u/ewbankpj

It's May!

Every month I pull the last 30 days of MLS rental data across Northshore cities to see what is actually happening on the ground.

This report covers single family rentals only across Covington, Mandeville, Madisonville, and Slidell.

Here is the latest snapshot.

Rental Market Snapshot | Single Family Rentals

City	Active	Closed (30d)	Absorption Rate	Median Rent	Median DOM
Covington	45	22	49%	$2,000	27 days
Mandeville	26	27	104%	$2,100	12 days
Madisonville	13	5	38%	$2,200	18 days
Slidell	70	25	36%	$1,875	25 days

154 active units across all four cities. 79 leased in the last 30 days.

Mandeville's absorption rate exceeds 100% this month. That means more units leased than are currently active, units are coming to market and leasing within the same 30 day window before the snapshot was taken. That is not a data error. That is a tight market.

Covington

• 49% absorption, nearly half of active inventory leased in 30 days
• Median closed rent $2,000 at 27 days DOM
• Healthy demand across a manageable active pool of 45 units
• Well priced units are not sitting long here

Mandeville

• 104% absorption, the tightest rental market on the North Shore this month
• Median closed rent $2,100 at 12 days DOM
• Units are leasing faster than new inventory can replace them
• If you are a tenant looking in Mandeville right now you need to be ready to move same day

Madisonville

• 5 closed sales, smaller market means smaller sample size
• Median closed rent $2,200, highest of any city in this report
• 18 days median DOM across a very small active pool of 13 units
• Small market, thin data, but demand appears present when units come available

Slidell

• Volume leader at 70 active units
• Most affordable entry point at $1,875 median closed rent
• 36% absorption and 25 days DOM, steady but not tight
• Tenants looking for affordability on the Northshore have the most options here

So...

The Northshore single family rental market is moving efficiently across all four cities this month. Every city is absorbing above 36%, meaningfully stronger than Orleans Parish which tracked at 25-32% across property types this month.

Mandeville is in a category of its own. 104% absorption and 12 days median DOM is not a balanced market, it is a landlord's market with essentially no vacancy window for well priced units.

Slidell remains the affordability anchor of the North Shore rental market. Covington sits in the middle, healthy demand, manageable inventory, consistent leasing pace.

What are you seeing out there, renting, leasing up, or watching the market from the sidelines?

Can you believe it's May already? I need a vacation…

Here are the rent numbers in Orleans Parish. The numbers have barely moved in twelve months.

May 2026 Rental Market Snapshot

Property Type	Active	Closed (30d)	Absorption Rate	Median Rent	Median DOM
Single Family	92	29	32%	$2,100	27 days
Doubles / Duplexes	656	188	29%	$1,600	30 days
Condos	197	28	14%	$1,825	34 days
3–4 Plex Units	429	107	25%	$1,525	47 days

Total active inventory: 1,374 units. Total leased past 30 days: 352 units.

Year Over Year — May 2025 vs May 2026

Property Type	May 2025 Rent	May 2026 Rent	Change	May 2025 DOM	May 2026 DOM	Change
Single Family	$2,100	$2,100	flat	26 days	27 days	flat
Doubles / Duplexes	$1,625	$1,600	-$25	27 days	30 days	+3 days
Condos	$1,785	$1,825	+$40	42 days	34 days	-8 days

Month Over Month — April 2026 vs May 2026

Property Type	April Rent	May Rent	Change	April DOM	May DOM	Change
Single Family	$2,275	$2,100	-$175	47 days	27 days	-20 days
Doubles / Duplexes	$1,600	$1,600	flat	47 days	30 days	-17 days
Condos	$2,000	$1,825	-$175	44 days	34 days	-10 days
3–4 Plex Units	$1,463	$1,525	+$62	49 days	47 days	-2 days

Single Family Rentals

• 32% absorption | units leasing faster than last month
• Median rent $2,100 | down from April's $2,275 but identical to May 2025

Doubles & Duplexes

• Largest segment at 656 active units and 188 leased in 30 days
• Median rent holding at $1,600 for the third consecutive month
• DOM tightened from 47 to 30 days
• $1,600 is proving to be a durable price floor in this segment

Condos

• Softest absorption rate in the report at 14%, one in seven active units leased this month
• Median rent $1,825, up $40 year over year and the only segment showing rent growth
• Higher inventory and lower absorption suggest landlords in this segment face the most competition

Triplex & Fourplex Units

• 25% absorption across 429 active units
• Median rent $1,525, up $62 from April
• 47 days median DOM, the longest of any category
• Steady underlying demand with 107 units leased in 30 days

What this means for you

Renters: Rents are flat to slightly down year over year across most categories. The urgency that defined this market in early 2026 has eased. If you want to negotiate a deal I would look at the condo market.

Landlords: Days on Market is tightening across every segment month over month, units are moving faster in May than they were in April. The landlords winning right now are priced at market from day one, not chasing it down after 30 days vacant.

Buyers: Single family rentals are leasing at $2,100 median with 27 days DOM, the tightest leasing timeline of any category. If you are underwriting a single family rental purchase, those are your comp numbers.

