New Orleans, LA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in New Orleans? ›

New Orleans, LA housing market

The median listing home price in New Orleans, LA was $359.9K in June 2024, trending down -2.7% year-over-year. The median listing home price per square foot was $222. The median home sold price was $470K.

The market in Louisiana doesn't look very competitive as of 2023. There's not such a big demand for homes, making the prices go lower and lower every month. Still, New Orleans is considered more competitive than other nearby cities, which may be a good sign for those who want to invest in this city.

Selling a house in Louisiana

Home values have increased by 2.6% since last year, and the number of days it takes to sell a home has increased from 46 days in May 2023 to 54 days in May 2024. The best time to sell your home in Louisiana is in July, when homes sell fastest and for the most money.

Zillow expects New Orleans home values to fall by another 6% in 2024, along with a drop in the city's owner-occupied households. But New Orleans certainly isn't the only city where home value growth is slowing.

Housing (Buy and Rent)

The average monthly rent in New Orleans is $1,375, while home prices circle around $386,021. Thinking of moving? New apartments in New Orleans, LA are waiting for you. Start your search here!

Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.

Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.

Winter is traditionally the slowest season for home sales and, as a result, it's the cheapest time to buy a home. There's usually less competition between buyers and sellers may be more willing to negotiate to make a sale since buyer interest is lower than it is in the spring.

Should I interview a realtor? ›

It's a good idea to interview multiple candidates — three at a minimum — before making a decision about which real estate agent you'll work with. Here are 10 questions to ask a real estate agent in an interview, to help you find the perfect match for your needs.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

Listing your property on a Thursday can help sell a home fast as well as for the best price, the Zillow study found. This time frame gives sellers enough time to have multiple showings over the weekend — and, hopefully, an offer or two by Monday.

In America, there is currently a housing shortage of 7 million affordable homes for families on the poverty line. Additionally, 57% of lower-income families report that affordable housing is a major issue in their area. This number rises to a whopping 66% for low-income families in urban areas like New Orleans.

State of play: Columbus, Ohio; Indianapolis; Providence, Rhode Island; Atlanta; Charlotte, North Carolina; Orlando, Florida; and Tampa, Florida, also top this year's ranking of Zillow's hottest housing markets of 2024. Meanwhile, New Orleans, San Antonio, Denver, Houston and Minneapolis sit at the bottom.

As of February 2022, the average home price in New Orleans is approximately $330,000. However, this number doesn't tell you the properties' condition and location. We have many areas that still offer “affordable” housing, while in some areas, $330k would only get you a piece of land.

Home prices in Louisiana are rising and will continue to rise till the supply-demand dynamic changes. The number of houses for sale in LA was only 13,436 in January 2024. There is very limited inventory to satiate the demand from house hunters.