Name: Greater New Orleans average home sales price remains steady at $318,000 | New Orleans CityBusiness
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Greater New Orleans average home sales price remains steady at $318,000 | New Orleans CityBusiness

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Skip to contentCityBusiness Staff ReportsSeptember 27, 2023HomeNewsConstruction and Real EstateGreater New Orleans average home sales price remains steady at $318,000CityBusiness Staff ReportsSeptember 27, 2023Listen to this articlePhoto courtesy DepositPhotos.Despite all the curveballs thrown at the New Orleans metro area housing market – soaring homeowners insurance and flood insurance quotes, higher interest rates, and a growing inflation problem – the average home sales price has remained consistently steady.The average home sales price is $318,104, down 0.6% year-over-year from $319,963 in August 2022, according to the August 2023 “Local Market Update”&nbsp;published by NOMAR (New Orleans Metropolitan Association of Realtors). The average sales price is down 3.5% YTD at $331,080 through the first eight months, compared to $343,085 in the first eight months in 2022.“It has been impressive that despite all of the factors we are up against, including homeowners insurance still being our number one hurdle locally, the average sales price remains strong and continues to hold steady in New Orleans. We are holding our equity as homeowners,” said Craig Mirambell, president/broker of&nbsp;Mirambell Realty and incoming NOMAR Board President.In its monthly report, NOMAR considers New Orleans Metro as 10 parishes – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington. Orleans Parish, with an average sales price of $410,878, had the highest average sales price in August among the 10 parishes reported. Through the first eight months, the average Orleans Parish sales price stands at $434,737, down 5.2% from the same timeframe in 2022. St. Tammany Parish had the highest number of closed sales in August at 324.The number of closed sales remains down across the New Orleans metro area. In August 2023, there were 1,159 closed sales, down 1.2% YOY from the August 2022 number of 1,173. Closed sales YTD is down 17.6% with 9,165 homes sold in the New Orleans metro area through the first eight months of 2023, compared to 11,127 in the same timeframe in 2022.Inventory down; days on market upNew listings are down, while days on the market have increased in New Orleans metro. There were 1,731 new listings in August 2023, down 8% YOY from 1,881 in August 2022. Through the eight months of 2023, there have been 14,310 new listings in New Orleans Metro. That is down 7.3% from the same timeframe of 2022 when new listings totaled 15,434.In August 2023, homes spent an average days on market of 49, up 58.1% YOY from 31 DOM in August 2022. Through the first eight months of 2023, homes have spent an average of 49 DOM. That is up 63.3% compared to the same timeframe in 2022 of 30 DOM.“There is definitely a housing shortage across New Orleans than in years past, and that’s reflective of the low inventory across the national market as well,” Mirambell said.Mirambell said he just returned from a national realtors conference in Chicago, and he said the keynote economist predicted that interest rates may take one more uptick before the end of the year, and then in 2024, those rates will hold steady. “He was bullish that not a lot of inventory and consistent interest rates will continue to result in a steady average sales price for your home, even in what appears to be a slower market,” Mirambell said. “I think we will see the same across New Orleans for the near future, and that can even be improved if we get more competition in the market for homeowners insurance.”Below are separate parish statistics with links to each parish’s NOMAR August 2023 report. You can find all the parish reports at https://gsrein-public.stats.showingtime.com/reports.Share this!RDNI’s mixed-use neighborhood will feature entertainment, greenspaces, retail, offices and a range of reside[...]October 3, 2023These homes represent the top sales for the week of September 17-23.October 2, 2023A look at the top commercial and residential permits for the two week period of September 15-28.October 2, 2023With food hall renovations completed, the hotel topping out ceremony will take place Tuesday.October 2, 2023All metro area and state level listing price data in this story is from Realtor.com, a real estate market webs[...]September 28, 2023The bank has broken ground on its third banking location in the New Orleans market.September 28, 2023Get our free New Orleans e-alerts &amp; breaking news notifications!The yield on the 10-year Treasury jumped to the highest level in nearly two decades.Surging interest rates are intensifying the challenges for the U.S. economy.Northshore Technical Community College, Southeastern Louisiana University receive $1.5 million grants each to tackle labor ne[...]They will receive $800,000 “Genius Grants.”Overall, 1.67 million people were collecting unemployment benefits the week that ended Sept. 23.Investors found few, if any, places to safely put their money in 2022, as central banks in[...]&nbsp;Loading ...US economy slowed but still grew at 2.9% rate last quarterUS job openings fell slightly in November yet still highMillennial Money: Up the odds of meeting money goals in 2023LCMC Health, Tulane University finalize partnershipPain, few gains for investors as markets slumped in 2022This website uses cookies to improve your experience while you navigate through the website. 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Skip to contentCityBusiness Staff ReportsSeptember 27, 2023HomeNewsConstruction and Real EstateGreater New Orleans average home sales price remains steady at $318,000CityBusiness Staff ReportsSeptember 27, 2023Listen to this articlePhoto courtesy DepositPhotos.Despite all the curveballs thrown at the New Orleans metro area housing market – soaring homeowners insurance and flood insurance quotes, higher interest rates, and a growing inflation problem – the average home sales price has remained consistently steady.The average home sales price is $318,104, down 0.6% year-over-year from...

Greater New Orleans average home sales price remains steady at $318,000 | New Orleans CityBusiness

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