Listen to this articleAverage home sales prices in the New Orleans metro area increased 6% year-over-year (YoY) in February, according to the New Orleans Metropolitan Association of REALTORS® Local Market Update. The monthly report, published today, shows that New Orleans metro homes are selling for an average price of $352,075.
NOMAR publishes statistics for the 10-parish metro area – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington.
All major parishes across New Orleans metro showed average sales price increases in February.
Orleans Parish increased 4.5% YoY, checking in at an average home sales price of $468,373. Jefferson Parish increased 4.2% YoY with an average home sales price of $307,171, while St. Tammany Parish increased 2.8% YoY with an average sales price of $368,501. St. Charles Parish had the highest percentage increase in February with its average home sales price increasing 14.3% YoY, up to $318,744.
Mortgage rates continue to fall from last year as the 30-year fixed-rate mortgage is currently 6.63%, while the 15-year fixed-rate mortgage stands at 5.79%, according to Freddie Mac.
Closed Sales Up; New Listings Down in February
The number of closed sales saw a slight uptick with 781 homes selling in in February in the New Orleans metro, which was up 3.3% YoY.
Realtors in Orleans Parish had a solid February as closed sales jumped 20.4% YoY with 189 homes sold in February. St. Tammany Parish and St. Charles Parish also saw double-digit percentage increases. There were 228 closed sales in St. Tammany Parish in February, which was up 17.5% YoY, while St. Charles Parish had 22 closed sales, up 46.7% YoY. Jefferson Parish had a decrease in closed sales, reporting 203 closed sales in February, down 7.7% YoY.
The number of new listings fell 12% YoY in February with 1,502 listings in the New Orleans metro. St. Charles Parish was the only major parish to show an increase in new listings, improving 6.5% YoY. The number of new listings in Orleans Parish was down 21.4% in February with 431 new listings, compared to 548 in February 2024. Jefferson Parish had 393 new listings, down 7.3% YoY, while St. Tammany Parish had 400 new listings in February, down 2.4% YoY.
The number of days on market remains high across the New Orleans metro as homes sat for an average of 75 DOM in February, up 4.2% YoY. St. Charles Parish experienced its first trip to over 100 DOM, increasing 117% YoY from 47 DOM at the same time last year. Jefferson Parish was the only major parish to see a decline in DOM with an average of 66 in February, down 1.5% YoY.
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