New Orleans real estate market stats

The New Orleans Real Estate Market

Greater New Orleans Real Estate Stats

As of December 2019

Let’s take a deep dive into the Greater New Orleans real estate market.   The following real estate statistics do not just look at New Orleans proper, but the entire Greater New Orleans real estate market including:

  • Metairie
  • Northshore
  • River Parishes
  • Tangipahoa Parish

We are looking at all property types including vacant land.

We will cover all of the pertinent real estate statistics  including a brief explanation.

If you were searching for all of the active real estate listings in New Orleans, by all real estate brokers, you can see them by clicking the link below.

New Orleans Homes For Sale

If you are thinking of selling your home and looking for more drilled down statistics to your city or even your neighborhood just contact us and we can put that together for you.

The Overall Market Summary

The number of for sale listings was down 10% from one year earlier and down 8.7% from the previous month. The number of
sold listings increased 8.3% year over year and decreased 4% month over month. The number of under contract listings was down 4% compared to previous month
and up 22.6% compared to previous year. The Months of Inventory based on Closed Sales is 4.3, down 17.4% from the previous year.

The Average Sold Price per Square Footage was down 4.8% compared to previous month and up 0.7% compared to last year. The Median Sold Price increased by
1.8% from last month. The Average Sold Price also decreased by 5.7% from last month. Based on the 6 month trend, the Average Sold Price trend is “Neutral” and
the Median Sold Price trend is “Appreciating”.

The Average Days on Market showed a neutral trend, a decrease of 7.9% compared to previous year. The ratio of Sold Price vs. Original List Price is 94%, an
increase of 1.1% compared to previous year.

Property Sales in Greater New Orleans

December property sales were 1142, up 8.3% from 1054 in December of 2018
and 4% lower than the 1190 sales last month.

Current Inventory of Homes for Sale in New Orleans

Versus last year, the total number of properties available this month is lower by
543 units of 10%. This year’s smaller inventory means that buyers who waited to
buy may have smaller selection to choose from. The number of current inventory
is down 8.7% compared to the previous month.

Under Contract Properties in New Orleans

There was a decrease of 4% in the pended properties in December, with 1124
properties versus 1171 last month. This month’s pended property sales were
22.6% higher than at this time last year.

The Average Cost per Square Foot

The Average Sold Price per Square Footage is a great indicator for the direction
of property values. Since Median Sold Price and Average Sold Price can be
impacted by the ‘mix’ of high or low end properties in the market, the Average
Sold Price per Square Footage is a more normalized indicator on the direction of
property values. The December 2019 Average Sold Price per Square Footage of
$139 was down 4.8% from $146 last month and up 0.7% from $138 in December
of last year.

DOM or Days on Market for New Orleans

The average Days on Market (DOM) shows how many days the average
property is on the market before it sells. An upward trend in DOM trends to
indicate a move towards more of a Buyer’s market, a downward trend indicates a
move towards more of a Seller’s market. The DOM for December 2019 was 58,
up 7.4% from 54 days last month and down 7.9% from 63 days in December of
last year.

List to Sell Price in NOLA

The Sold Price vs. Original List Price reveals the average amount that sellers are
agreeing to come down from their original list price. The lower the ratio is below
100% the more of a Buyer’s market exists, a ratio at or above 100% indicates
more of a Seller’s market. This month Sold Price vs. Original List Price of 94% is
the same as last month and up from 1.1% % in December of last year.

The Average Price of a Home for Sale

The Average For Sale Price in December was $375,000, up 3.9% from $361,000
in December of 2018 and down 0.5% from $377,000 last month.

The Average Sold Price of Homes in the Greater New Orleans Market

The Average Sold Price in December was $264,000, up 0.4% from $263,000 in
December of 2018 and down 5.7% from $280,000 last month.

The Median Sold Price of Homes in Greater New Orleans

The Median Sold Price in December was $225,000, up 11.4% from $202,000 in
December of 2018 and up 1.8% from $221,000 last month.

Months of Inventory Based off of Closed Sales

The December 2019 Months of Inventory based on Closed Sales of 4.3 was
decreased by 17.4% compared to last year and down 4.4% compared to last
month. December 2019 is Neutral market.

Months of Inventory Based off of Pending Sales

The December 2019 Months of Inventory based on Pended Sales of 4.4 was
decreased by 25.2% compared to last year and down 4.4% compared to last
month. December 2019 is Neutral market.

Absorption Rate

Absorption Rate measures the inverse of Months of Inventory and represents
how much of the current active listings (as a percentage) are being absorbed
each month.

Absorption Rate Based off of Closed Sales

The December 2019 Absorption Rate based on Closed Sales of 23.3 was
increased by 20.7% compared to last year and up 5.4% compared to last month.

Absorption Rate Based off of Pending Sales

The December 2019 Absorption Rate based on Pended Sales of 22.9 was
increased by 36.2% compared to last year and up 5.1% compared to last month.

Disclaimers

All reports are published January 2020, based on data available at the end of December 2019, except for the today stats. All reports presented are based on data supplied by the  the New Orleans Metropolitan Association of Realtors and their MLS GSREIN.
Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by
the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

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