New Orleans Real Estate News

Nov. 20, 2023

Commission Accomplished: In a tie, Bayou St. John home, Old Metairie teardown both sell for $1.55M

These homes represent the top sales for the week of October 29-November 4

Address: 5724 Bancroft Drive, New Orleans, 70122
Sales price: $1.55 million
List price: $1,595,000
Date sold: Oct. 30
Days On Market: 79
Listing agent: The GiGi Burk GroupBurk Brokerage Real Estate

Sales agent: Michelle SolimanMirambell Realty


Address: 154 Brockenbraugh Ct., Metairie, 70005
Sales price: $1.55 million
List price: $1,749,000
Date sold: Oct. 30
Days On Market: 19
Listing agent: Shaun McCarthy, McCarthy Group Realtors

Sales agent: Trisha Faliveno, Talbot Realty Group

There is a tie atop Commission Accomplished this week with 154 Brockenbraugh Court in Metairie and 5724 Bancroft Dr. in New Orleans both selling for $1.55 million on Oct. 30.

5724 Bancroft Drive

The backyard trifecta of an in-ground saltwater pool, significant yard space, and a waterfront deck that overlooks Bayou St. John are the impressive highlights of the Mid-Century Modern style home at 5724 Bancroft Drive in the Bancroft Park subdivision.


“The sunsets are spectacular, the backyard is incredible, and it’s such a unique opportunity to purchase this secluded location with a waterfront view because there is typically not much turnover in Bancroft,” said Michelle Soliman, realtor with Mirambell Realty.


Soliman was the sales agent on the transaction, while The GiGi Burk Group, with Burk Brokerage Real Estate, served as the listing agents.


Soliman said the sellers are local and the buyers are local – “relocating to a different part of the city and looking for their forever home.”


The home is one-story and features 4 bedrooms, 3½ baths. 3,415 square feet of living space, and an oversized 0.35-acre lot. It was originally built in 1959, but renovated in 2010, including the pool addition. The backyard also contains a large covered patio and detached pool bath house.


The interior has an open floor plan with vaulted ceilings, gleaming tile and wood floors, several of the original architectural features, wood burning fireplace, Grasscloth wallpaper and light-filled rooms, and a remodeled kitchen with granite countertops and stainless steel appliances. The kitchen overlooks the living and dining rooms and also enables views of the bayou. The private primary suite has a spa-like bathtub, walk-in closet, and access to the backyard and pool.


“This was a move-in ready home with personal touches and beautiful, modern upgrades throughout the interior, combined with the wow factor of the backyard on the waterfront property. It’s a gorgeous home throughout,” said Soliman.


154 Brockenbraugh Ct.


Both a rare situation and unique opportunity describe 154 Brockenbraugh Ct., off Metairie Road in Old Metairie.


A home originally built in 1933 still exists on the 19,132 square foot lot, but the house will have to be torn down, and a new one built because many of the home’s original, historical features and parts – doors, baseboards, floors – have been sold, making it currently inhabitable. The seller is an older gentleman selling his parents’ former home and his original childhood home.


“The buyers are essentially purchasing the lot and space, which is a unique opportunity for that much continuous land on one property to come available on the market in Old Metairie,” said Trisha Faliveno, realtor with Talbot Realty Group. “I am excited to see the beautiful home that will be built on that valuable property. Old Metairie has a blend of the historic charm of cottages combined with the newer homes being constructed, and the subdivisions are flourishing.”


Faliveno was the sales agent on the $1.55 million transaction, while Shaun McCarthy with McCarthy Group Realtors was the listing agent. The sales price computed to $517 per square foot. The shaded lot has an Oak tree on the left side and a mature grapefruit tree that produces each year.


Third high priced home sale in the past week:


Address: 6030 Coliseum St., New Orleans, 70115

Sales price: $1.425 million

List price: $1.475 million

Date sold: Oct. 31

Days On Market: 15

Listing agents: Mat Berenson and Maddie Lazar, Latter & Blum

Sales agent: Sissy Blewster, Rêve Realtors


A 3-bedroom, 4-bathroom, 2-story Uptown home at 6030 Coliseum St. – blocks away from Audubon Park, St. Charles Ave, and Magazine St. – sold for $1.425 million. The home has 3,259 square feet of living space.


