Is New Orleans, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, New Orleans was a Seller's Market.
Key Takeaway
New Orleans is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in New Orleans, LA
How much do homes in New Orleans, LA cost?
Median Sold Price
$329,132
$192/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in New Orleans have sold for 3.3% less than they did a year ago.
Summary: The median home sold price in New Orleans was $329,132 in March 2024, down 3.3% from last year, and the median price per square foot was $192.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $257.3K | $242K | -6.0% |
| 2 Bedrooms | $321K | $290.7K | -9.5% |
| 3 Bedrooms | $324.8K | $315.6K | -2.8% |
| 4 Bedrooms | $386K | $355.4K | -7.9% |
| 5+ Bedrooms | $469.5K | $435K | -7.4% |
Summary: New Orleans housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6%, 2 bedroom homes decreased by 9.5%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes decreased by 7.9%, and 5+ bedroom homes decreased by 7.4%.
Housing Supply in New Orleans, LA
How many homes are available in New Orleans, LA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2,541 | 2,968 | +16.8% |
Summary: The New Orleans real estate market had 2,968 homes for sale in March 2024, a 16.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 152 | 174 | +14.5% |
| 2 Bedrooms | 414 | 485 | +17.1% |
| 3 Bedrooms | 831 | 988 | +18.9% |
| 4 Bedrooms | 638 | 727 | +13.9% |
| 5+ Bedrooms | 506 | 594 | +17.4% |
Summary: The New Orleans housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.5%, 2 bedroom homes increased by 17.1%, 3 bedroom homes increased by 18.9%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes increased by 17.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 219 | 279 | +27.4% |
Asking Price vs. Sold Price
206 Homes Were Sold
Under Asking
43 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New Orleans, you may be able to get a good deal. 73.8% of homes here sold below asking price last month.
Summary: A total of 279 homes were sold or pending in New Orleans in March 2024, up by 27.4% month-over-month. Of the 279 sold homes, 74% were sold under asking, 15% were sold at asking, and 11% were sold over asking.
Days on Market for New Orleans, LA
How long does it take to sell a home in New Orleans, LA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 61 Days | 67 Days | +10.6% |
Summary: Homes in New Orleans had an average of 67 days on market in Mar 2024, up by 10.6% compared to last year.
Breakdown of Home Sale Times
112 Homes Were Sold
Under 30 Days
80 Homes Were Sold
In 30 - 90 Days
87 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in New Orleans are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 279 homes were sold in New Orleans; 40% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 31% of homes were sold over 90 days.
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