u/ewbankpj

Boo!

Happy October everyone!

The skeleton house is in full force, its feeling marginally cooler outside, and the Saints are losing on Primetime. It must be fall!

So what is going on with our market?

In summary: Orleans Parish moved into buyer's market territory. The median sale price fell $66,000 in a month, but that's mostly a change in which homes sold, not necessarily homes losing value.

I pulled last month's single family sales data for Orleans Parish and broke it down by price tier.

Quick Months of Inventory (MOI) Guide:

• Under 6 months = seller's market.
• 6–7 months = balanced.
• Above 7 months = buyer's market.

DOM = Days on Market until a house goes under contract.

The Full Market

Active	1,225 homes
Closed (30 days)	151 homes
Median closed price	$299,000
Median $/sqft	$174
Median DOM	42 days
MOI	8.1 months

8.1 months of inventory puts the overall market in a clear buyer's territory. But that number averages together all of our diverse neighborhood markets.

90-Day Trend

July	August	September
Active	1,252	1,198
Closed (30d)	169	187
Median Price	$365,000	$365,000
Median $/sqft	$217	$207
Median DOM	32 days	48 days
MOI	7.4	6.4

Here's why the median is showing a drop. Half of September's closings (76 of 151) were under $300K, up from 36% the month before. Closings over $1M fell from 24 to 11. Fewer expensive homes sold, so the median slid. Inside the $300K to $500K tier, the median price actually went up check out below.

Breakdown by Price Tier

Tier	Active	Closed	MOI	Median Close	$/sqft	Median DOM
Under $300K	636	76	8.4	$162,750	$119	50 days
$300K–$500K	305	32	9.5	$372,750	$189	20 days
$500K–$800K	179	21	8.5	$590,000	$292	46 days
$800K–$1M	37	11	3.4	$850,000	$253	102 days
$1M+	68	11	6.2	$1,400,000	$412	7 days

Note on the top two tiers: 11 closings each is a thin sample size. Three fewer closings in $800K–$1M would push MOI from 3.4 to 4.6. So as usual with these reports, take it with a grain of salt.

What the tiers are actually telling us

• Entry level is the only tier that got busier. Closings rose from 67 to 76 and DOM dropped from 71 days to 50. MOI is still 8.4, so buyers have leverage, but sellers priced right are getting there faster.
• The middle went soft. $300K–$500K jumped from 6.6 to 9.5 months of inventory as closings fell from 47 to 32. Yet the homes that did sell went in 20 days. That's a market split in two: priced right sells in three weeks, and everything else sits.
• $500K–$800K cooled the most. MOI went from 5.1 to 8.5 and closings nearly halved.
• Luxury slowed but didn't stall. $1M+ closings fell from 24 to 11, but the ones that sold went in a median of 7 days at $412 a foot.

So how does this compare from last year?

Same Month, One Year Later

October 2025	October 2026
Closed (30d)	188
Median Price	$302,000
Median DOM	49 days

Prices are flat year over year but the volume is not showing that 20% fewer homes closed than last October. And this makes sense, right? Interest rates were going up last month which is going to slow buyer activity. I expect November's and December's numbers to really show a reaction those rates.

Let's break it down by neighborhood.

Neighborhood Spotlights

Neighborhood	Active	Closed	Median Close	$/sqft	Median DOM	Market
Uptown	54	19	$800,000	$355	23 days	Seller's (2.8 MOI)
Algiers*	144	24	$172,500	$115	35 days	Balanced (6.0 MOI)
Gentilly	110	17	$235,000	$171	50 days	Balanced (6.5 MOI)
New Orleans East	153	16	$136,500	$83	43 days	Buyer's (9.6 MOI)
Algiers Point	37	4	$507,450	$220	116 days	Too few sales
Lakeview	29	4	$582,000	$260	16 days	Too few sales
Carrollton	21	4	$550,000	$291	42 days	Too few sales
Irish Channel	22	2	$765,000	$340	44 days	Too few sales
Bywater	22	2	$702,500	$351	53 days	Too few sales
Mid-City	24	1	$500,000	$198	219 days	Too few sales

*Algiers excludes Algiers Point, English Turn and Arbor Estates.

Months of inventory is only shown for neighborhoods with 10 or more closings. Anything under 20 is showing the direction of but isn't really revealing a trend.

• Uptown is the tightest market in the city. 2.8 months of inventory, homes closing in 23 days, and another 25 pending. While the city tipped toward buyers, Uptown is a seller's market.
• New Orleans East is where buyers have the most leverage. 153 homes on the market against 16 sales is 9.6 months of inventory. The median close was $136,500 at $83 a foot. The East is a big area with very different pockets inside it, so treat this as the overall read.
• Algiers sits right in the middle at 6.0 months, and it had the most sales of any neighborhood here. Homes closed in a median of 35 days at $172,500. Across the river from Uptown, the same budget goes a lot further.
• Gentilly is balanced at 6.5 months with 110 homes on the market. Correction from last month: I listed Gentilly at under 12 active. The real number is about 110.

The rest had 4 or fewer closings, so again its too few to read a trend. Algiers Point is one to watch: its active listings have been sitting a median of 134 days.

So how does this compare with our pals in Metairie?

Metairie Comparison

Active	424
Closed (30 days)	72
Median closed price	$311,750
Median $/sqft	$178
Median DOM	26 days
MOI	5.9 months

Metairie is still a balanced market while Orleans tipped toward buyers.

The gap is widest at the entry level. Under $300K, Metairie sits at 4.7 months of inventory against 8.4 in Orleans, with a median close of $251,300 versus $162,750. What's interesting is that Metairie's median is down from $345,000 a year ago.