Originally built in 1923 and renovated in 2004, the home features formal rooms with wood floors and fireplaces, large den with custom shelving, and sunroom overlooking the pool. The primary suite has a balcony, large closet and luxurious bath with tub and shower, double vanities, and marble counters. There are three bedrooms and three bathrooms on the second floor.

Additional amenities include inviting porch, side-by-side parking in the front and carport in the back, large side yard, mature landscape, and in-ground pool.



Information provided by Kelleye Rhein & Stephan Mock of Reve Realtors.



Posted in In the News, News
Oct. 27, 2023

New Orleans area real estate market continues to hold steady, goes ‘toe to toe’ with high interest rates, insurance

The September New Orleans metro home real estate numbers are in, and the local market continues to “go toe to toe in a 12-round fight with two of the biggest fighters in the industry – highest interest rates in 20 years, combined with the highest insurance prices and deductibles seen since Hurricane Katrina, if not in the history of our market,” said Craig Mirambell, president/broker of Mirambell Realty and incoming Board President of the New Orleans Metropolitan Association of Realtors (NOMAR).

NOMAR reports that the New Orleans metro average home sales price in September 2023 was $319,902, down just 3.7% year-over-year from $332,120 in September 2022, according to the September 2023 “Local Market Update”. The average sales price is down 3.6% YTD at $329,711 through the first nine months, compared to $342,036 in the first nine months in 2022.
“To be down just 3.6% on average across metro New Orleans is negligible,” Mirambell said. “Our housing market amidst all the obstacles we are facing has squared up and held its own. Homes are still moving, equity is holding strong, and insurance competition is slowly coming into the market to help lower premiums.”

Much like the national trend, the number of closed sales remains down across New Orleans metro. In September 2023, there were 976 closed sales, down 16.9% YOY from the September 2022 number of 1,175. Closed sales YTD is down 21.8% with 9,617 homes sold in New Orleans Metro through the first nine months of 2023, compared to 12,296 in the same timeframe in 2022.
There were 1,669 new listings in New Orleans Metro in September 2023, down 3.6% YOY from 1,731 in September 2022. Through the first nine months of 2023, there have been 16,008 new listings in New Orleans Metro. That is down 6.7% from the same timeframe of 2022 when new listings totaled 17,166.

In September 2023, homes spent an average days on market of 55, up 57.1% YOY from 35 DOM in September 2022. Through the first nine months of 2023, homes have spent an average of 50 DOM. That is up 61.3% compared to the same timeframe in 2022 of 31 DOM.

“Yes, its slower, less homes are being listed, with that less homes are sold, but the market is going to finish the fight and hope to see a brighter 2024 with lower interest rates and lower insurance premiums — even if not substantial decreases, any retreat in those numbers will only help our homeowners,” Mirambell said.

Orleans Parish had the highest average sales price in September among the 10 parishes reported at $413,976, down 7.2% YOY. St. Tammany Parish had the highest number of closed sales with 265 in September, followed by 247 closed sales in Jefferson Parish and 230 closed sales in Orleans Parish. St. Charles Parish saw a 23.3% increase in YOY average sales price for September, vaulting to $307,424.



NOMAR considers New Orleans metro as 10 parishes – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington.
You can find all the parish reports here.


Posted in In the News, News
Oct. 4, 2023

Greater New Orleans average home sales price remains steady at $318,000

Despite all the curveballs thrown at the New Orleans metro area housing market – soaring homeowners insurance and flood insurance quotes, higher interest rates, and a growing inflation problem – the average home sales price has remained consistently steady.

The average home sales price is $318,104, down 0.6% year-over-year from $319,963 in August 2022, according to the August 2023 “Local Market Update” published by NOMAR (New Orleans Metropolitan Association of Realtors). The average sales price is down 3.5% YTD at $331,080 through the first eight months, compared to $343,085 in the first eight months in 2022.

