home at 5931 St. Charles Avenue shows French influence.

This home at 5931 St. Charles Ave. is on the market for $4,799,000. Photo: Courtesy of The McEnery Company

Roughly 2.2% of homes are worth at least $1 million in the New Orleans metro area, down sightly from 2.3% a year ago, per a new report from Redfin.

Why it matters: Low inventory is pushing up prices nationwide and sending more homes into seven-figure territory.

The big picture: Nearly 1 in 10 U.S. homes were valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February, the real estate brokerage found.

  • Louisiana's slice of million-dollar houses has risen 0.4 percentage points since pre-pandemic June 2019, data shared with Axios shows.
Data: Redfin; Map: Thomas Oide/Axios

Zoom out: Prices are largely dictated by local markets. The portion of homes worth at least that much was up slightly compared to June 2022 in 55 of the 99 most populous U.S. metros, according to Redfin.

  • Parts of New England gained million-dollar homes fastest, but San Francisco posted the highest share at more than 81%.

What they're saying: "In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now," Redfin economics research lead Chen Zhao says in the report.

Zoom in: Search amongst current listings in the New Orleans area, and million-dollar-plus homes are scattered across the city.

  • In English Turn, $2.2 million gets you plenty of room to spread out with more than 9,000 square feet of living space.
  • For $4.25 million, there's a mid-century gem on Calhoun Street designed by former Tulane School of Architecture dean John W. Lawrence.
  • Big family? There's a seven-bed, five-bath Victorian in the Marigny.

Between the lines: Rising prices are a boon for millions of homeowners who have seen big gains in equity in recent years, Axios' Emily Peck reports.

  • Yes, but: With mortgage rates at a 20-year high, many Americans feel priced out of the housing market.

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