Sellers: Twelve months of flat rents across most segments means your buyer is underwriting conservatively. A clean rent roll with accurate vacancy history will do more for your price than any other factor.

Freret is one of the better comeback stories in post-Katrina New Orleans. For decades the corridor sat largely dormant. Then around 2009, Cure, the craft cocktail bar that would eventually land on North America's 50 Best Bars list, opened on Freret Street and proved the neighborhood could be a destination. The blocks between Jefferson and Napoleon followed: Company Burger, High Hat Café, Mint Modern Vietnamese, Mojo Coffee House.

Today it's a locally-owned, walkable corridor of restaurants, bars, and small businesses serving a residential neighborhood of shotgun houses, Creole cottages, and renovated doubles. Tulane is a few blocks away. The housing stock reflects the demand.

Single Family Sales

Active	Under Contract	Closed (90 days)
Count	4	3
Median price	$472,500	$659,000
Median $/sqft	$340	$310
Median DOM	53 days	42 days
Months of inventory	2 Seller's Market

Four active listings is a thin market, draw conclusions carefully here. What the data does show: six closings in 90 days and three under contract against only four available. The pipeline is active relative to supply. Median close of $540,000 with a 35-day median DOM suggests buyers are engaged and sellers who price correctly are not waiting long.

Multifamily

Active	Under Contract	Closed (90 days)
Count	10	0
Median price	$480,000	—
Median $/sqft	$193	—
Median DOM	63 days	—
Months of inventory	10 Buyer's Market

Ten active multifamily listings, zero under contract, three closings in 90 days, one per month. Small sample, but the direction is clear: Freret multifamily buyers have options and negotiating room. The spread between median active ($480,000) and median closed ($570,000) looks counterintuitive on a thin dataset; don't read too much into it.

Rentals

Active	Pending	Leased (90 days)
Count	20	4
Median rent	$1,848	$1,925
Median DOM	45 days	15 days

20 active, 20 leased in 90 days, roughly 7 units per month. Steady absorption but not aggressive. The gap between median active rent ($1,848) and median closed rent ($1,725) tells you renters are negotiating, landlords listing above market are sitting longer.

What it means

Buyers: Four single family homes available in the entire neighborhood. If you've been targeting Freret, inventory is not going to open up significantly, move when the right home comes available.

Sellers: Two months of single family inventory is firmly seller's market territory. Correctly priced homes are closing in just over a month.

Investors: Ten active multifamily listings, zero under contract. Buyers have leverage here. If you've been watching Freret doubles, now is the time to negotiate.

Renters: 20 active units with a 45-day median DOM. You have options and some negotiating room on price, median leased rent is running about $125 below median asking.

When you make an offer on a home in New Orleans, you're eventually going to hear the phrase "earnest money deposit." Here's what it actually is and how it works under Louisiana's purchase contract.

What is it?

It's a good-faith payment you make to show the seller you're serious. Think of it as a deposit that says "I intend to buy this home." It's not the down payment, it's a separate amount you put up when your offer is accepted. At closing, it gets applied toward your total costs.

How much is it?

There's no required amount. It's negotiated between buyer and seller. In New Orleans, 1–2% of the purchase price is typical. On a $300,000 home, that's roughly $3,000–$6,000.

Who holds the money?

Not the seller. The buyer chooses where it's held, with the listing brokerage, the buyer's brokerage, or a third party like a title company. Most New Orleans transactions use a title company as the neutral holder. The money sits there until closing or until the deal falls apart.

When do you have to pay it?

Within 72 hours of the seller accepting your offer. Miss that window and you're technically in default of the contract.

What happens to it if the deal falls through?

This depends entirely on why the deal fell through, and this is where Louisiana is actually more protective of buyers than most states.

You get your money back if:

• Your home inspection turns up problems and you formally back out in writing within the inspection window (typically 10–14 days, negotiated upfront)
• Your financing falls through and you made a genuine effort to get the loan
• The home appraises for less than the purchase price and the seller won't lower the price
• The seller can't deliver clean ownership of the property at closing

The catch: you have to act within the right timeframes and in writing. If the inspection window closes and you haven't submitted a written termination or repair request, the contract treats you as having accepted the home's condition. At that point your deposit is at risk if you walk.

What if you just change your mind?

If you back out of the deal without a valid reason covered by the contract, the seller can keep your deposit. It gets worse, under Louisiana's purchase agreement, the seller can also pursue additional damages equal to 10% of the sale price on top of keeping the deposit. Most buyers don't know that part.

One thing that surprises buyers at closing

Your deposit doesn't disappear, it gets applied to your costs at closing.
But you have to tell your lender how to apply it: toward closing costs, your down payment, or your loan principal. If you don't specify, some lenders default to applying it to principal. That can leave you short on cash at the closing table even though the money is technically accounted for. Confirm this with your lender and your closing attorney before closing day.

Every month I pull 30 days of small multifamily data across New Orleans. Here's what May is showing.