“It has been impressive that despite all of the factors we are up against, including homeowners insurance still being our number one hurdle locally, the average sales price remains strong and continues to hold steady in New Orleans. We are holding our equity as homeowners,” said Craig Mirambell, president/broker of Mirambell Realty and incoming NOMAR Board President.

In its monthly report, NOMAR considers New Orleans Metro as 10 parishes – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington. Orleans Parish, with an average sales price of $410,878, had the highest average sales price in August among the 10 parishes reported. Through the first eight months, the average Orleans Parish sales price stands at $434,737, down 5.2% from the same timeframe in 2022. St. Tammany Parish had the highest number of closed sales in August at 324.

The number of closed sales remains down across the New Orleans metro area. In August 2023, there were 1,159 closed sales, down 1.2% YOY from the August 2022 number of 1,173. Closed sales YTD is down 17.6% with 9,165 homes sold in the New Orleans metro area through the first eight months of 2023, compared to 11,127 in the same timeframe in 2022.

Inventory down; days on market up
New listings are down, while days on the market have increased in New Orleans metro. There were 1,731 new listings in August 2023, down 8% YOY from 1,881 in August 2022. Through the eight seven months of 2023, there have been 14,310 new listings in New Orleans Metro. That is down 7.3% from the same timeframe of 2022 when new listings totaled 15,434.

In August 2023, homes spent an average days on market of 49, up 58.1% YOY from 31 DOM in August 2022. Through the first eight months of 2023, homes have spent an average of 49 DOM. That is up 63.3% compared to the same timeframe in 2022 of 30 DOM.

“There is definitely a housing shortage across New Orleans than in years past, and that’s reflective of the low inventory across the national market as well,” Mirambell said.

Mirambell said he just returned from a national realtors conference in Chicago, and he said the keynote economist predicted that interest rates may take one more uptick before the end of the year, and then in 2024, those rates will hold steady. “He was bullish that not a lot of inventory and consistent interest rates will continue to result in a steady average sales price for your home, even in what appears to be a slower market,” Mirambell said. “I think we will see the same across New Orleans for the near future, and that can even be improved if we get more competition in the market for homeowners insurance.”


Below are separate parish statistics with links to each parish’s NOMAR August 2023 report. You can find all the parish reports at


Posted in In the News, News
Sept. 14, 2023

Commission Accomplished: Former Pelicans player Anthony Davis’ home nets $1.77M

One of the “coolest” sales of Michael Styles’ career as a realtor had a bit of a full-circle feeling.

The Metairie Club Estates home of former New Orleans Pelican and current Los Angeles Lakers’ superstar Anthony Davis – 9 Forrest Court – sold on Sept. 1 for $1.77 million.

Styles was the sales agent on the transaction. Ten years prior, Styles worked as an account executive for the then New Orleans Hornets, which drafted Davis before the 2012-2013 NBA season. Styles was in New York sitting behind Davis’ dad when Davis was called on stage.

“This is definitely one of the coolest sales of my career. It is very interesting how it all came full circle with Anthony Davis,” said Styles, a realtor with Engel & Voelkers New Orleans. “The home is in a highly coveted, private-gated community with a landscaped backyard and pool overlooking the Metairie Country Club golf course. My client is a local resident, huge golf fan, big local sports fan, and likes to host gatherings. He needed more space for a primary residence, and this property is perfect for him.” Listing agent Patti Faulder, a realtor with Christian Shane Properties, represented Davis on the Sept. 1 transaction. Faulder also represented Davis in his original purchase of 9 Forrest Court in 2013. Since Davis was traded to the Lakers in 2019, the home has been rented out to local athletes and stayed in by Davis’ family members, said Faulder.

“Anthony Davis is a pleasure to represent; he had a beautiful property that offers an exquisite living experience with postcard-perfect views of 180-feet golf course frontage and a backyard that feels like an outdoor oasis,” Faulder said. “It’s rare that this kind of Metairie golf course property in a very desirable, private gated community comes on the market, and I’m excited for Anthony to pass it on to a new owner who will make it his own.”