What price tier are you buying or selling in right now?

🏠🏠🏠🏠🏠🏠🏠🏠
Philip Ewbank,
Realtor Keller Williams Realty New Orleans
8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

Rates just crossed 7.5%, and seller financing is getting talked about as a popular workaround. There are 54 single-family homes in Orleans Parish that are offering it right now.

I pulled every active single-family listing in Orleans Parish from the MLS as of September 29, then pulled the ones advertising owner financing.

Seller financed

Active listings	54
Share of all active SFH	4.4%
Median list price	$294,500
Median list $/sqft	$190.48
Median DOM	117 days

All active single-family

Active listings	1,231
Median list price	$299,000
Median list $/sqft	$174.21
Median DOM	78 days

While both sets of homes are at the same price point, homes advertising Seller Financing are about 9% more expensive per square foot. Plus they have 39 more days on the market. My takeaway is that sellers would rather advertise they are offering Owner Financing than lower the price.

Seller financing works. It also shifts risk onto both sides of the table in ways most people do not think through until they are in it.

Sellers

If you are the seller, you are now the bank.

• You need to underwrite your buyer. Bank statements, tax returns, a credit check. Most sellers and a lot of agents skip this.
• Use a closing attorney who does owner financed deals regularly. The note language matters. 
  • You can set the rules for all the terms: amortization schedule, interest rate, balloon payment, pre-payment penalty, missed payment penalties. This stuff is important.
• Your buyer is now responsible for paying taxes and insurance on a property you still have money in. Set up a third party escrow to collect and pay both. If a payment gets missed and nobody catches it, your collateral is at risk.
• If you still have a mortgage on the property, call your lender before you list this way. Your loan may not allow it.
• Your equity is locked up until the balloon. A 3 year balloon usually means waiting 3 years for your money.
• If the buyer stops paying, you are the one starting the legal process, taking the property back, and paying for repairs.
• Talk to a CPA. Payments spread over time get taxed differently than a lump sum sale.

Buyers

If you are the buyer, the seller is doing you a favor, and the terms usually reflect that.

• Expect a sizable down payment.
• Expect the note to favor the seller. You can negotiate, but they hold the leverage.
• The balloon is the real risk. You are betting you can refinance in 3 to 5 years. If rates, your credit, or the appraisal do not cooperate, you could lose the house and everything you put in.
• Use an escrow company you choose to handle payments, taxes, and insurance. That gives you a record of every dollar.
• Remember this is just the financing side of a transaction, you still need to do your inspections, appraisal, etc. 
• Have your own attorney review the note before you sign.
• Ask whether the seller still has a mortgage on the property.
• Ask whether your payments will be reported to the credit bureaus. If they are not, that works against your refinance plan.

Seller financing can be a good tool though it’s not a shortcut. The paperwork has to be right on both sides.

Would a seller-financed deal make sense for you right now, or does the balloon risk take it off the table?

🏠🏠🏠🏠🏠🏠🏠🏠
Philip Ewbank,
Realtor Keller Williams Realty New Orleans
8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

Looks like we had a dip in rental rates this past month!

Single family still earns the most rent, but it dropped $200 in a month. Doubles are where the deals are, for renters and buyers.

I pull rental listings straight from the MLS every month. This covers active listings and units leased in the past 30 days across Orleans Parish.

September Snapshot

Property Type	Active	Leased (30d)	Absorption	Median Rent	Median DOM
Single Family	200	74	37%	$2,000	31 days
Double/Duplex	609	132	22%	$1,562	41 days
Condo	164	31	19%	$1,900	65 days
3-4 Plex	376	96	26%	$1,300	40 days

90-Day Rent Trend

Property Type	July	August	September
Single Family	$2,225	$2,200	$2,000
Double/Duplex	$1,600	$1,600	$1,562
Condo	$1,800	$1,800	$1,900
3-4 Plex	$1,500	$1,400	$1,300

Neighborhood Snapshot (all rental types)

Neighborhood	Active	Leased (30d)	Median Rent	Median $/sqft	Median DOM
Bywater	25	12	$1,650	$1.75	38 days
Carrollton	57	10	$1,775	$1.79	25 days
Mid-City	104	23	$1,575	$1.72	45 days
Lakeview	24	4	$1,898	$1.30	56 days

Important to note: Every neighborhood had fewer than 20 leases. When this happens we need to take the data with a grain of salt.

What It Means

Single family took the biggest hit. Median rent dropped $200 in a month, down to $2,000. Houses are still the priciest rentals in town and the fastest to lease, but condos are only $100 behind now.

Doubles are where it gets interesting. If you're renting, $1,562 gets you a typical 2-bed at about 975 sq ft. Nothing else in the multi-unit market gives you more space for the money. And with doubles sitting 41 days, there's room to negotiate.

If you're buying, it's the same story from the other side. Our multifamily sales report last month showed 31 months of inventory. That's a buyer's market by a wide margin. Double rents held at $1,600 for five straight months before this dip, so I read September as seasonal, not a trend.

Condos are the head-scratcher. Rents went up $100 while everything else came down. But they're taking 65 days to lease, and fewer than 1 in 5 has found a tenant. My guess is landlords are priced for August and the September renter isn't biting. I'd expect that number to come back down.

If your rental has been sitting since August, how does your asking rent stack up against these numbers?

🏠🏠🏠🏠🏠🏠🏠🏠
Philip Ewbank,
Realtor Keller Williams Realty New Orleans
8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

Its a straight up buyer's market. Saved ya some time!

