Market Overview
Home Prices in New Orleans, LA
The median home value in New Orleans, LA is $247,590 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 2% compared to a year ago and down 3.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in New Orleans are priced40% below average. New Orleans is part of the New Orleans-Metairie, LA metro area.
Over the past five years, New Orleans home values have fallen by approximately11.4%, reflecting softening conditions in this market.
Price History
New Orleans Home Price Trend
City Comparison
New Orleans vs. National Median
At $247,590, homes in New Orleans cost 40% below the national median of $410,000. This makes New Orleans a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in New Orleans?
20% Down Payment
$49,518
on $247,590
Monthly P&I
$1,291/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,640/mo
incl. taxes & insurance
Income Needed
$65,600
gross annual (30% rule)
10% Down Option
$24,759
+ PMI applies
Loan Amount (20% dn)
$198,072
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in New Orleans, LA?
The median home value in New Orleans is $247,590 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 2% year-over-year.
How much have home prices changed in New Orleans?
Over the past year, home values in New Orleans have decreased by 2%. Over five years, prices have fallen approximately 11.4%.
How much do I need to earn to buy a home in New Orleans?
To comfortably afford the median home price of $247,590 with a 20% down payment ($49,518) at today's rates (6.8%), you'd need a gross annual income of approximately $65,600. This assumes keeping total housing costs at or below 30% of gross income.
How does New Orleans compare to the national average home price?
The national median home value is approximately $410,000. At $247,590, homes in New Orleans are 40% below the national average.
What metro area is New Orleans part of?
New Orleans is part of the New Orleans-Metairie, LA metropolitan area. Home prices and market conditions can vary across the broader metro region.