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.