$2,197 Closing Credit*
$185,000
1,805 SqFt
3 Beds
•2 Full Baths
James Harvey, Listing Office: Generations Realty Group, LLC
Is New Orleans, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$327,611
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$1,994(-0.6%)
Key Takeaway
Homes in New Orleans have sold for 0.6% less than they did a year ago.
Summary: The median home sold price in New Orleans was $327,611 in November 2024, down 0.6% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $249.1K | $239K | -4.1% |
| 2 Bedrooms | $301.8K | $300.9K | -0.3% |
| 3 Bedrooms | $314.2K | $299.9K | -4.6% |
| 4 Bedrooms | $358K | $371.3K | +3.7% |
| 5+ Bedrooms | $435.3K | $452.6K | +4.0% |
Summary: New Orleans housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.1%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes decreased by 4.6%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 4%.
Housing Supply in New Orleans, LA
How many homes are available in New Orleans, LA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 2,923 | 3,103 | +6.2% |
Summary: The New Orleans real estate market had 3,103 homes for sale in November 2024, a 6.2% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 178 | 196 | +10.1% |
| 2 Bedrooms | 475 | 516 | +8.6% |
| 3 Bedrooms | 956 | 993 | +3.9% |
| 4 Bedrooms | 741 | 784 | +5.8% |
| 5+ Bedrooms | 573 | 614 | +7.2% |
Summary: The New Orleans housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.1%, 2 bedroom homes increased by 8.6%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 5.8%, and 5+ bedroom homes increased by 7.2%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 222 | 231 | +4.1% |
Asking Price vs. Sold Price
161 Homes Were Sold
Under Asking
41 Homes Were Sold
At Asking
29 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. 69.7% of homes here sold below asking price last month.
Summary: A total of 231 homes were sold or pending in New Orleans in November 2024, up by 4.1% month-over-month. Of the 231 sold homes, 70% were sold under asking, 18% were sold at asking, and 13% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 74 Days | 76 Days | +3.5% |
Summary: Homes in New Orleans had an average of 76 days on market in Nov 2024, up by 3.5% compared to last year.
Breakdown of Home Sale Times
86 Homes Were Sold
Under 30 Days
68 Homes Were Sold
In 30 - 90 Days
77 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 November 2024, 231 homes were sold in New Orleans; 37% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
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