New Orleans: Doubles

	Active	Under Contract	Closed
Count	474	101	56
Median price	$327,000	$339,000	$349,000
Median $/sqft	$157	$165	$181
Median DOM	69 days	42 days	41 days
Months of inventory	8.5 (Buyer's Market)

101 homes under contract against 56 closed is the number worth sitting with. Buyers are active and disciplined. The gap between median active price ($327k) and median closed price ($349k) suggests the homes actually trading are the better-positioned ones. Overpriced inventory is still sitting.

New Orleans: Triplexes

	Active	Under Contract	Closed
Count	63	26	3
Median price	$480,000	$474,500	$400,500
Median $/sqft	$166	$169	$189
Median DOM	96 days	61 days	31 days
Months of inventory	21 (Buyer's Market)

With the 3 closed units we have a small sample size. The bigger story is days on market for the 63 active units.This is a buyer’s market and investors are being picky.

New Orleans: Fourplexes

	Active	Under Contract	Closed
Count	69	18	2
Median price	$515,000	$260,000	$297,500
Median $/sqft	$165	$68	$72
Median DOM	95 days	60 days	29 days
Months of inventory	34.5 (Buyer's Market)

Again small sample size. However, the spread between median active ($515k) and under contract ($260k) tells you exactly where buyers are drawing the line.

Neighborhood Spotlight: Doubles in Mid-City, Carrollton, and Gentilly

	Mid-City	Carrollton	Gentilly
Active count	37	15	14
Under contract count	7	5	3
Closed count	3	2	3
Median active price	$399,000	$459,000	$320,000
Median contract price	$344,000	$782,000	$237,500
Median closed price	$310,000	$347,500	$210,000
Median closed DOM	12 days	82 days	10 days
Months of inventory	12.3	7.5	4.7

Mid-City and Gentilly are closing fast, 12 and 10 days median DOM respectively, but at significant discounts to asking. In both neighborhoods the gap between active and closed median is $80k–$110k, which tells you sellers listing at market-rate singles pricing are getting corrected at the negotiating table.

Carrollton's market appears to continue to be dragged by the Tulane sophomore residency requirement. 

Gentilly at 4.7 months is the tightest of the three, technically approaching seller's market territory for doubles, unusual relative to the citywide picture.

What it means

Buyers: 8.5 months citywide gives you room, but it's not uniform. Gentilly doubles are moving fast at low prices, best entry point of the three. Mid-City offers faster closings but expects to negotiate hard. Carrollton is where patient buyers have the most leverage right now.

Sellers: The active-to-closed price gap in every neighborhood tells the same story, the market is correcting overpriced listings, not rewarding them. Condition and realistic pricing are the only path to a closing.

Investors: Gentilly's 4.7 MOI and sub-$250k median close price is the most interesting number in this report. Underwrite conservatively on vacancy given broader rental softness across the parish, but the acquisition side is more favorable here than anywhere else in the city right now.

Looks like rain this Mother's Day weekend, plan accoridningly!
If you're shopping around the $350K range in St. Tammany Parish, here's what's actually available: two in Covington, two in Slidell, and one more Covington home that has the most square footage in the group by a wide margin.

69272 3rd Ave, Covington 70433
$355,900 | 3 bed · 2 bath · 1,825 sqft

A 2018 French Country in excellent condition. Ten-foot coffered ceilings, gas fireplace, sealed concrete floors throughout, stone counters, walk-in pantry, paver patio, fully fenced backyard. Primary suite has an upgraded built-in closet and garden tub. Flood Zone X. No HOA. Septic.

1817 Justin Dr, Covington 70433
$349,000 | 4 bed · 2 bath · 2,239 sqft

Oak Alley subdivision. A 2015 build with 10-ft ceilings, gas fireplace, tankless water heater, jacuzzi tub, mosquito-protected gazebo, front and rear sprinklers, floored attic, fiber optic, and CCTV wired throughout. Seller states electric bill never exceeded $300. HOA $325/yr. Disclosure: owner is a licensed real estate agent in Louisiana.

321 Cypress Lakes Dr, Slidell 70461
$349,900 | 3 bed · 2 bath · 1,900 sqft

Oak Harbor Cypress Lakes: a gated community. One-owner home, recently painted inside and out, new bedroom flooring, new range, gas fireplace, two-car garage with extra space for golf cart storage. HOA $650/yr

75192 Crestview Hills Lp, Covington 70433
$345,000 | 4 bed · 2.5 bath · 2,670 sqft

The most square footage in this group at the lowest price: $129/sqft. A 2017 two-story in River Park Crossing with a two-car garage, covered oversized patio, screened porch, shed, game room, and office or formal dining. HOA $350/yr.

213 Summer Place Cv, Slidell 70461
$348,000 | 4 bed · 2 bath · 2,285 sqft

Autumn Lakes, cul-de-sac lot. A 2006 build refreshed in 2024: new carpet, tile, paint, and all new ductwork in December 2025. Plantation shutters throughout, granite counters, gas range, paver patio with natural gas grill hookup, large fenced backyard, neighborhood nature trail adjacent. Flood Zone C. HOA: $300/year.