In actuality, something interesting from the data: Condos that closed in September took 41 days to find a buyer while in August it took 63. There are still 11.8 months of inventory. Faster sales and a glut do not usually show up together. I think its likely seasonality showing its head as our Fall Market begins.

Let's get into it!

I pulled Orleans Parish condos from the MLS. Closed sales use a 30-day window ending September 20. 

Quick definitions for anyone new: 

• DOM is days on market, the time from listing to an accepted offer. 
• MOI is months of inventory, how long today's listings would take to sell at the current closing pace. Under 6 months favors sellers. Over 6 favors buyers. 
• Pending means an offer is accepted and the sale has not closed. I use medians, the middle number, so a few big sales do not skew the data.

The last four months:

	June	July	August	September	Aug to Sept
Active	548	471	444	449	+1.1%
Pending / Under Contract	56	57	43	44	+2.3%
Closed (30 days)	39	45	35	34	-2.9%
Median close price	$350,000	$327,500	$282,000	$318,000	+12.8%
Median close $/sqft	$357.00	$348.08	$325.47	$359.54	+10.5%
Median close DOM	46 days	64 days	63 days	41 days	-34.9%

Condos that sold took 41 days, down from 63 in August, while the ones still listed have sat 116 days. Closed price is up 12.8%, but that is a different mix of sales, I wouldn't call that appreciation. MOI is 11.8 months making it a clear buyer's market for condos.

Against a year ago:

	August 2025	September 2026	Change
Active	472	449	-4.9%
Pending / Under Contract	39	44	+12.8%
Closed (30 days)	33	34	+3.0%
Median list price	$335,000	$340,000	+1.5%
Median list $/sqft	$385.92	$387.40	+0.4%
Median active DOM	93 days	116 days	+24.7%
Median close price	$274,000	$318,000	+16.1%
Median close $/sqft	$316.25	$359.54	+13.7%
Median close DOM	51 days	41 days	-19.6%
MOI (one-month closings)	14.3 months	13.2 months	-1.1 months

(Note: I don't have September 2025 numbers so I'm using August 2025)

From these numbers it looks at though the condo improved but its important to remember that inflation ran 3.4 percent for the 12 months, so asking prices lost ground in real terms.

Let's go hyperlocal:

French Quarter

Active	118
Pending / Under Contract	11
Closed (30 days)	6
Median list price	$387,000
Median list $/sqft	$489.47
Median active DOM	128 days
Median close price	$795,000
Median close $/sqft	$530.00
Median close DOM	75 days

The six sales ran from $180,000 to $2,800,000, so that $795,000 median does not tell you much. The Fannie Mae investor-ownership change I flagged in August still has not shown up in the numbers.

CBD/Warehouse

Active	96
Pending / Under Contract	7
Closed (30 days)	10
Median list price	$532,500
Median list $/sqft	$426.61
Median active DOM	125 days
Median close price	$370,000
Median close $/sqft	$425.74
Median close DOM	36 days

Ten closings, the most of any neighborhood. Pending fell by half to 7 from 14. The pipeline behind those closings is thinner.

Uptown/Garden District

Active	89
Pending / Under Contract	13
Closed (30 days)	9
Median list price	$349,000
Median list $/sqft	$336.92
Median active DOM	97 days
Median close price	$320,000
Median close $/sqft	$369.00
Median close DOM	7 days

Most pending of any neighborhood at 13. That 7-day median close DOM sits on a range of 1 to 474 days. A few fast sales set the tone.

St. Charles Corridor

Active	32
Pending / Under Contract	2
Closed (30 days)	3
Median list price	$201,000
Median list $/sqft	$314.94
Median active DOM	102 days
Median close price	$367,000
Median close $/sqft	$377.95
Median close DOM	2 days

Still the lowest asking price of the six neighborhoods. Visitors looking for a spot on the parade route have negotiation room.

Marigny/Bywater

Active	36
Pending / Under Contract	3
Closed (30 days)	2
Median list price	$320,000
Median list $/sqft	$417.81
Median active DOM	156 days
Median close price	$305,000
Median close $/sqft	$331.11
Median close DOM	8 days

Two closings don't tell us much about the pace of these neighborhoods. Active units fell to 36 from 50 with only 2 closings and 3 pending. So most of that drop are listings coming off the market without selling.

Lakefront

Active	18
Pending / Under Contract	4
Closed (30 days)	1
Median list price	$335,000
Median list $/sqft	$234.95
Median active DOM	160 days
Median close price	$282,000
Median close $/sqft	$236.78
Median close DOM	98 days

One closing, so skip the price read. Pending is up to 4 from 1.

So the condos that sell are selling faster. The rest are sitting longer. Inventory is 449 deep, one in ten is under contract, and asking prices are flat against last year. Uptown and CBD/Warehouse are where the closings are. The French Quarter has 118 active against 6 closings.

Are you selling a condo that has sat past 100 days, or watching one?

Philip Ewbank | Realtor Keller Williams Realty New Orleans | 504.335.7481

Most buyer's agents don't know seller concession caps. The ones who do sometimes negotiate past them anyway. When that happens, the surplus doesn't go to the buyer. It goes back to the seller for free.

What is a seller concession?

A seller concession is when the seller agrees to pay a portion of the buyer's closing costs, or repair costs instead of the buyer covering those out of pocket. It's not a price reduction, it's a redirect of who pays what at closing.

Why Buyers Need Them:

Most buyers are already maxed out on their down payment. They scrape together 10–20% to hit the mortgage qualification, and they're tapped. Closing costs can run 2–5% of the purchase price. That's $6,000–$15,000 on a $300k home that they may not have sitting around. A seller concession fills that gap so the buyer can actually close.

