Is New Orleans, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$325,090
$191/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in New Orleans have sold for 2.8% less than they did a year ago.
Summary: The median home sold price in New Orleans was $325,090 in May 2024, down 2.8% from last year, and the median price per square foot was $191.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $257K | $240K | -6.6% |
| 2 Bedrooms | $310.5K | $290.3K | -6.5% |
| 3 Bedrooms | $316.9K | $305.8K | -3.5% |
| 4 Bedrooms | $368.2K | $360K | -2.3% |
| 5+ Bedrooms | $460K | $450K | -2.2% |
Summary: New Orleans housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.6%, 2 bedroom homes decreased by 6.5%, 3 bedroom homes decreased by 3.5%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes decreased by 2.2%.
Housing Supply in New Orleans, LA
How many homes are available in New Orleans, LA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,938 | 3,249 | +10.6% |
Summary: The New Orleans real estate market had 3,249 homes for sale in May 2024, a 10.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 184 | 202 | +9.8% |
| 2 Bedrooms | 490 | 541 | +10.4% |
| 3 Bedrooms | 1,011 | 1,117 | +10.5% |
| 4 Bedrooms | 704 | 787 | +11.8% |
| 5+ Bedrooms | 549 | 602 | +9.7% |
Summary: The New Orleans housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.8%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 9.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 347 | 348 | 0.3% |
Asking Price vs. Sold Price
246 Homes Were Sold
Under Asking
66 Homes Were Sold
At Asking
36 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. 70.7% of homes here sold below asking price last month.
Summary: A total of 348 homes were sold or pending in New Orleans in May 2024, up by 0.3% month-over-month. Of the 348 sold homes, 71% were sold under asking, 19% were sold at asking, and 10% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 46 Days | 60 Days | +30.2% |
Summary: Homes in New Orleans had an average of 60 days on market in May 2024, up by 30.2% compared to last year.
Breakdown of Home Sale Times
174 Homes Were Sold
Under 30 Days
94 Homes Were Sold
In 30 - 90 Days
80 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 May 2024, 348 homes were sold in New Orleans; 50% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
Disclaimer: Copyright © 2024, New Orleans Metropolitan Association of REALTORS©, Inc. All rights reserved. Information deemed reliable, but not verified or guaranteed. Users are responsible for checking the accuracy, completeness, currency, and status of all information. The sharing of MLS database, or any portion thereof, with any unauthorized third party is strictly prohibited. Information contained on this site is believed to be reliable; yet, users of this web site are responsible for checking the accuracy, completeness, currency, or suitability of all information. Neither the New Orleans Metropolitan Association of REALTORS©, Inc. nor the Gulf South Real Estate Information Network, Inc. makes any representation, guarantees, or warranties as to the accuracy, completeness, currency, or suitability of the information provided. They specifically disclaim any and all liability for all claims or damages that may result from providing information to be used on the web site, or the information which it contains, including any web sites maintained by third parties, which may be linked to this web site. 
The data relating to real estate for sale on this web site comes in part from the IDX Program of the REALTORS® Association of Acadiana’s MLS. Real Estate listings held by other brokerage firms are marked with the MLS approved icon for IDX. The materials contained within this page may not be reproduced without the express written consent of The Realtor® Association of Acadiana. The information contained within this page is for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but is not guaranteed and should be verified by personal inspection or with the appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. The materials contained within this page may not be reproduced without the express written consent of this broker. Some real estate firms do not participate in Internet Data Exchange® and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Some or all of the listings displayed may not belong to the firm whose web site is being visited.