Below are two estimated scenarios courtesy of Cameron Budzius at The Mortgage Firm.

Scenario #1 3% Down Conventional

Conventional Loan | 30 Year Fixed Rate Mortgage

Sales Price: $350,000

Loan Amount: $339,500

Interest Rate: 6.44%

Monthly Payment Breakdown:

P&I: $2,135.25

Homeowners Insurance: $233.00*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $141.46

Total Monthly Payment: $2,599.40

Cash to Close:

Down Payment: $10,500.00

Closing Costs: $7,500.00

Prepaids and Escrows: $6,000.00

Total Cash to Close: $24,000.00

Scenario #2 3.5% Down FHA

FHA Loan | 30 Year Fixed Rate Mortgage

Sales Price: $350,000

Loan Amount: $343,661

Interest Rate: 5.95%

Monthly Payment Breakdown:

P&I: $2,047.23

Homeowners Insurance: $233.00*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $157.47

Total Monthly Payment: $2,527.39

Cash to Close:

Down Payment: $12,250.00

Closing Costs: $7,500.00

Prepaids and Escrows: $6,000.00

Total Cash to Close: $25,750.00

*Homeowners insurance is estimated and will vary based on property, roof age, construction type, and carrier. Get a real quote before finalizing your numbers.

These are estimates. For exact figures, reach out to Cameron Budzius at The Mortgage Firm, and tell him Phil sent you 😉

If you're shopping around the $350K range, here's what's actually available in Orleans Parish right now, a 2021 new build in the Marigny, a Mid-City double, two Algiers Point homes, and a cute renovated single in Fontainebleau. Also, its Mother's Day this Sunday...!

1904 Frenchmen St, New Orleans 70116
$349,900 | 2 bed · 2 bath · 1,466 sqft New Marigny

A 2021 build, fully gated, two off-street parking spots, hardwood floors, GE Café appliances, quartz counters, marble primary bath, covered paver patio, spray foam insulation, tankless water heater. One thing to know: the solar panels are leased and the lease transfers to the buyer. Verify the terms before you make an offer. 

4812-14 Conti St, New Orleans 70119
$350,000 | 4 bed · 2 bath · 1,708 sqft · Double Mid-City

A 1925 Arts and Crafts double four blocks from City Park and three blocks from the Canal Street streetcar. Heart pine floors, 9-ft ceilings, original windows, decorative mantels. New roof 2021, new gutters 2024, new electrical 2012, new AC on both sides 2024. Each unit has its own washer/dryer and separate fenced backyard. Total current rent is $1,300/month.

915 Opelousas St, New Orleans 70114
$345,000 | 2 bed · 2 bath · 1,892 sqft Algiers Point

The most square footage in this group at the lowest price. A 1915 Creole Cottage with a 2015 renovation: hardwood floors, soaring ceilings, loft flex space, clawfoot tub, covered rear patio, one parking spot. Quick access to downtown via the Crescent City Connection. 

532 Elmira Ave, New Orleans 70114
$350,000 | 2 bed · 2 bath · 1,300 sqft Algiers Point

A 1926 raised cottage with a full 2025 restoration. Hardwood floors, updated baths, fireplace, detached garage and workshop, large fenced backyard. Three blocks from the Mississippi River. Flood Zone X.

7021 Fig St, New Orleans 70118
$345,000 | 2 bed · 2 bath · 1,273 sqft Fontainebleau

A renovated 1945 cottage with a slate roof, hardwood floors throughout, updated baths, sprawling backyard, and one parking spot. Steps from Carrollton Avenue, Ye Olde College Inn, and Rock 'n Bowl. The floor plan has a flex room that could work as a third bedroom.

Below are two scenarios courtesy of Cameron Budzius at The Mortgage Firm.

Scenario #1  3% Down Conventional

Conventional Loan | 30 Year Fixed Rate Mortgage

Sales Price: $350,000

Loan Amount: $339,500

Interest Rate: 6.44%

Monthly Payment Breakdown:

P&I: $2,135.25

Homeowners Insurance: $233.00*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $141.46

Total Monthly Payment: $2,599.40

Cash to Close:

Down Payment: $10,500.00

Closing Costs: $7,500.00

Prepaids and Escrows: $6,000.00

Total Cash to Close: $24,000.00

Scenario #2  3.5% Down FHA

FHA Loan | 30 Year Fixed Rate Mortgage

Sales Price: $350,000

Loan Amount: $343,661

Interest Rate: 5.95%

Monthly Payment Breakdown:

P&I: $2,047.23

Homeowners Insurance: $233.00*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $157.47

Total Monthly Payment: $2,527.39

Cash to Close:

Down Payment: $12,250.00

Closing Costs: $7,500.00

Prepaids and Escrows: $6,000.00

Total Cash to Close: $25,750.00

*Homeowners insurance is estimated and will vary based on property, roof age, construction type, and carrier. Get a real quote before finalizing your numbers.

