Is New Orleans, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, New Orleans was a Seller's Market.
Housing Prices in New Orleans, LA
How much do homes in New Orleans, LA cost?
Median Sold Price
$325,125
$191/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in New Orleans was $325,125 in April 2024, down 3.2% from last year, and the median price per square foot was $191.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $257.3K | $235K | -8.7% |
2 Bedrooms | $314.5K | $291.1K | -7.4% |
3 Bedrooms | $319.8K | $310.4K | -2.9% |
4 Bedrooms | $378.5K | $358.6K | -5.3% |
5+ Bedrooms | $460.4K | $435K | -5.5% |
Summary: New Orleans housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.7%, 2 bedroom homes decreased by 7.4%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes decreased by 5.3%, and 5+ bedroom homes decreased by 5.5%.
Housing Supply in New Orleans, LA
How many homes are available in New Orleans, LA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
2,783 | 3,154 | +13.3% |
Summary: The New Orleans real estate market had 3,154 homes for sale in April 2024, a 13.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 167 | 195 | +16.8% |
2 Bedrooms | 470 | 523 | +11.3% |
3 Bedrooms | 929 | 1,087 | +17.0% |
4 Bedrooms | 672 | 745 | +10.9% |
5+ Bedrooms | 545 | 604 | +10.8% |
Summary: The New Orleans housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.8%, 2 bedroom homes increased by 11.3%, 3 bedroom homes increased by 17%, 4 bedroom homes increased by 10.9%, and 5+ bedroom homes increased by 10.8%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
316 | 322 | +1.9% |
Asking Price vs. Sold Price
222 Homes Were Sold
Under Asking
60 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Summary: A total of 322 homes were sold or pending in New Orleans in April 2024, up by 1.9% month-over-month. Of the 322 sold homes, 69% were sold under asking, 19% were sold at asking, and 12% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
52 Days | 60 Days | +15.2% |
Summary: Homes in New Orleans had an average of 60 days on market in Apr 2024, up by 15.2% compared to last year.
Breakdown of Home Sale Times
164 Homes Were Sold
Under 30 Days
75 Homes Were Sold
In 30 - 90 Days
82 Homes Were Sold
Over 90 Days
Summary: During April 2024, 322 homes were sold in New Orleans; 51% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.