Post-Katrina, custom-built home in a private, gated community

A post-Katrina build in 2006, 9 Forrest Court is a custom-built home – 5 bedrooms, 3.5 bathrooms, 4,800 living, and 6,540 total square feet. “It was a no expense spared custom-built home that features uncompromising quality on an oversized lot,” Faulder said. The first floor features a family room and kitchen that overlooks the patio, backyard, and golf course. The backyard has a pool, veranda, and patio for al

fresco dining. The kitchen has a Sub-Zero fridge and 60” 8-burner Wolf range. The first floor has a living room, dining room, primary bedroom, office

room, brick doors, and exposed beams. The adjoining garage is an impressive size, measuring 25’5”x22’3”.

The second floor has four bedrooms, and an outside balcony that spans the entire floor measuring 44’3”x5’10”. There is an expansive media room with

multi-level seating on the third floor and an adjoining bathroom.

Metairie Club Estates is a controlled access community of about 60 residential homes. The community is owner-managed by Metairie Club Estates

Homeowners Association. It is adjacent to Airline Drive and Metairie Country Club. “Even though it is a private, gated community, inside is a very social

community with a lot of long-term residents,” Faulder said. “That concept of a gated, private community is still a major appeal for homeowners.”

Styles said higher-end properties are still maintaining their momentum in the greater New Orleans real estate market. “These higher-priced homes tend to be impervious to the challenges of interest rates and insurance prices that currently affect most transactions,” he said. “What also helps the market are properties that are in good condition, ready to move in, and priced well.” 

Other high priced home sales in the past week: Address: 343 Elmeer Ave., Metairie, 70005 Sales price: $940,000

List price: $1,545,000

Date sold: Aug. 29 Days On Market: 59

Listing agent: David Claus (, GNO Realty LLC

Sales agent: Michelle Rousse (, Mirambell Realty

A 5-bedroom, 3.5 -bathroom, 3,925-square-foot home at 343 Elmeer Ave. in Metairie sold for $1,415,000 on Aug. 29 after spending 59 days on the market. 

Luxury home featured in 2023 Parade of Homes situated in a sought-after location, close to renowned schools, upscale shopping, and fine dining establishments; home has high-end fixtures, finishes, and upgrades

First floor has grand foyer that leads to living space featuring soaring ceilings and custom-designed elements, including unique ceiling treatments; spacious and opulent primary bedroom retreat has an en-suite bathroom; replace in the living room; gourmet kitchen has stunning countertops and a hidden walk-in pantry with wine storage; and attached garage features a mudroom for organization and storage. Second floor has four additional generously, sized bedrooms; versatile loft area offers possibilities for a game room, a second office space, or a reading nook.

Address: 1520 Washington Ave., New Orleans, 70130

Sales price: $1,325,000

List price: $1,375,000

Date sold: Aug. 28

Days On Market: 16

Listing agents: Jennifer Saltaformaggio ( and Sam Poche’ ( bio/samarapoche), Latter & Blum

Sales agent: Shaun McCarthy (, McCarthy Group REALTORS

A 4 bedroom, 4-bathroom, 3,523-square-foot, New Orleans Garden District home at 1520 Washington Ave. sold for $1,325,000 on Aug. 28 after 16 days on the market.

An 1860 New Orleans, Garden District Victorian home, on the tree-lined Washington Ave., is one-half block off St. Charles Ave. and the streetcar line and on the parade route. Restored in 2014, the home is recognized by the New Orleans Historic District Landmarks Commission as a contributing structure of historical significance.

Formal living (or office) and custom-painted dining room separated by original cypress pocket doors; featured attributes include decorative replaces, original ceiling medallions, crown & picture moldings, sparkling chandeliers, high ceilings, and abundant natural light; luxurious kitchen with stainless Thermador & Bertazzoni appliances, marble countertops and backsplash, and an open floor plan expanding into a large living room adds a modern touch; full bathroom downstairs has marble and stone; French doors lead out to the backyard that has an outdoor kitchen with Blaze grill and Kamado Joe smoker, and built-in kegerator; Tuff Shed provides storage.

