r/NewOrleansRealEstate

Happy July! Time for hotdogs, Jaws re-runs, and hiding the dogs from the fireworks. Lets dig into some data!

In summary: Three months in a row. Inventory compressing. Closings climbing. Days on market holding tight. 

I pulled last month's single family sales data for Orleans Parish and broke it down by price tier. Here is what the market looks like right now.

The Full Market

Active	1,281 Homes
Closed (30 days)	216 Homes
Median closed price	$359,500
Median $/sqft	$206/SqFt
Median DOM	28 days
MOI	5.9 months

5.9 months of inventory puts the overall market just inside balanced territory. But that number is doing a lot of averaging across five very different markets operating at the same time. More on that. 

90-Day Trend

April	May	June
Active	1,303 Homes	1,299 Homes
Closed (30d)	159 Homes	199 Homes
Median Price	$380,000	$350,000
Median $/sqft	$195	$199
Median DOM	55 days	29 days
MOI	8.2	6.5

Active inventory has dropped every single month. Closed sales have climbed every single month. MOI has compressed from 8.2 to 5.9 in 90 days. The market is moving.

Breakdown by Price Tier

Tier	Active	Closed	MOI	Median Close	$/sqft	Median DOM
Under $300K	628	92	6.8	$185,500	$121	50 days
$300K-$500K	330	53	6.2	$405,000	$229	24 days
$500K-$800K	187	34	5.5	$620,000	$298	16 days
$800K-$1M	54	13	4.2	$870,000	$343	26 days
$1M+	82	24	3.4	$1,403,000	$397	22 days

Months of Inventory Guide: under 6 months = seller's market. 6-7 months = balanced. Above 7 months = buyer's market.

Note on $800K-$1M: 13 closed sales is a thin sample. The MOI and DOM figures are directional, not definitive. Three fewer closings would push MOI to 5.4. I’m not advocating to use this for negotiating points but for reference of broader trends. 

What the tiers are actually telling us

Entry level improved. Last month under $300K sat at 8.7 months of inventory. This month it is 6.8. Still the softest tier in the market but meaningfully better than 30 days ago. 92 homes closed at a median of $185,500 with 50 days median DOM. Buyers here have room to negotiate but it's getting tougher.

The middle of the market is balanced. $300K-$500K at 6.2 months is the most efficient band, homes moving in 24 days at $405,000 median. Neither side has a clear edge. Well-priced homes in good condition are closing in under a month.

Above $500K the market keeps tightening. $500K-$800K at 5.5 months is closing in 16 days. $1M+ at 3.4 months is closing in 22 days. The inversion holds. Luxury is moving faster than entry level and the data continues to back that up.

The $206 median price per square foot on closed sales is the highest in this three month run. What is closing is not just moving faster. It is pricing better.

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

Philip Ewbank, Licensed Realtor | KW New Orleans | License #0995700196

Message me for more details

What are pleasant areas to live in New Orleans? I guess we'll have to see if we can afford the rent. I just mean places where you can enjoy living, some trees, moderately safe?

We are moving from Miami, where rents, everywhere, are impossible, so we are hoping things will be a little less unaffordable.

A unit in our multi-family property is creeping up past 60 DOM, and with it, my nervousness! We're marketing on all major rental platforms and have lowered the price but inquires are slim. Do I solicit a realtor with experience in the neighborhood or go with first available? Property is located in a beautifully diverse neighborhood around Esplanade and N. Miro (7th ward).

https://www.zillow.com/homedetails/1917-Eagle-St-New-Orleans-LA-70118/149086227_zpid/

there’s this home for sale in uptown. it’s been on the market for a little while, wondering if anyone has any thoughts as to why?

Anybody have any recommendations for a good property manager in NOLA that is reasonably priced? I prefer someone local and who will be there for storms. So far my shortlist has Coxe, Red Fish and Soniat. Any color on these?

Thanks everyone.

Currently there are 26 single-family homes listed between $700K and $760K in Orleans Parish. The ones priced right are gone in under a month. The ones that aren't have been sitting for 74 days at the median.

I pulled data from the MLS examining Orleans Parish single-family homes only. Active listings are the current snapshot while closed sales cover the past 90 days.

Active listings	26 Homes
Pending / Under Contract	9 Homes
Closed (90 days)	23 Homes
Median active price	$747,000
Median close price	$735,000
Median close price/sqft	$306.63
Median living area (closed)	2,388 sqft
Median beds / baths (closed)	4 bed / 3 bath
Median DOM (closed)	22 days
Median DOM (active)	74 days
Longest active listing	296 days
MOI	3.4 months

3.4 months of inventory puts this in seller's market territory on paper. Homes that closed in the last 90 days went under contract in a median of 22 days. The 26 currently active have been sitting a median of 74 days. Buyers in this range are moving fast on the right homes and walking past everything else.

