Average sales prices for homes in the New Orleans Metro area continue to climb, but homes are lasting longer on the market, and the number of closed sales remain down, according to the March 2024 statistics published by New Orleans Metropolitan Association of Realtors (NOMAR) 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.
The average sales price for a home in New Orleans Metro was recorded at $341,834, up 9.7% year-over-year, and the average sales price also increased across all four major parishes.
Orleans Parish jumped 5.7% Y-o-Y, up to $430,321 in March; Jefferson Parish’s increase was double digits, up 12.2% Y-o-Y, up to $316,238 in March; St. Tammany also experienced a double-digit increase, increasing 12.7% Y-o-Y to $371,685 in March; and St. Charles Parish jumped 5.3% Y-o-Y to $311,781 in March.
The number of closed sales remain down in New Orleans Metro and across all major parishes. New Orleans Metro had 966 closed sales in March 2024, down 12.1% Y-o-Y, and closed sales are down 11.9% through the first three months of 2024 with 2,383 this year, compared to 2,704 through the first three months of 2023.
There were 215 closed sales recorded in Orleans Parish in March, down 10.8% Y-o-Y. Jefferson Parish is down 6.2% Y-o-Y with 274 closed sales reported in March. St. Tammany Parish is down 15.5% after reporting 257 closed sales in March, and St. Charles Parish had 29 closed sales in March, which is down 25.6% Y-o-Y.
Days on Market is up across the board. In New Orleans Metro, homes spent an average DOM of 65 in March, up 20.4% Y-o-Y. St. Tammany Parish and St. Charles Parish showed the biggest DOM increases in March. In St. Charles, homes spent an average of 75 DOM, up 92.3% Y-o-Y, while in St. Tammany Parish, homes were on the market an average of 67 days in March 2024, up 59.5% Y-o-Y. Orleans Parish and Jefferson Parish only saw slight DOM increases. Orleans Parish homes had an average of 69 DOM in March, up 3% Y-o-Y, while Jefferson Parish homes had an average of 54 DOM in March, up 1.9% Y-o-Y.