Four bedrooms and three full baths upstairs; primary bedroom features a spa-like en suite bath, massive walk-in custom closet and balcony views; third floor bedroom can function as a home office, gym, playroom, etc.

Information provided by Kelleye Rhein & Stephan Mock of Reve Realtors. 



Posted in In the News, News
Sept. 6, 2023

Mirambell Realty Welcomes Brianna Maillet To The Team!

Mirambell Realty is excited to announce Brianna Maillet has joined the MBell Family! We are excited for the experience you bring to our office and look forward to the growth as part of our team.

Posted in In the News, News
Aug. 22, 2023

Report: New Orleans metro home prices hold steady, number of closed sales down

The average home sales price in the New Orleans metro area is holding steady – “a testament there is no bubble and homeowners are still seeing equity increases in their homes,” says Craig Mirambell, president/broker of Mirambell Realty, and incoming board president of the New Orleans Metropolitan Association of Realtors (NOMAR).

NOMAR published its July 2023 “Local Market Update,” which shows that the average sales price in July 2023 was $348,756, up 4.6% year-over-year from $333,518 in July 2022. The average sales price is only 3.7% year-to-date at $333,332 through the first seven months of 2023, compared to $346,188 in the first seven months of 2022.

“Sellers are not in any sort of desperation mode and are holding firm to their value they could had a year ago. Also, rental prices have not decreased at all, in fact have risen to exceptionally high prices,” Mirambell said. “With high rent prices, the appeal to buy a home is higher than ever, with the other option being paying top dollar for rent.”

NOMAR considers New Orleans metro as 10 parishes – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington.

The number of closed sales is down across the New Orleans metro area. In July 2023, there were 1,085 closed sales, down 19.3% YOY from the July 2022 number of 1,344. Closed sales YTD is also down 23.8% with 7,469 homes sold in the New Orleans metro area through the first seven months of 2023, compared to 9,804 in the same timeframe in 2022.

“The recent drop of 20% is simply the cycle our market does coming out of the summer,” Mirambell said. “Every year, the trend is at year end, we have the least sales, and during the summer we peak. So, we are either climbing or falling from there, but importantly, year over year, we typically increase.”

Higher priced homes, second homes, and investment properties are doing well, said Mirambell. “Higher priced homes and second homes are still selling aggressively quick and for top dollar,” he said. “These buyers are less sensitive to higher interest rates and incredibly ridiculous insurance prices. The same can be said for investment properties – with rents being so high right now, investment owners are making up for higher rates and insurance increases.”

Insurance crisis continues to be a challenge; crime also a concern

Mirambell said the most pressing challenge on the residential real estate market continues to be “the insurance crisis we are in for property insurance.”

“Most buyers have found some stability and peace of mind surrounding current interest rates, but insurance is our number one reason for cancellation of contracts,” he said. “When buyers are sticker shocked by insurance prices they are moving on to a property that might have more affordable insurances.”

Mirambell added that in addition to insurance, crime and politics have continued to rear their ugly heads, particularly for the surrounding Orleans Parish. “Plenty of real estate activity in Orleans is being tied to a lack of faith in crime being cleaned up by the current administration.”

Inventory down; days on market up

New listings are down, while days on the market have increased in New Orleans metro. There were 1,693 new listings in July 2023, down 8.6% YOY from 1,852 in July 2022. Through the first seven months of 2023, there have been 12,547 new listings in New Orleans Metro. That is down 7.4% from the same timeframe of 2022 when new listings totaled 13,553.

In July 2023, homes spent an average days on market of 45, up 66% YOY from 27 DOM in July 2022. Through the first seven months of 2023, homes have spent an average of 49 DOM. That is up 63.3% compared to the same timeframe in 2022 of 30 DOM.

Below are separate parish statistics with links to each parish’s NOMAR July 2023 report. You can find all the parish reports at

Posted in In the News, News
Aug. 9, 2023

Welcome to the MBell Team, Gary Quaintance!