These are estimates. For exact figures, reach out to Cameron Budzius at The Mortgage Firm and tell him Phil sent you 😉

Starting November 2nd, Fannie Mae and Freddie Mac are requiring a new digital appraisal system. I sat in on a roundtable discussion about it last week with local appraisers and agents. Here's what's actually changing.

What's different:

Appraisers currently spend 10-15 minutes inside a home. Under the new system they'll need at least an hour. There are 100+ additional data fields they're now required to collect, things like ceiling height in every room, detailed condition ratings, and more granular property data.

What it means for your contract:

The practical advice coming out of that roundtable: order your appraisal immediately after inspection. Don't wait. Two to three days after inspection contingency is removed should be the target.

What it means for cost:

Appraisers set their own prices competitively, so nothing is official yet. But an inspection that now takes 4-6x longer is almost certainly going to cost more than the current ~$500 average.

One more thing:

About 30% of appraisers are expected to leave the business because of this transition. Fewer appraisers plus longer appointments means scheduling is going to get tighter. Another reason to order early.

If you're under contract or planning to be before the end of the year, talk to your lender now about timeline expectations.

Happy to answer questions below.

Every month I pull the last 30 days of MLS sales data for St. Tammany Parish single family homes.

Five cities. Five different markets.

May 2026 City Snapshot

City	Active	Closed (30d)	Median Sold Price	Median $/sqft	Median DOM	Months of Inventory
Covington	354	88	$310,274	$175	37 days	4.0
Mandeville	165	49	$462,000	$192	10 days	3.4
Slidell	551	99	$233,500	$138	42 days	5.6
Madisonville	121	27	$425,000	$185	58 days	4.5
Abita Springs	40	7	$337,000	$186	21 days	5.7

Abita Springs closed sales are thin at 7 transactions. Treat those figures as directional.

Covington

• 4.0 months of inventory, balanced to seller-leaning market
• Median sold price $310,274 at $175/sqft
• 37 days median DOM
• The largest market in this report by active listings at 354
• Homes priced correctly are moving in just over a month

Mandeville

• 3.4 months of inventory, the tightest market in this report
• Median sold price $462,000 at $192/sqft — highest price point in the report
• 10 days median DOM, the fastest moving market by a wide margin
• 49 closed sales in 30 days against 165 active listings
• Buyers are competing for Mandeville homes at a premium price point

Slidell

• Highest volume in this report at 99 closed sales in 30 days
• Most affordable entry point at $233,500 median and $138/sqft
• 5.6 months of inventory, the softest market in the report alongside Abita Springs
• 42 days median DOM
• Buyers looking for affordability on the North Shore are landing here

Madisonville

• 4.5 months of inventory, seller's market
• Median sold price $425,000 at $185/sqft
• 58 days median DOM, the longest of any city in this report
• Similar price point to Mandeville but taking nearly six times as long to sell
• Well-priced homes are moving but sellers here need more patience than elsewhere

Abita Springs

• Median sold price $337,000 at $186/sqft
• 21 days median DOM across a small sample
• 5.7 months of inventory
• Worth watching as volume builds month to month

So...

Mandeville is the standout this month. 10 days median DOM at $462,000 is not a soft market, it is a competitive one. Buyers there are moving fast and paying a premium to do it.

Slidell is absorbing the most volume but carrying the most inventory. Madisonville has the price point of a premium market but the DOM of a slow one.

St. Tammany Parish is not one market. Knowing which city you are buying or selling in matters more than any parish-wide headline.

Every Wednesday our brokerage runs a friendly competition. Agents submit what they think is the best deal currently on the MLS, we compare notes, and vote on a winner. Here's what stood out this week across price points and strategies.

🏘 4635 Allen St, New Orleans, LA 70122 | $279,000

4-plex · Orleans Parish · 4 units · 6bd total · 3,707 sqft · Built 1965 · Corner lot · Brick veneer · Roof replaced within 5 years · 2 units currently rented · $1,600/month current income · Main unit vacant (3bd/2.5ba)

Agent's take: The two rented units alone nearly cover a 5% down mortgage (~$2,400/month). Once the main unit is occupied at market rent, this flips cash flow positive. Entry-level multifamily with an owner-occupant path for someone who wants their tenants paying most of the note.

🏡 3740 Rue Nichole, New Orleans, LA 70131 | $234,000

Single family · Orleans Parish · Bocage · 4bd/2ba · 2,376 sqft · Built 1977 · Corner lot · Two-car garage · Fenced courtyard · X flood zone · As-is condition · Owner will not make repairs

Agent's take: Comparable homes in Bocage are selling around $348,000. At $234,000 you're potentially buying $114,000 below market value right out of the gate. Priced to reflect condition — this is a flip or value-add play for a buyer who can see past the cosmetics.

🏢 321-325 S Bengal Rd, River Ridge, LA 70123 | $1,350,000

16 units · Jefferson Parish · River Ridge · 26 beds · 16 baths · 6,429 sqft · Built 1980 · Cinder block and siding · Metal roof · 15/16 units occupied · $16,217/month current gross rent · $250,000+ in renovations completed past year · All voucher tenants · Agent/Owner listing

Agent's take: The listing calls it a 9-cap on actuals. My numbers land closer to 8, which is still strong for this submarket. The real upside is the voucher structure, all 10 two-bedroom units are currently on 1-bedroom vouchers. Converting to 2-bedroom vouchers is a clear, documented path to push gross rent past $18,000/month without touching a single unit.

