While NOLA has its own luxury story to tell, the Northshore has quietly and steadily been climbing the luxury ranks in the past decade.
Some waterfront luxury markets are so under the radar that you likely won't recognize their names, despite their thriving high-end sales.
Take St. Tammany Parish, LA, which includes the cities of Slidell, Mandeville, and Covington. Dubbed the "Northshore" of Lake Pontchartrain, the area is about a 40-minute commute from New Orleans (part of the lake's "Southshore").
While NOLA has its own luxury story to tell, the Northshore has quietly and steadily been climbing the luxury ranks in the past decade, with much of the metro surpassing national median price growth for the ultraluxury (top 1%) market.
While this highest luxury tier has risen 57% nationwide, Mandeville has surpassed that at 80%, and Covington has smashed it with 94% growth. Slidell, to the south of these two cities, hasn't risen as much, but still climbed a healthy 43%.
Mandeville and Covington "stand apart from Slidell rather than reading as more expensive versions of it," writes Realtor.com® senior economist Anthony Smith in his latest luxury report, which deep dives into luxe markets that fly under the radar, the "hidden gems" of the U.S. luxury market.
This $3.2 million modern home in Covington, LA, is right on the Tchefuncte River with 369 feet of deep-water frontage. (Alexis R. Foster) While these quiet luxury markets don't command the spotlight the way the big three—New York City, Los Angeles, and Miami—do, "they still hold their own in high-end homes," says Smith. "Apologies to any locals who wanted to keep these spots to themselves."
Covington has the highest median price tags across the three luxury tiers: $1,131,200 at the entry luxury threshold (top 10% of sales); $1,871,825 at the high-end luxury threshold (top 5%); and $3,740,600 at the ultraluxury level, or the top 1%.
Of the three cities that make up the metro, Covington also has the highest share of million-dollar-plus listings with an 11.2% share, or 82 listings.
Mandeville follows with a 9.4% share of million-dollar listings and a $2,957,500 threshold for the top 1%; and Slidell brings up the rear with a 3.3% share and a $1,800,200 threshold for the top 1%.
All of the three luxury tiers in the metro fall behind the U.S. medians, but Covington's prices come the closest to the nationwide thresholds. For value, the city of Slidell's entry-luxury threshold starts at $559,000, less than half of the national median.
The midcentury marvel comes with a boathouse built on stilts. (Alexis R. Foster) Prime riverfront luxury: Covington
What quickly becomes clear is that Covington, north and more inland of both Slidell and Mandeville, is where those with the means go to get prime luxury in the area.
Alexis R. Foster of 10/12 Properties, who currently represents a $3.2 million midcentury modern home in Covington, and who lives off the listing's street, Three Rivers Road, says the appeal of Covington lies in its excellent public and private school system (including two new charter schools), charming downtown with tons of retail and high-end restaurants, and its grand homes with expansive acreage. Plus, home insurance bills there are significantly lower than in areas closer to shore, she says.
Additionally, the proximity to so much water—including Lake Pontchartrain, the Tchefuncte River, and Bogue Falaya River—offers water sports such as boating, kayaking, and fishing (and even swimming—locals shrug at alligators).
"I've never seen a market grow so fast in my entire life," Foster says of Covington. "Both residential and commercial has grown so much. The parish can't keep up with the amount of people moving to the area."
Just north of downtown Covington is one of the area's largest subdivisions, Versailles Estates, where the average list price is $500,000. There are approximately 600 members of the Versailles Property Owners Association on Facebook.
There are plenty of teardowns with new builds in place of the historical homes, as well as rehabbing of mansions that date to the 1800s, she notes.
Medical facilities such as St. Tammany Parish and Ochsner are "constantly" building and bringing new jobs to the area, with the higher-ups at these facilities tending to choose Covington for their home base.
"There's a lot of doctors here," she says, also noting that Covington is overrun with lawyers. "I've never seen more attorney's offices in my life than here."