The Mirambell Realty family continues to grow! We are thrilled to welcome to the office, Gary Quaintance!

Posted in In the News, News
May 22, 2023

Future of insurance market in Louisiana hinges on quiet hurricane season

Photo courtesy DepositPhotos


Many things happen when a named tropical system enters the Gulf of Mexico during hurricane season. Evacuation plans are drafted, city and state officials are placed on alert, and crucially, insurance companies stop writing new policies until the storm has dissipated.

The reasoning behind the temporary halt is straightforward: no one can predict with absolute certainty what a named system will do and what specific area the storm will affect. But, with the state of Louisiana’s insurance market already in disarray, a series of temporary halts to new insurance plans could be extremely damaging this hurricane season.

Mirambell Realty CEO Craig Mirambell said all realtors in South Louisiana have to be prepared for delays and cancellations during hurricane season every year.

“We’ve definitely had it happen where you’re about to close at the end of the month, and you’re booked out a month in advance, and then all of the sudden a hurricane pops up in the Gulf, and we have to delay everything a day or two until the named storm is done,” Mirambell said. “That has happened more often than not, and then on rare instances, we’ve had situations where we didn’t close because of a named storm in the Gulf, and then after the storm passed, the property took on damage and was not in the same or better condition than when the client wrote the offer, so we had to deal with that. It’ll either be a repair or the cancellation of a contract.”

Mirambell said contracts signed during hurricane season feature an addendum stipulating that the buyer can get out of the contract if the status of the property changes due to a storm. The contracts are also automatically extended if a named storm happens to form during the final days of negotiations.

While those potential delays are seen as the price of doing business in South Louisiana, Mirambell said any extra delays during this hurricane season, which begins on June 1 and runs through November 30, could cause major disruptions if the limited number of insurance carriers active in the state is impacted.

“We’re just still dealing with the insurance struggle as a whole,” he said. “With regards to closings and sort of normal delays, it will be just another headache that we deal with.”

Louisiana Insurance Commissioner Jim Donelon said the insurance market has evolved since 2005 in such a way that Louisiana insurance rates are more at the mercy of global catastrophes than ever before. Before Hurricane Katrina made landfall, causing an estimated $23 billion in damage, most Louisiana insurance carriers were based in the state.

Now, with Louisiana’s insurance covered mostly by companies based outside of the United States, international insurance market fluctuations can have strong impacts on the local market. Donelon said the impacts of Hurricane Ian, wildfires across Australia, and floods in Germany last year were felt in Louisiana insurance markets.

During the relative lull after Hurricanes Katrina and Rita in 2005, Donelon said the number of Louisiana residents on Citizens Insurance, the state’s insurer of last resort, plummeted. That freed up the market, resulting in lower insurance premiums across the board. Coming off a slow hurricane season in 2022, the absence of named systems in the Gulf this year could be similarly beneficial.

“What we had last year was a blessing, and we need, as is being predicted, a below average hurricane season to back that up with the benefit of last year,” Donelon said. “If we had another 2020-2021 season, with four hurricanes in 13 months, totaling $23 billion in damage, there’s no question it would devastate our capacity and the availability of insurance.”

As residents across the Gulf South region prepare for a possibly active season in 2023, Donelon said he’s hoping the early predictions are true, and the area will be blessed with a quiet Gulf. If that is the case, Donelon said he will jump into action to maximize the benefits and leverage as many Louisiana residents as possible off of Citizens.

“We’ve done this once before, after Katrina and Rita, we know how to do it, and we are confident it will be successful again, as it was 15 years ago,” he said.


Head over to for more

Posted in In the News, News
Feb. 24, 2023

New Orleans housing market cools after two years of frenzy; here's whats causing the changes


Roxana Campos stands in her dining room on Thursday, February 2, 2023 where most of her belongings are packed in boxes awaiting the moving truck that will take her and her husband to Florida. She has been trying to sell her Metairie home. (Photo by Chris Granger| The Times-Picayune| The New Orleans Advocate)

When Roxanna Campos and her husband put their 40-year-old Bucktown house on the market in January, they thought the three-bedroom brick Ranch would be a quick sell.