🏠 2933 Pine St, New Orleans, LA 70125 | $615,000

4-plex · Orleans Parish · Fontainebleau · 8bd/6ba · 3,908 sqft · Built 1970 · Across from Dominican High School · All 4 units rented · $5,500/month gross rent · Central HVAC · Hardwood floors · 500+ days on market · FHA assumable at 3.5% · Seller financing available · Agent/Owner listing

Agent's take: The financing is the story here. Assuming an existing 3.5% FHA loan or going bond for deed are both on the table, either path dramatically changes the monthly debt service compared to today's rates. 500+ days on market should mean the seller is motivated and there's room to negotiate below ask.

Every investor reads these differently. Someone in a 1031 exchange looks at Bengal differently than a first-time buyer eyeing Allen with house-hacking in mind.

What would you pick, and would you live in it, rent it, or flip it?

Mandeville is the Northshore city that Orleans Parish buyers think about first. The lakefront, the trail system, the schools, the square footage you get for the price, it checks boxes that are hard to check on the south shore at the same budget. The market data reflects the demand.

Single Family Sales

	Active	Under Contract	Closed (90 days)
Count	202	85	169
Median price	$399,950	$430,000	$400,000
Median $/sqft	$187	$191	$179
Median DOM	40 days	21 days	29 days
Months of inventory	1.2 — Deep Seller's Market

202 active listings sounds like a lot until you look at the velocity: 169 closings in 90 days and 85 currently under contract. This market is moving. Median DOM of 29 days on closings and 21 days to contract tells you correctly priced homes are not sitting. The gap between median active ($399,950) and median closed ($400,000) is essentially zero, which means sellers are pricing accurately and buyers are meeting them there.

At the median closed price of $400,000 with 5% down, you're looking at roughly $2,499/month (P&I, taxes, insurance, PMI) and approximately $32,000 cash to close at today's rate of 6.38%.

Multifamily

	Active	Under Contract	Closed (90 days)
Count	5	1	2
Median price	$384,000	$450,000	$435,000
Median $/sqft	$176	$356	$172
Median DOM	15 days	54 days	192 days
Months of inventory	2.5 — Seller's Market

Mandeville is not a multifamily market, this data reflects that. Five active duplexes, two closings in 90 days. The sample is too small to draw strong conclusions on price trends. What it does tell you: inventory is scarce and when duplexes do come available they're priced in the $370K–$520K range.

Rentals

	Active	Pending	Leased (90 days)
Count	106	14	105
Median rent	$2,137	$1,800	$1,800
Median DOM	62 days	12 days	35 days

Note: the active rental pool includes a small number of commercial listings which skew the median active rent slightly higher. The closed median of $1,800 is the cleaner signal. 105 units leased in 90 days against 106 active is essentially 1:1 absorption, this rental market is tight. Units are moving consistently and renters aren't negotiating much off asking, with median closed rent matching median pending rent exactly.

What it means

Buyers: 1.2 months of inventory is about as seller-favored as it gets. If you're shopping in Mandeville, have your financing ready and move fast — 21-day median time to contract leaves little room to hesitate.

Sellers: Median list and median close are nearly identical. The market is telling you what your home is worth, price it right and it sells in under a month.

Investors: Duplex inventory is almost nonexistent. Five active listings in the entire city. If multifamily is your target on the North Shore, you're competing for very limited supply.

Renters: 106 active units but 105 leased in the last 90 days. Good units are getting leased. The 62-day median active DOM means options exist, but don't sleep on the ones that check your boxes.

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Most New Orleans neighborhoods have a mix of housing types. Mid-City is different, it was built as a multifamily neighborhood and it stayed that way. The double is the dominant housing form here, which shapes who buys, who rents, and how the market behaves.

Understanding this shapes everything about how you read the data below.

Mid City Single Family Sales

	Active	Under Contract	Closed (90 days)
Count	19	13	1
Median price	$499,000	$374,000	$609,000
Median $/sqft	$216	$266	$272
Median DOM	55 days	28 days	15 days
Months of inventory	— see note —

The data feels misleading on this one. There was only one single-family home closed in the last 90 days. I don't think its because demand is weak, but because there are only 19 for sale in the entire neighborhood. Mid-City simply doesn't have much single-family inventory to move. The more telling signal is the under-contract pipeline: 13 homes pending. When single-family homes come available here and are priced correctly, they move.

At the median active list price of $499,000 with 5% down, you're looking at roughly $3,552/month (P&I, taxes, insurance, PMI) and approximately $39,920 cash to close at today's rate of 6.38%.