The closed sales concentrate in the Uptown and Garden District corridor. Active inventory skews toward Lakeview and the City Park area. Same budget, very different home depending on which part of the city you're targeting.

Here is what $700K–$749K actually looks like on the ground right now.

1499 Prentiss Ave | Oak Park | $700,000
4 bed / 3.5 bath | 3,010 sqft (Courtesy: Crescent Sotheby’s International)

Most square footage in this post at $232/sqft, well below the market median of $306. Built 2017, raised foundation, corner lot behind a full iron fence with an automatic gate. Two-car carport, outdoor living setup with mounted TV and surround sound, new HVAC and flooring. An adjoining 59x120 lot is available separately. 28 days on market.

6 Rue Le Ville St | West Lakeview | $745,000
3 bed / 3 bath | 2,310 sqft (Courtesy: Snap Realty)

Private gated street minutes from the Lakefront. French Provincial build from 2004 with extensive renovations in the last decade. Garage plus additional off-street parking, whole-home generator, sunroom, gourmet kitchen. HOA in place. 6 days on market.

514 Second St | Irish Channel | $749,000
3 bed / 2.5 bath | 2,056 sqft (Courtesy: Reve Realtors)

Smallest square footage here at $364/sqft but the location and construction tell you why. Built 2020, raised foundation, X flood zone, antique pine floors, covered porches and balconies, colonial hurricane shutters. 3 days on market.

Three different neighborhoods, three different value propositions at essentially the same price. Prentiss gives you the most house. Second St gives you Irish Channel walkability and newer construction in a preferred flood zone. Rue Le Ville gives you the Lakefront lifestyle on a private street.

THE MORTGAGE MATH | 514 Second St ($749,000) used as the example

Mortgage math courtesy of Cameron Budzius at The Mortgage Krewe

Note: At $700K you are above the Orleans Parish FHA loan limit of $541,287. FHA is not an option at this price point. Conventional financing only.

Scenario 1  10% Down Conventional

Down Payment: $70,000

Loan Amount: $630,000

Interest Rate: 6.53% | 30-Year Fixed

Monthly Payment Breakdown:

P&I: $3,994

Homeowners Insurance: $625*

Property Taxes (with Homestead Exemption): ~$95

Mortgage Insurance (PMI): $262

Total Monthly Payment: $4,976

Estimated Cash to Close: ~$84,000

Scenario 2 — 20% Down Conventional

Down Payment: $140,000

Loan Amount: $560,000

Interest Rate: 6.53% | 30-Year Fixed

Monthly Payment Breakdown:

P&I: $3,551

Homeowners Insurance: $625*

Property Taxes (with Homestead Exemption): ~$95

Mortgage Insurance: None

Total Monthly Payment: $4,271

Estimated Cash to Close: ~$154,000

The 20% down scenario saves you $705/month and eliminates PMI entirely. The question is whether keeping $70,000 liquid is worth $705/month in carrying cost. That math is different for everyone.

*Homeowners insurance estimate provided by Riverlands Insurance. For a home in this price range in Orleans Parish, expect a ballpark of $625/month ($7,500/year). This varies significantly based on the specific property, roof age, construction type, and carrier availability. Get a real quote before you finalize your numbers.

Four years ago this city was averaging 220 murders annually. The Metropolitan Crime Commission, which tracks this independently, shows homicides down 74% since 2022. Carjackings have followed the same trajectory.

It's worth examining why the decline:

Enforcement here has been targeted. The focus has been on stolen vehicles and illegal firearms, not traffic tickets and expired plates. The data gets reviewed regularly and deployment follows the crime stats.

Another piece is prosecution. Anyone arrested by state troopers operating in New Orleans gets prosecuted by the state attorney general's office rather than the local DA. That frees up capacity and created a separate track for these cases.

The third factor is more structural. A permanent state police troop was created specifically for New Orleans, the first time that has ever existed here. That troop, Troop Nola, operates alongside NOPD, the sheriff's office, federal partners, and a dedicated prosecution track simultaneously. The coordination infrastructure is new. The results followed the infrastructure.

None of this means the city's challenges are solved. Public safety in New Orleans is a long game and the numbers, while moving in the right direction, still have a long way to go in some neighborhoods.

But for anyone making a decision about buying, selling, or investing in this city, the trend matters. Sustained crime reduction is one of the variables that moves real estate markets over time.