She had reason to be optimistic. As a local real estate agent, Campos had a front-row seat to the bidding wars and buying frenzy that pushed up home prices across the metro area by more than 25%, on average, since 2019.

But it’s been two weeks since her listing, and despite positive signals at the open house for agents and brokers, Campos hasn’t gotten a single offer.

“I would have thought we’d have multiple offers by now,” said Campos, who is selling because of an upcoming move to Florida. “If we haven’t had any movement in the next week, we might have to rethink things.”

Cooling off

Campos’ experience is not unique. Across the metro area, sellers, who spent the past two years in the catbird seat, are lowering their asking prices and making concessions to buyers as the white-hot housing market of 2020-2021 continues to cool.

According to the annual report from the Gulf South Real Estate Information Network, the volume of home sales in 2022 was down, inventory of available homes was up, and houses sat for longer on the market. 

True, home prices continued to rise. The median sale price across the metro area for a single-family home in average or better condition was up 7.8% last year over the year before to nearly $277,000, and up more than 24% over 2019’s pre- pandemic price of $219,400.



But if you factor in the nearly 7% inflation rate, those increases are not as impressive as they would have been a few years ago, when the rate of inflation was less than 2%. 

Experts attribute the slowdown, as they have for months, to the combined toll of three factors: higher interest rates — which nearly doubled to more than 7% by mid-2022, from less than 4% when the year began; inflation —which was also high in 2022; and huge premium increases in property and flood insurance rates.

As they look to 2023, they’re not optimistic things will change anytime soon.

“The insurance rates are literally killing deals,” said broker Jiarra Rayford of Rayford Realty. “I had a quote for a $10,000 premium for property insurance on a 2,800-square-foot house in Metairie. We couldn’t do the deal. The buyer had to walk away from their dream house.”

Mixed data

Overall, the numbers can seem confusing because while some indicators suggest a slowing market, home sale prices in 2022 continued to rise, just not as dramatically as the 9.3% jump they experienced between 2020 and 2021.

But the overall picture shows home prices are no longer trending steadily higher as they did through much of the pandemic.

On one hand, pending sales were down 13.5% in 2022 over 2021 and closed deals were down 12.6% during the same period. Outlying areas in Plaquemines, northern St. Tammany, Tangipahoa and the River parishes saw the most significant drops in activity.

Also signaling a cooling market, the total inventory of available homes was up 68% to 3,339 from 1,987. Outlying areas had more available inventory than most neighborhoods in the city or in the heart of Metairie.

Paradoxically, however, home prices continued to rise. Overall, every parish in the 10-parish region saw the median sale price of a home increase over the year before — in many cases, by double digits — except for St. Charles Parish, which was hit hard by Hurricane Ida in 2021 and saw its median home prices decline slightly.

The biggest increase in median sale prices came in Tangipahoa, up nearly 15% and St. Tammany, up more than 11%. Orleans and Jefferson parish prices saw more modest increases of 5.8% and 5.5%, respectively, which was below the rate of inflation. 

While the numbers varied from one part of the metro area to the next, real estate experts say in general, the price increases reFLect spikes from the first half of the year. As interest rate and insurance price hikes began to exert pressure on the market last summer, prices began to come down slightly or level out.

“We were still riding high in the first half of 2022,” said realtor Craig Mirambell, whose Mirambell Realty specializes in Metairie. “It really shifted mid year.”

Data indicates that modestly priced homes performed better throughout the year than pricier properties. Homes priced between $224,000-$350,000, sold more quickly than those in any other price range, spending just 32 days on average on the market.

Closing costs and creative deals 

Agents say they can fell the shift in the market by the concessions that sellers are now willing to make.

“Buyers are asking for more and sellers are willing to give a little more,” Rayford said. “I wrote a contract last week where the buyer asked for closing costs. Last year that was a no no.”

Sellers and their agents are also being creative about helping buyers shoulder the cost of higher interest rates. Broker Joyce Delery, who co-owns Engels and Völker New Orleans, said she has seen some sellers offer $10,000 to help “buy down” interest rates.