Lenders directly state to their buyer clients and the buyer’s agent that in order for them to buy a house seller concessions must be negotiated into the deal.

Why Sellers Offer Them:

1. Early in the transaction to move the needle on price without cutting the asking price.

Seller is at $300k asking. Buyer offers $290k with no concessions. Seller counters: $299k with 3% seller concession. The seller effectively got closer to the list price and the buyer feels like they won. Everyone's happy, and the sale closes.

2. Late in the transaction to avoid repairs.

Inspections in New Orleans can find foundation cracks, roof issues, sewer line issues or HVAC challenges. All fairly normal. 

Repairing this is less than ideal for a home seller. Sellers do not normally have thousands of dollars to fix, they could be out of town, or just don't want to deal with contractors. Instead of a repair, they usually offer the buyer a closing cost concession. Buyer uses that savings to hire their own contractor post-closing and fix it their way. Seller avoids the repair obligation entirely.

3. Just to make the deal work
   In a soft market, a seller might need to offer concessions just to close a deal. The buyer can afford the house but not the closing costs. Seller has two choices: cut the price or offer concessions. Smart sellers run the math on net proceeds either way. Sometimes concessions hurt less than a price cut.

How much can I negotiate for?

Each loan type offers a unique max seller contribution. For conventional the number rises significantly based on the buyer’s down payment amount.

Loan Type	Property	Down Payment	Max Seller Contribution
Conventional	Primary/Secondary	Less than 10%	3%
		10–25%	6%
		More than 25%	9%
Conventional	Investment	15% or more	2%
FHA	Primary	3.5% or more	6%
VA	Primary (closing costs/points)	No down payment	Unlimited
VA	Primary (prepaids/payoff)	No down payment	4%
USDA	Primary	No down payment	6%

Here's Where It Gets Tricky (And Where Agents Mess Up):

Every loan type has a maximum seller concession allowed. Conventional 10% down? 3% cap. FHA? 6% cap. VA? Unlimited.

The problem: A lot of agents don't know these limits. Or they know them and negotiate past them anyway.

When a buyer's agent asks for $12,000 in seller concessions on a $300k home (4%), but the buyer's conventional loan with 10% down only allows 3% ($9,000), the extra $3,000 can't legally go to the buyer. It goes back to the seller at closing.

The seller suddenly gets an unexpected $3,000 credit.

The Real Move:

If concessions get negotiated past the limit, the buyer's agent needs to know this before closing and redirect the surplus. 

I represented a condo sale earlier this month where the buyer's agent negotiated 4% in seller concessions. His loan only allowed 3%. That extra 1% was dead money until we redirected it to HOA dues. The buyer's agent knew he had to use it or lose it.

Know your loan's concession cap before you negotiate. If your agent asks for more than allowed, that's a red flag. Either they don't know the limit or they're not checking it. Either way, ask them why.

 

Philip Ewbank,
Realtor Keller | Williams Realty New Orleans | 504.335.7481

Most of my clients chase New Orleans doubles. But when I pulled Metairie markets side by side with New Orleans, something became clear: same price, completely different dynamics.

They could be leaving money on the table by ignoring Metairie.

Below is a breakdown of where the small multifamily market stands right now, focusing on doubles in New Orleans and Metairie. This is based on 30 days of closed sales data and current active inventory.

New Orleans Doubles (Sales)

Sales

Active for sale	475 Doubles
Median price	$332,000
Monthly sales	46 Doubles
Days to sell (closed)	23 days
Months of inventory	31 Months

New Orleans Doubles (Rentals, 30 days)

Active	615
Closed	119
Median active rent	$1,600
Median rental price (closed)	$1,550
Median DOM (closed)	35 days

What this means: New Orleans has massive inventory in both channels. 475 homes for sale. 615 for rent. Buyers have all the leverage (31 months of inventory = severe glut). Landlords competing against 615 other active rentals for the same tenant pool. Homes that DO sell move fast (23 days), and rentals that DO lease take 35 days.

Getting listed doesn't guarantee movement. You're competing against hundreds of similar properties. Pricing accuracy and condition separate the movers from the stuck inventory.

Metairie Doubles (Sales + Rentals)

Sales

Active for sale	25
Median price	$325,000
Monthly sales	7
Days to sell (closed)	42 days
Months of inventory	10.7

Metairie Doubles (Rentals, 30 days)

Active	57
Closed	22
Median active rent	$1,600
Median rental price (closed)	$1,500
Median DOM (closed)	13 days

What this means: Metairie is tighter than New Orleans: 25 homes for sale & 57 for rent. Inventory discipline means faster decisions (10.7 months MOI vs 31 in NOLA).

Interestingly it took twice as long to sell doubles in Metairie last month than in New Orleans. My takeaway is that this could be neighborhood focused.

So is Metairie the better deal?

Metairie's numbers look cleaner because it's smaller and tighter. But New Orleans 615 rental units aren't all the same. You've got $1,200 blocks next to $2,000 blocks. That median of $1,550 masks neighborhoods that range from $1,200 to $2,000. Metairie's more consistent because there's less geographic variation to hide.

Next report I'll go neighborhood by neighborhood in our city. That's where the real cash flow picture shows up.

Philip Ewbank, Realtor | Keller Williams Realty New Orleans 8601 | 504.335.7481

I hope you had an amazing Labor Day. Yesterday typically is the marker for the Fall Season of real estate in New Orleans. Kids are back in school, routines are a bit more set, and we can pretend its getting cooler outside.