Additionally, the city is full of "old money" that for generations has been using Covington as a summer retreat.
"Covington, long the seat of the parish's old money, still retains a vestige of Southern disdain for the nouveau riche," says Louisiana Folklife.
As for where new residents are migrating from, the broker says the Southshore (New Orleans, Metairie, Kenner) is the No. 1 feeder into the metro, followed by the Westbank (Jefferson Parish). But others come from as far away as California.
"I've seen people from out West move here because it's more affordable, and Florida is a huge market," she says. Floridians are fleeing the crowds and "stupid high" insurance rates and property taxes.
She also says people are migrating in from her home state, Mississippi, for more career opportunities.
"I always said if I wanted an opportunity to make a life for myself, I would get out of Mississippi," she adds.
The home, including this chef's kitchen, was gut-renovated by the current owner. It's listed as a short-term rental on Airbnb. (Alexis R. Foster) Foster's $3.2 million 1964-built listing on Three Rivers Road stands out among the white Colonials and Greek Revivals with their columned porches.
"The architect got a lot of inspiration from California," she says.
Both the three-bedroom main house with hurricane-grade windows and the boat house are on stilts due to the property's location next to the Tchefuncte River.
"They are all made to flood," she says of riverfront homes in the area. "If you purchase here, you're prepared for that."
The house sits on 3.4-acres and boasts yacht dockage that can accommodate vessels up to 80 feet, as well as a private boat lift. This unusually modern listing, which is completely remodeled, is currently a short-term rental on Airbnb, and there's a garden house set up as a studio, which can provide another income stream.
Foster says the modern all-glass aesthetic is unique for the area and seems to appeal mostly to those from out of town.
"Everybody who has ever bought that house to live in has always come from out of state," she says. The current owner—a pool consultant for luxury hotels—hails from Georgia.
Foster, who also has a TikTok profile featuring local restaurants, finds, and customs, says that beyond the upscale attributes of the city, Covington's appeal comes down to its close-knit community.
"You can go anywhere and meet people who are so friendly," she says. "It's so easy to make friends here."
Historical homes
Jennifer Rice of Berkshire Hathaway has sold $771 million worth of luxury real estate in the greater New Orleans area—including Covington, Mandeville, Madisonville, Folsom, Abita Springs, Hammond, Lacombe, and Slidell.
Covington is "the most beautiful small town in America, and I've traveled a lot. It's really the heart of our parish," she says.
"There's beautiful flowers on the street, great architecture, fabulous restaurants," she says. She echoes Foster in praising the Northshore public and private school system.
"So many of my French Quarter and Uptown friends have moved over here," she says. "It's a quiet little country. Very popular with the Uptown [New Orleans] folks."
Currently, Rice represents the most expensive listing in Covington, a $4.5 million Colonial, built in the 1860s and meticulously restored. With its white columns, wide veranda, tennis court, in-ground pool, 2 acres of oak-lined grounds, and Bogue Falaya riverfront views, the property is quintessential backcountry Louisiana.
This quintessential "plantation" home in Covington is listed for $4.95 million. (Jay Theriot ) "It's a beautiful Louisiana plantation brought into the 21st century," she says. "Beautiful renovations while respecting all of its origins.
"We don't 'renovate' here; we completely restore and preserve our history."
Rice and her husband play polo, keep racehorses, and are deep into the equestrian lifestyle, living on 200 acres in the metro's pony country, Folsom. The 70437 ZIP code, with its entry-level (top 10%) luxury median of $1,183,650, tops even Covington thanks to its expansive equestrian-friendly properties.
"It's exploded," Rice says of the metro's ultraluxe market. "People used to enjoy multiple homes, but I tell my friends, 'Invest in your home. You can rent the beach.'
"Because people are investing more in their homes, they want them to exemplify their lifestyle," she adds. "We're a sleepy little town, and that's the charm.
"But I can still go to New Orleans and have lunch with my friends."