As you ride the streetcar along St. Charles Avenue, you'll pass a stretch lined with wrought-iron balconies and Greek Revival mansions, which is known as the Garden District, considered the oldest upscale area in New Orleans.

The median sale price in the Garden District over the past 12 months has been recorded at around $670,000 to $700,000, with some listings exceeding $1 million depending on the timing of the survey and the composition of the properties. Many of the grand mansions built since the 1840s are designated as a historic preservation district.

The Audubon area, which includes Audubon Park, has seen significant price increases recently, with median sale prices rising to around $840,000 to $860,000. Its proximity to Tulane and Loyola Universities and the availability of homes with park views seem to attract young professional investors.

Uptown, located between these two areas, has a median price of around $630,000, making it more accessible while still offering the same lifestyle, often classified as an upscale suburban area.

The geographical advantage of being on elevated land along the Mississippi River has contributed to these neighborhoods becoming affluent. New Orleans is a city with a constant risk of flooding in low-lying areas, so this elevated belt has been preferred by the wealthy since the 19th century, as noted in various sources.

The overall median sale price in New Orleans is around $330,000 to $350,000, which is more than double the gap compared to the Garden District or Audubon. The restrictions on new construction due to historic preservation district regulations also seem to contribute to price stability through supply shortages.

There is a small but steady presence of Korean professional households working in the medical and energy sectors in New Orleans, who often prioritize elevated areas due to flood risks. Calculating the total housing costs, including flood insurance premiums, is likely to be practically helpful in narrowing down the area of interest.