Market Overview: September 2026

Key Metrics (30-day):

• Active: 1,198
• Closed: 187
• Median List Price: $302,450
• Median Sale Price: $365,000
• Median $/SqFt: $207
• Median DOM: 48 days

90-Day Trend

	June	July	August
Active	1,281 Homes	1,252 Homes	1,198 Homes
Closed (30d)	216 Homes	169 Homes	187 Homes
Median Price	$359,500	$365,000	$365,000
Median $/sqft	$206	$217	$207
Median DOM	28 days	32 days	48 days
MOI	5.9	7.4	6.4

The past 3 months has seasonally been the slowest time in our market. The fall typically sees more uptick in buyer activity. With this in mind its encouraging to see the MOI continue to keep us in a balance market.

Breakdown by Price Tier

Tier	Active	Closed	MOI	Median Close	$/sqft	Median DOM
Under $300K	593	67	8.9	$198,100	$118	71 days
$300K–$500K	310	47	6.6	$360,000	$215	27 days
$500K–$800K	182	36	5.1	$641,500	$262	41 days
$800K–$1M	40	10	4.0	$906,000	$355	71 days
$1M+	73	24	3.0	$1,415,000	$422	30 days

The market split three ways: 

• Entry-level (under $300K) is a buyer's market: 8.9 MOI, 71-day DOM, prices dropping to $198K. 
• Mid-market ($300K–$500K) is balanced at 6.6 MOI but closes fastest (27 days), that's where the action is. 
• Premium ($500K+) still favors sellers: 3.0–5.1 MOI, median closes $640K–$1.4M holding strong.

Neighborhood Spotlights

Lakeview / West End

• Active Listings: 23
• Recent Closings: 10 properties
• Median DOM: 28 days
• Median List Price: $587,000

Bywater 

• Active Listings: 25
• Recent Closings: 2 properties
• Median DOM: 62 days (active)
• Median List Price: $475,000

Irish Channel

• Active Listings: 20
• Recent Closings: 3 properties
• Median DOM: 30 days
• Median List Price: $599,000

Mid-City 

• Active Listings: 21
• Recent Closings: 3 properties
• Median DOM: 61 days
• Median List Price: $425,000

Gentilly 

September 2026:

• Active Listings: Under 12 (supply-constrained)
• Recent Closings: 1–2 properties
• Median DOM: 45+ days

For Buyers:
If you're under $300K, don't rush, you've got time and leverage. Ask for inspections, contingencies, appraisal gaps covered. Mid-market buyers should move decisively when they find the right property; it'll close in 27 days. Premium buyers need to be ready to commit fast; there is a lot of competition so you may need to be creative.

For Sellers:
Its a story of price, if you are priced under $300k its important to be more prepped than you may think. Price with your competition in mind and consider a lot of the steps found in the past post on selling.
If you are mid-market or at a luxury price you are entering a market that has more buyers however first impressions are still vital. Price and presentation typically spurs buyer decision making. Don't just count on the market.

Fat Tuesday is on February 10th next year...! This is when the housing market in New Orleans resets and really starts moving. Sellers are already making plans to take advantage of this new market. But if you're not ready by Ash Wednesday, you could be leaving money on the table.

It's early September, so you've got six months. Here's a game-plan.

RIGHT NOW (September - October)

Get your equity number.
Sit down with an agent and get a real home evaluation. Not a Zillow guess. A comp analysis of what has sold, currently pending and what is still on the market will inform you on where your ballpark needs to be. Have your agent provide you a Net Sheet showing you what your estimated proceeds would be after you pay off any mortgages, fees and closing costs.

Order a Pre-inspection.
Most owners never do this and wait for a buyer's inspector to find foundation issues or a roof leak. Nothing kills a deal faster than a surprise. Get a General Inspection and Video Pipe Inspection completed and have your agent coordinate contractors to get the house fixed up.

Landscaping.
Quality landscaping adds 10–15% to perceived home value, often for way less in actual investment. Your yard should make someone stop scrolling. Dead plants especially need to go. Clean beds, sharp edges, well-maintained lawn helps a buyer see themself living in your space instead of thinking how much work they need to put into it.

Declutter.
Watch a season of Marie Kondo and ask if the items in your home bring you joy. Most won't. Give a critical eye to your furniture, counter spaces, garage, and backyard. Buyers that are distracted are no longer focused on buying. 

BEFORE PROFESSIONAL PHOTOS (November - December)

Pressure wash.
Mildew and oxidation are continual gifts from our fair city. Lets get rid of it. Siding, driveway, front porch can all be washed. If you are hiring someone, make sure they use the right pressure washer that won’t damage your paint.

Repaint.
I recommend to ALL my clients to repaint the inside of the house. The upfront cost/effort can feel prohibitive AND it can be the factor that cuts down your Days on Market. You want your buyer to focus on the flow of your home and how they can see themselves growing old there, not to be distracted by old mismatched paint and nicks from your roomba.

How's your front door?
Consider installing new hardware, wash or paint the door, and give a good look at your doorbell. This is 2% of the house and can be 100% of the first impression.

DOCUMENTATION (Start Collecting Now)

Utility bills.
Start collecting them by season. Buyers want to know what their monthly electrical looks like in July and January.

Age of Major Systems
Begin a list of the age of your roof, HVAC, water heater, appliances, generator, etc. Hint: You ordered that pre-inspection back in September and the report has all these ages.

Insurance.
Flood and home are important. While your buyer will get their own homeowner's policy its helpful to them to have an idea what you are paying. If you have flood insurance, your buyer can potentially assume the policy which saves them money in the first few years of owning the house.

