St. Tammany Parish is enjoying a robust housing market when it comes to the value and appreciation of homes for sale and new homes for sale. During the first 6 months of 2018, the price per square foot of homes in the Greater St. Tammany Parish area were calculated and then compared to 2017’s prices and the price per square foot of homes before Hurricane Katrina hit the Greater New Orleans area in 2005. The results of that comparison are spelled out below.
Homes for sale and new homes for sale which have seen a steady increase in value from Katrina to the first 6 months of the year include homes located in Folsom, Covington Central (70433), Madisonville, Mandeville (70471), Lacombe, Slidell (70460), and Abita Springs.
In Mandeville and Madisonville, the price per square foot during the first 6 months of 2018 is actually identical at $143 / square foot. In Mandeville, there was an increase of $31 and in Madisonville, there was an increase of $37 from 2005 to 2018. In Lacombe, there was an increase of $12, in Folsom it was an increase of $15, in Slidell (70460), there wan an increase of $14, and in Abita Springs, there wan an increase of $29.
The city which saw the biggest increase in the price per square foot of a home in St. Tammany Parish overall was Covington Central (70433) with an increase of $41 per square foot since 2005. Other cities saw an increase in 2017 and then a slight decrease in 2018, which is in line with the softening of the housing market as interest rates went up towards the middle / end of 2018. These cities inclued Bush, North Covington (70435), Pearl River, Slidell (70461), and Slidell (70458). In North Covington, the price per square foot of homes for sale stayed exactly the same from 2017 to 2018. In Pearl River, the price increased from $87 in 2005 to $105 in 2017 and then decreased to $100 in 2018. In Slidell (70461), there was also an increase from $87 in 2005 to $105 in 2017 to decrease just $2 to $103 in 2018.
Overall the increase in the price per square foot in St. Tammany Parish increased 3.1% from $118.70 to $122.40 per square foot. Average home pricing went from $253,553 to $264,754, and the city which saw the most amount of growth was in Madisonville. Residency increased in Madisonville to over 11,000 residents in 2018. This small charming town on the banks of the Tchefuncte River began as a town of 4,000 at the turn of the century, just to give context to the amount of growth.
So, if you’re in the market for a home to buy, check out the areas of St. Tammany Parish where you can afford to live. The housing market is hot right now, and available housing is tight – you might want to consider building your own home so that you get exactly what you want for the price you can afford. Call 985-626-7619 or Email Ron Lee Homes at Info@RonLeeHomes.com to start your building process today!