Multifamily

	Active	Under Contract	Closed (90 days)
Count	35	9	13
Median price	$399,000	$356,000	$335,000
Median $/sqft	$171	$176	$181
Median DOM	56 days	40 days	13 days
Months of inventory	2.7 — Seller's Market

This is where Mid-City's real market story lives. 35 active multifamily listings, 13 closed in 90 days, and a median DOM of just 13 days on closings. Well-priced duplexes are not sitting. The spread between median active ($399K) and median closed ($335K) tells you sellers are still testing the ceiling and buyers are finding value below it.

For investors: at the median closed price of $335,000 with 20% down, you're looking at roughly $2,199/month (P&I, taxes, insurance, no PMI) and approximately $77,050 cash to close.

Rentals

	Active	Pending	Leased (90 days)
Count	62	9	71
Median rent	$1,550	$1,550	$1,550
Median DOM	56 days	40	50 days

Tight rental market. 71 units leased in 90 days against 62 currently active. Median rent holding steady at $1,550 with the list price and close price are identical, meaning renters aren't negotiating much off asking. Units in good condition at market rate are getting absorbed consistently.

What it means

Buyers: 19 single-family homes available in the entire neighborhood. If you've been waiting for more options, they're not coming fast. The under-contract count says other buyers have already figured this out.

Sellers: Multifamily at 2.7 months inventory is firmly seller's territory. Correctly priced duplexes are closing in under two weeks. If you have a duplex in Mid City, there are buyers looking right now.

Investors: Mid-City is one of the most active duplex markets in the city. 13 closings in 90 days with a 13-day median DOM. The inventory is there, the demand is there.

Renters: Median DOM of 56 days active means options exist, but the 71 closings in 90 days tells you good units don't sit long. Move on the ones that check your boxes.

Is there a neighborhood you'd like me to cover next?

Last night I ran a days-on-market analysis for Orleans Parish broken out by price tier. I was curious how the North Shore stacks up.

I pulled the same data for St. Tammany Parish, single family only, no condos, active listings as of today and closed sales over the last 90 days.

Here's what the numbers look like:

Price Tier	Active Listings	Median DOM (Active)	Closed (90 days)	Median DOM (Closed)
Under $200K	183	60 days	132	48 days
$200K–$350K	515	46 days	397	53 days
$350K–$500K	299	54 days	172	38 days
$500K–$750K	208	48 days	111	44 days
$750K–$1M	85	54 days	32	48 days
$1M–$1.5M	41	50 days	17	79 days
$1.5M+	47	109 days	8	58 days

The North Shore is not the same market as New Orleans, even when the price tags match.

The $200K–$350K tier is the engine here. 515 active listings and 397 closed in 90 days. That's the highest volume tier on the North Shore by a significant margin, and buyers in that range are moving at 53 days to close. Compare that to Orleans Parish where the same tier had 440 active listings but only 128 closings at 57 days. Entry-level buyers are more active and finding more options on the North Shore.

The $350K–$500K range is the cleanest tier in the dataset, 38 days closed DOM, 172 closings. That number is nearly identical to what Orleans showed at the same price point. Move-up buyers are decisive on both sides of the lake.

Above $750K is where the two markets diverge sharply.

In Orleans Parish, homes between $1M and $1.5M closed at a median of 9 days. The $1.5M+ tier closed at 11 days. Luxury in New Orleans moves fast when it's priced right.

On the North Shore, $1M–$1.5M closed at 79 days on only 17 transactions. The $1.5M+ tier had just 8 closings in 90 days at 58 days median DOM. The luxury market here is a different animal: smaller buyer pool, longer decision cycles, thinner volume.

The practical takeaway: if you're buying or selling between $200K and $500K, the North Shore is an active, competitive market right now.

If you're above $1M, New Orleans is moving significantly faster. Knowing which market fits your price point matters more than picking a side of the lake.

Agents I work with have been saying this for a while: "If you have a listing priced at $1M or above, it feels like it moves fast. Meanwhile something in the $200Ks can sit for what feels like forever."

I wanted to check the data instead of just taking that at face value. So I pulled Orleans Parish single family, no condos, no doubles, broken into price tiers. Active listings as of today and closed sales over the last 90 days.

Here's what the median days on market looks like at each price point:

Price Tier	Active Listings	Median DOM (Active)	Closed (90 days)	Median DOM (Closed)
Under $200K	330	79 days	115	62 days
$200K–$350K	440	62 days	128	57 days
$350K–$500K	218	46 days	92	45 days
$500K–$750K	179	64 days	90	30 days
$750K–$1M	84	48 days	50	33 days
$1M–$1.5M	49	85 days	29	9 days
$1.5M+	48	79 days	29	11 days

Honestly I was expecting a 'K-shaped' result, expensive homes moving quickly, lower-priced homes sitting.

What the data actually shows is closer to a 'checkmark'. The real drag is in the $200K–$350K range, which has the most active inventory in the city at 440 listings and the slowest mid-market movement. Under $200K sits even longer on active DOM at 79 days, not because demand is absent, but likely because financing is harder and seller pricing expectations often don't match condition realities.

Then the market tightens through the $350K–$500K range, which has the most consistent numbers in the dataset, 46 days active, 45 days closed. Buyers in that tier are decisive.