Most recent appraisal.
This is helpful as it provides the square footage exactly. Your agent needs it exact.

Revisit your equity number.
In December/January its time for another talk with your agent about the changes in the market from the past few months and what Spring 2027 is shaping up to be. At this point you can see what is currently active on the market and discuss how to best position your price. 

A successful home sale is done from the prep work of all the parties involved. Homes that are prepped, documented, and priced right sell faster and for more. Spring buyers should not be negotiating against you, they should be competing for you.

The rental market is steady. Doubles continue their three-month hold at $1,600. Single family homes dipped slightly to $2,200. Condos and small multifamily are moving fast. Here's how August looked for rentals in our city.

August Snapshot

Property Type	Active	Leased (30d)	Absorption	Median Rent	Median DOM
Single Family	207 homes	59 homes	29%	$2,200	38 days
Double/Duplex	628 homes	183 homes	29%	$1,600	26 days
Condo	178 condos	50 condos	28%	$1,800	26 days
3-4 Plex	405 units	119 units	29%	$1,400	38 days

90-Day Rent Trend

Property Type	June	July	August
Single Family	$2,275	$2,225	$2,200
Double/Duplex	$1,600	$1,600	$1,600
Condo	$1,700	$1,800	$1,800
3-4 Plex	$1,500	$1,500	$1,400

90-Day Days on Market Trend

Property Type	June	July	August
Single Family	30 days	30 days	38 days
Double/Duplex	25 days	33 days	26 days
Condo	36 days	33 days	26 days
3-4 Plex	35 days	27 days	38 days

What's Moving

Doubles remain the baseline. $1,600 for 3 straight months now. They're the most stable number in the data and the most common rental type in the city.

Single family rents dropped $25 from July to August, settling at $2,200. DOM ticked up to 38 days. Single family is still the tightest segment but it's softening slightly.

Condos bounced back to $1,800 and are now leasing faster. 26-day DOM in August is the best we've seen in months. If you own a condo rental, leasing it out in August may be the best move.

Small multifamily (3-4 plex) rents compressed to $1,400, the lowest in the dataset. DOM jumped to 38 days. There's more inventory here and renters have a little leverage.

Four listings under $200K hit MLS in New Orleans and Jefferson Parish this week. Here's what that budget buys right now.

Pulled today from the MLS. Active listings, $200,000 or less, Orleans and Jefferson Parish, condition rated New or Excellent.

528 Dumaine St #4, New Orleans, LA 70116 · $175,000
· Studio · 1 bath · 204 sqft
French Quarter condo, second floor, private balcony over a shared courtyard. Wood floors, cherry cabinetry, granite counters. Condo fee is $138 a month. Smallest footprint on this list and the only one with an HOA payment attached.

5601 Debore Dr, New Orleans, LA 70126 · $190,000 · 3 beds · 2 baths · 1,350 sqft
Renovated modular home on a corner lot in Pontchartrain Park. The primary suite has a garden tub and separate shower, and the kitchen has stainless steel appliances. Parking for up to four vehicles. Seller will consider owner financing with 20% down, subject to qualification. Vacant and easy to show.

1817 Bartholomew St, New Orleans, LA 70117 · $199,000 · 3 beds · 1 bath · 1,150 sqft
Musician's Village cottage built in 2009. Fenced yard, covered patio, storage shed, two off street parking spots. Owner occupied, needs 24 hour notice to show. Has an Open House on Sunday.

708 Houma Blvd, Metairie, LA 70001 · $195,000 · 2 beds · 1 bath · 1,060 sqft
Cottage between Airline Drive and West Metairie Avenue. A bonus room with a private entrance works as a home office or guest suite. Granite counters, hardwood floors, fenced backyard with a paver patio and storage shed. New water heater, updated electrical, and re-supported plumbing lines, all pre-inspected before listing. Has an Open House on Saturday.

Three of these four hit the market in the last 48 hours. Square footage runs from a 204 sqft French Quarter studio to a 1,150 sqft cottage in Musician's Village. Two are fresh listings with no history. One has a documented price cut and a canceled contract behind it.

Below is a hypothetical scenario at $200,000, 3% down conventional vs 3.5% down FHA, courtesy of Cameron Budzius over at The Mortgage Krewe.

Scenario #1: 3% Down Conventional Loan, 30 Year Fixed Rate Mortgage

• Sales Price: $200,000
• Down Payment: $6,000
• Loan Amount: $194,000
• Rate: 6.75%
• P&I Payment: $1,258
• PMI (est.): $60
• Homeowners Insurance (est.): $250
• Property Taxes with Homestead Exemption (est.): $160
• TOTAL MONTHLY PAYMENT (est.): $1,728

Scenario #2: 3.5% Down FHA Loan, 30 Year Fixed Rate Mortgage

• Sales Price: $200,000
• Down Payment: $7,000
• Loan Amount: $196,378 (includes financed upfront MIP)
• Rate: 6.078%
• P&I Payment: $1,188
• MIP (est.): $90
• Homeowners Insurance (est.): $250
• Property Taxes with Homestead Exemption (est.): $160
• TOTAL MONTHLY PAYMENT (est.): $1,688

Closing costs and cash to close aren't included here since they vary by lender and title company. Cameron can run the exact numbers for whichever property you're actually looking at.

Philip Ewbank |  Realtor Keller Williams Realty New Orleans | 504.335.7481 

Buyers here have more leverage than they did a year ago on paper, and they are also taking 23 percent longer to actually write an offer. Those two things do not usually move together.