“We’re also seeing them be a little more realistic about their pricing," Delery said.

Delery and others expect that adjustments in the market will even out without causing significant disruptions. They’re more concerned about the effects of skyrocketing insurance premiums, which have more than doubled for some homeowners as dozens of carriers have stopped writing policies in the state.

Campos believes insurance issues are largely to blame for the lack of offers on her house. Her insurance premiums have more than tripled to $8,600 since she and her husband bought the house in 2014.

“Homes just two blocks on the other side of the (West Esplanade) canal are much less to insure, even though we’ve never flooded,” she said. “We don’t know what’s going on and the insurance companies won’t even talk to you.”

Agents and brokers expect those pressure points to continue slowing the market in 2023. That said, they’re still seeing the occasional crazy demand for mint-condition houses in desirable neighborhoods.

“It’s not like the market is dead,” Mirambell said. “I had nine offers last week on a house in Old Metairie. Another one in New Orleans had an escalation clause for $40,000 above list price. So, houses that are updated and have a lot of appeal are still flying off the shelf.” 

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Oct. 17, 2022

Realtors: Local housing market ‘strangest I’ve ever seen’

The current state of the New Orleans-area residential real estate market isn’t a typical one, according to local realtors, but it can still be viable for sellers.


The most recent numbers from the New Orleans Metropolitan Association of Realtors show new listings in August were up nearly 8% from August 2021, while closed sales were down 8.1%. Homes spent an average of 30 days on the market, compared to 29 last August. The average sales price rose 3.7% to $324,125. The data includes Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa and Washington parishes.


Craig Mirambell, NOMAR board secretary/treasurer and president/broker of Mirambell Realty, said the local market shows no signs of consistency, with some homes lasting 90 days and others in the same neighborhood selling quickly.


“It’s the strangest market I’ve ever seen in my 20 years of being a broker in real estate,” he said. “Typically, when the market turns south and goes bad, everything kind of turns bad; every house doesn’t sell and every house’s days on market rises.”


These days, it’s not necessarily a seller’s market. But a desirable home that’s updated, renovated and priced appropriately in a high-demand area is more likely to find a buyer, he said.


Kelli Walker Starrett, who was recently named the new CEO of NOMAR following the retirement of longtime leader Missy Whittington, agreed that the current market is “weird.”


“It’s not something we’ve usually seen when you have sort of the peak that we had, with as high as we were seeing sales prices for properties and multiple offers and multiple cash offers, and it was a very strange spot for us,” she said. “I think we naturally are hitting where things cool a little bit and they steady out.”


Nationwide, rising mortgage rates and declining home sales have signaled the end of a hot housing market. The New Orleans-Metairie area ranks No. 11 among markets that have cooled off the most, according to a new report from SmartAsset that looks at price reductions and decreased demand.


As of Tuesday, current rates in Louisiana stood at 6.95% for a 30-year fixed mortgage, and 6.24% for a 15-year fixed, according to Bankrate.


But the local market can still be friendly to sellers, Starrett said.


“There are still going to be people that want to buy a house,” she said. “There are going to be people that want to sell a house, and I encourage them to still do that. You don’t want somebody locked into something when they might need to make a change just because they feel like the market isn’t right for them. There’s always going to be a buyer out there.”


NOMAR numbers show that in Orleans Parish, there were 503 new listings in August, a 13% jump from 445 in August 2021. Closed sales were down 6.5%, and the average sales prices dropped 3.3% to $413,194. Days on the market dropped from 49 to 37.


There were 518 new listings in Jefferson Parish in August, up 5.3% from August 2021. Closed sales were up 2%, with the average sales price increasing to $300,142 – a 4.7% jump. Days on the market increased from 22 to 27.


St. Tammany Parish reported 431 new listings in August compared to 427 in August 2021. Closed sales were at 352, a 12.2% jump. The average sales prices also increased to $331,211, a 9.9% jump. Days on the market rose from 20 to 32.


To view all parishes in this month’s NOMAR “Local Market Update,” visit

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