The number that genuinely surprised me: homes between $1M and $1.5M are closing at a median of 9 days. The $1.5M+ tier closes at 11. Both tiers had 29 closings in 90 days against very thin active inventory.

One caveat worth noting on the $1M–$1.5M tier: active median DOM is 85 days, but closed is 9. That gap tells you the overpriced listings are sitting while the well-priced ones are gone almost immediately. Pricing discipline matters at every level, it just shows up more dramatically at the top.

If you're a buyer in the $350K–$500K range, you're operating in the most balanced part of this market.

If you're a seller above $1M, the data suggests your window is narrow once you're priced right.

If you're trying to move something under $350K, pricing accuracy is key. Make sure you are familiar with your competing listings and pricing accordingly.

If you're shopping around the $250K range in St. Tammany Parish, here's what that budget actually buys right now, two Slidell homes, two in Mandeville, and one in Covington, all in excellent or new condition.

1764 Mary Dr, Slidell 70458
$250,000 | 3 bed · 2 bath · 1,465 sqft Pine Shadows

This is a 2021 build in Pine Shadows close to Fremaux Town Center and easy interstate access. Open floor plan, granite throughout, stainless appliances, no carpet and plantation shutters in the front bedroom and living room, and a wood fireplace. Concrete patio out back. At the lowest price in this group with 41 days on market, the seller has had time to consider their options. No HOA.

3265 Tide Wind Dr, Slidell 70461
$254,900 | 3 bed · 2 bath · 1,549 sqft Lakeshore Villages (New Construction)

A brand new 2026 build in Lakeshore Villages. The 'Evergreen' floor plan offers an open-concept layout, shaker-style cabinetry, two-car garage, and a covered concrete patio. Community pool on site and elevation certificate available. Two things to know going in: this is in-progress construction, so final finishes and colors are subject to change. Alao there is a HOA though the dues amount not published in the MLS.

66104 Cypress St, Mandeville 70471
$259,000 | 3 bed · 2 bath · 1,378 sqft Pine View Heights

A 2016 build in excellent condition off Hwy 1088 near I-12 in the Mandeville school district. Nine to twelve foot ceilings, no carpet, stone counters, stainless appliances, wood fireplace, and a whole-home water filtration system. Large fenced backyard with a covered patio and a shed with electricity. Well and septic, standard for this area, worth knowing if you're coming from the city. Flood Zone C, so no flood insurance required. There is no HOA.

1028 E Creek Ct, Covington 70433
$259,000 | 3 bed · 2 bath · 1,564 sqft Pruden Creek

A 2017 build in Pruden Creek with the most square footage in this group. Two-car garage, oversized lot, excellent condition, open layout. Seller is offering $5,000 toward closing costs with a full price offer, worth factoring into your cash to close number below. HOA is not not published in MLS. 30 Days on market.

755 Labarre St, Mandeville 70448
$260,000 | 3 bed · 2 bath · 1,532 sqft

A 2002 traditional in Mandeville with a 4.5-year-old roof, wood and gas fireplace, granite counters, gas range, split floor plan, and a primary suite with garden tub and separate shower. Large covered oversized patio, fenced backyard, and a storage shed. Energy efficient double-insulated windows throughout. Flood Zone C, so no flood insurance required. Qualifies for 100% financing if you're working with limited cash to close, that's worth a conversation with your lender. No HOA. 35 DOM.

Below are two scenarios based on past estimates from Cameron Budzius at The Mortgage Krewe.

(Note: Two listings in the group above, Tide Wind Dr and E Creek Ct, have HOAs with amounts not published in MLS. Verify those figures before finalizing your payment estimate.)

Insurance: these are estimates based on best-case / newer home estimates.

Scenario #1:

3% Down Payment
Conventional Loan 30 Year Fixed Rate Mortgage $255,000
Sales Price $247,350
Loan Amount Interest Rate: 6.33%

Monthly Payment Breakdown: P&I Payment: $1,537.39
Homeowners Insurance: $167.00
Property Taxes (with Homestead Exemption): $89.69
Mortgage Insurance: $103.06

Total Monthly Payment: $1,897.14

Cash to Close Breakdown:
Closing Costs: $6,500.00
Prepaids and Escrows: $5,000.00
Down Payment: $7,650.00

Total Cash to Close: $19,150.00

Scenario #2:

3.5% Down Payment
FHA Loan 30 Year Fixed Rate Mortgage $255,000
Sales Price $250,378
Loan Amount Interest Rate: 6.10%

Monthly Payment Breakdown:
P&I Payment: $1,519.69
Homeowners Insurance: $167.00
Property Taxes (with Homestead Exemption): $89.69
Mortgage Insurance: $114.76

Total Monthly Payment: $1,891.14

Cash to Close Breakdown:
Closing Costs: $6,500.00
Prepaids and Escrows: $5,000.00
Down Payment: $8,925.00

Total Cash to Close: $20,425.00

These are estimates. For exact figures, reach out to Cameron Budzius at The Mortgage Krewe, and tell him Phil sent you 😉