I pulled this month's Orleans Parish condo data from the MLS looking at a 30-day closed window. I'm comparing it to our August 2025 report for the year-over-year read, and to the June and July 2026 reports for the recent trend.

	August 2025	August 2026	YoY
Active	472	444	-5.9%
Pending / Under Contract	39	43	+10.3%
Closed (30 days)	33	35	+6.1%
Median list price	$335,000	$359,000	+7.2%
Median list $/sqft	$385.92	$395.03	+2.4%
Median active DOM	93 days	125 days	+34.4%
Median close price	$274,000	$282,000	+2.9%
Median close $/sqft	$316.25	$325.47	+2.9%
Median close DOM	51 days	63 days	+23.5%
MOI	14.3 months	12.7 months	-11.2%

Price is up but not by much, and I would not call it real appreciation. Closed price and price per square foot are both up under 3% year over year. National inflation for the 12 months ending July 2026, the most recent data available, ran 3.4 percent. Condo prices here did not keep pace with that, so in real terms this is closer to flat than a gain, though it is nowhere close to a decline either. With only 33 closings last August and 35 this year, a point or two of that gap is tough to call out a trend.

The clearer sellers' signal is inventory balance. MOI is tighter than a year ago, 12.7 versus 14.3, and pending contracts are up 10.3%, 43 versus 39. Under 6 months of inventory is a seller's market. 12.7 is obviously nowhere close, but it points toward somewhat more leverage than sellers had in August 2025.

The number that cuts against that story is closed Days on Market (DOM). DOM tracks time from listing to accepted offer and it stops counting once a listing goes pending. 

What DOM up 23.5% actually says is that buyers are taking longer to commit to an offer in the first place. Last year’s report had an explanation: higher insurance costs and rising HOA fees were keeping units on the market longer before an offer came in, especially above $400,000 or in buildings carrying assessment risk. A year later, buyers are taking longer to pull the trigger. 

Here is how it breaks down from the past 90 days:

	June	July	August
Active	548	471	444
Pending / Under Contract	56	57	43
Closed	39	45	35
Median close price	$350,000	$327,500	$282,000
Median close $/sqft	$357.00	$348.08	$325.47
Median close DOM	46 days	64 days	63 days
MOI	14.1 months	10.9 months	12.7 months

On its own, the price slide from June to August looks like a downturn. Last year's August closed at a similar price and a similar MOI, so a real chunk of this slide is the normal seasonal pattern repeating. August is hot, kids are going back to school, and a lot people (an agents!) were sliding in last second travel.

Expect some seasonal pickup into fall, same as most years. What that seasonal bounce will not automatically fix is the DOM gap. That gap held up under a same-season comparison, so I am not assuming it resets just because the calendar does.

Lets’s go hyperlocal:

French Quarter

Active	108
Pending / Under Contract	9
Closed (30 days)	6
Median list price	$399,250
Median list $/sqft	$497.31
Median active DOM	140 days
Median close price	$420,000
Median close $/sqft	$411.39
Median close DOM	94 days
Stale listings (180+ DOM)	42 of 108 (39%)

Worst stale rate of the six zones. Nine pending is tough compared to the 108 active.

FQ does have one thing going for it. A Fannie Mae rule change eliminated the requirement that blocked financing when more than half a building's units were investor owned.

That rule kept some FQ buildings with heavy non-owner-occupied ownership out of reach for conventional loans It has technically been in effect since March, so it is not new, and it has not shown up in these numbers yet. Worth watching whether previously blocked buildings start moving as buyers and lenders catch up to it.

CBD/Warehouse

Active	97
Pending / Under Contract	14
Closed (30 days)	8
Median list price	$545,000
Median list $/sqft	$450.18
Median active DOM	130 days
Median close price	$292,450
Median close $/sqft	$362.21
Median close DOM	58 days
Stale listings (180+ DOM)	22 of 97 (23%)

Highest pending count of the six zones. Most active buyer follow-through in the data right now.

Uptown/Garden District

Active	52
Pending / Under Contract	5
Closed (30 days)	7
Median list price	$362,500
Median list $/sqft	$328.88
Median active DOM	113 days
Median close price	$280,000
Median close $/sqft	$314.27
Median close DOM	36 days
Stale listings (180+ DOM)	11 of 52 (21%)

Fastest DOM of the six zones. Healthiest looking of the bunch.

St. Charles Corridor

Active	37
Pending / Under Contract	4
Closed (30 days)	5
Median list price	$219,000
Median list $/sqft	$320.81
Median active DOM	113 days
Median close price	$216,000
Median close $/sqft	$263.57
Median close DOM	92 days
Stale listings (180+ DOM)	7 of 37 (19%)

Lowest price point of the six zones by a wide margin. Makes sense too, right? This is your bulk of studio and 1bed apartments on the parade route.

Marigny/Bywater

Active	50
Pending / Under Contract	1
Closed (30 days)	2
Median list price	$344,000
Median list $/sqft	$434.28
Median active DOM	131 days
Median close price	$203,500
Median close $/sqft	$497.29
Median close DOM	75 days
Stale listings (180+ DOM)	8 of 50 (16%)

Only 2 closed and 1 pending against 50 active. Too thin to say anything about pace. Stale rate improved to 16 percent from 43 percent in the June report, the one clean improvement in the data even without enough closings to create a trend.

Lakefront

Active	20
Pending / Under Contract	1
Closed (30 days)	5
Median list price	$397,500
Median list $/sqft	$240.93
Median active DOM	128 days
Median close price	$282,000
Median close $/sqft	$236.78
Median close DOM	112 days
Stale listings (180+ DOM)	4 of 20 (20%)

Same closed count as Marigny/Bywater against a fraction of the active pool. That ratio is the tightest of the six zones, even on a thin sample. If you are looking to sell your condo on the Lakefront, price it right and it should move.

