r/NewOrleansRealEstate

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.

Delete if this subject isn't allowed.

How do realtors work for renters, what's the general process? Does the renter have to pay a realtor for help finding and signing a lease? Are there any realtors you all know that could help a renter aka me? I've been searching online and facebook marketplace and have encountered several scams. I have no experience working with realtors to find a lease so thought I'd ask this sub. Thanks

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.

I have a leak problem that has been going on for years now and I have not been able to figure out where it's coming from. It happens when it rains but, only sometimes, not every time. I have asked many contractors & inspectors and no one seems to be able to give me a straight answer or give me a viable solution. I have tried so many things to fix it and when I think I solved it, it happens again.

Does anyone here know someone who specializes in finding and solving tough leak issues?

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 😉