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 https://gsrein-public.stats.showingtime.com/reports.