So this is not a one-directional story. Sellers have somewhat more leverage on paper than they did a year ago. Inventory is tighter, pending contracts are up, and price is holding roughly even with inflation. 

What does not fit that story is how long it is taking to find a buyer in the first place, and insurance costs and HOA fee concerns, the same friction my own August 2025 report flagged, are the more likely reason why. 

Uptown/Garden District and St. Charles Corridor are the two zones still moving at a normal pace. French Quarter has the most stale inventory in the city and CBD/Warehouse has the most buyers currently under contract.

Are you selling a condo right now, or holding off on making an offer?"

Philip Ewbank | New Orleans 8601 Leake Ave, New Orleans, LA 70118 | 504.335.7481

Multifamily in New Orleans just tipped hard toward buyers. Inventory jumped. Sales fell. Prices are following.

I pulled 90 days of closed sales from the NOMAR Matrix for all three property types. This is current as of late August 2026. Active listings are a current snapshot.

New Orleans Doubles: Three Month Trend

Metric	June	July	August
Closed	56	46	38
Active	474	490	457
Median close price	$349,000	$347,500	$320,000
Median close $/sqft	$181	$165	$160.89
Median DOM (closed)	41 days	54 days	38 days
MOI	8.5 months	10.7 months	9.8 months

That MOI in August reads different because closings have dipped. June had 56 sales. July dropped to 46. August hits at 38. Prices tracked down the same staircase revealing an 8% drop in one month.

My take is that this is our common seasonality. while we multifamily is clearly a buyer's market, the past 3 months show what every summer shows us: its hot! This is typically the slowest season for buying properties. Once the weather cools and kids are back fully in school I expect we will see the closed unit # climb back up.

Important to note: there are 93 Doubles under contract right now. Not all of these will close but I am very interested to see if it results in jump of closed homes next month.

New Orleans Triplexes

Closed	9
Active	61
Median close price	$461,600
Median close $/sqft	$169
Median DOM (closed)	53 days
MOI	6.8 months

Nine sales just shows the direction of this micro-market. With only 61 Tri-plexes on the market this data is a good starting point for a buyer and sellers on how to manage their expectations.

New Orleans Fourplexes

Closed	6
Active	64
Median close price	$355,000
Median DOM (closed)	40 days
MOI	10.7 months

Six closings, simialar to the 3plx info: not enough data to predict. Without a bigger sample you're just guessing which direction this moves.

The real story with these reports are the doubles. If you are looking to buy you have a good deal of inventory to choose from but be decisive. If you think its a good deal, someone else likely does too.

If you are considering selling, this data shouldn't move you in either direction. Our individual neighborhoods hold different market pressures (think Carrollton vs Lakeview). While this show's the city's trend, your neighborhood data will reveal what direction your micro-market is going.

Are you currently holding multifamily or thinking about picking some up in the next six months?

Philip Ewbank,
Realtor Keller Williams Realty New Orleans
8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

Most Louisiana purchase agreements do not automatically protect you if a hurricane hits your house mid contract. That has to be added separately.

I learned this firsthand. I had a buyer under contract when Hurricane Ida hit the property they were buying. It took real damage.

Without the right language already built into the agreement, that turns into a fight over inspection deadlines that were never designed for a storm hitting the house mid transaction.

We had the addendum. Here's what it actually did.

The closing date automatically pushed out until insurance could be bound and the lender could fund. If the property still could not be insured once that window ran, my buyer had the right to walk and keep the deposit.

That is the whole point of an Act of God or Force Majeure addendum. It does not prevent storm damage. It gives you a clear, predetermined path if it happens instead of a scramble.

What it actually covers:

• Storm, tornado, or flood damage that prevents closing on schedule
• Buyer unable to get insurance bound because of the damage
• Automatic extension of the closing date, capped at a set number of days
• Right to reinspect the property before closing to confirm repairs were done and the condition matches what everyone agreed to

A few things it will not do.

It has a day cap, it does not extend forever. It runs both directions, so it protects sellers from buyer side delays too, not just buyers. And it only works if it is actually in your agreement. Plenty are not.

We are in peak hurricane season right now. If you are under contract or about to be, this is worth five minutes with your agent.

Most Louisiana purchase agreements do not automatically protect you if a hurricane hits your house mid contract. That has to be added separately.

I learned this firsthand. I had a buyer under contract when Hurricane Ida hit the property they were buying. It took real damage.

Without the right language already built into the agreement, that turns into a fight over inspection deadlines that were never designed for a storm hitting the house mid transaction.

We had the addendum. Here's what it actually did.

The closing date automatically pushed out until insurance could be bound and the lender could fund. If the property still could not be insured once that window ran, my buyer had the right to walk and keep the deposit.

That is the whole point of an Act of God or Force Majeure addendum. It does not prevent storm damage. It gives you a clear, predetermined path if it happens instead of a scramble.

What it actually covers:

• Storm, tornado, or flood damage that prevents closing on schedule
• Buyer unable to get insurance bound because of the damage
• Automatic extension of the closing date, capped at a set number of days
• Right to reinspect the property before closing to confirm repairs were done and the condition matches what everyone agreed to

A few things it will not do.

It has a day cap, it does not extend forever. It runs both directions, so it protects sellers from buyer side delays too, not just buyers. And it only works if it is actually in your agreement. Plenty are not.

We are in peak hurricane season right now. If you are under contract or about to be, this is worth five minutes with your agent.