A glimpse of the diverse residential architecture in New Orleans.
The residential real estate market in New Orleans is reflecting mixed signals as May 2025 shows an increase in average home sales price to $368,907 while closed sales and new listings decline significantly. Notably, Orleans Parish has the highest average days on market at 72. Despite the challenges, consistent mortgage rates below 7% provide some support to potential buyers. As the market evolves, both buyers and sellers must adapt to these changing conditions.
New Orleans
The residential real estate market in New Orleans is exhibiting mixed signals as of May 2025, with both positive and negative trends impacting buyers and sellers alike. While the average home sales price has increased, the number of closed sales and new listings have significantly declined compared to the previous year.
According to data from the New Orleans Metro area, the average home sales price has reached $368,907, reflecting a 2.5% increase year-over-year. However, there were only 1,138 closed sales in May, marking a 6.9% decline from the same time last year. Additionally, the total new listings for the month totaled 2,053, down 9.3% year-over-year.
Alongside these figures, homes in the New Orleans area are experiencing a longer time on the market. The average days on market (DOM) increased to 65 days, which is an 8.3% increase from the previous year. Breaking down the market by parish, Orleans Parish has seen the highest days on market at an average of 72 days, reflecting a 9.1% increase year-over-year.
When examining the parish-specific trends in May, Orleans Parish recorded an average sales price of $497,482, which is a substantial 5.1% increase from the previous year. In comparison, Jefferson Parish saw average sales prices reach $347,529, up by 4.8%. Meanwhile, St. Tammany Parish reported a slight decline, with the average sales price falling to $363,440, reflecting a 1.2% decrease year-over-year.
In terms of closed sales, Orleans Parish experienced a significant decline, with only 262 transactions, a drop of 13.5% compared to last year. Jefferson Parish also saw decreased activity, recording 307 closed sales, a decline of 8.9%. On a more positive note, St. Tammany Parish recorded a slight increase, with 332 closed sales, which is up by 1.2% year-over-year.
The number of new listings has declined across all major parishes. Orleans Parish noted 580 new listings, down 18.2%, St. Tammany Parish reported 560 listings, down 9.7%, and Jefferson Parish had 533 new listings, down 1.8% year-over-year.
On the financing side, the 30-year fixed-rate mortgage remains below 7%, sitting at 6.85% for the 21st consecutive week. The 15-year fixed-rate mortgage is currently at 5.99% according to Freddie Mac. These consistent rates may offer some support to buyers in the challenging market.
Overall, the New Orleans real estate market in May 2025 reflects a complex environment where rising prices meet declining sales and listings. As the market continues to evolve, buyers and sellers will need to adapt to these changing conditions while navigating the current economic landscape.
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