Dear Readers, below I lay out the end of year data on the Orleans and Jefferson Parish multifamily markets. This data is pulled from MLS and is comprised mostly of small multifamily, i.e., duplexes, triplexes and four-plexes. I hope you find the information helpful. Please contact me with any comments or questions.
In Orleans Parish, there was a 33.5% reduction in multifamily sales in 2023 relative to 2022. 736 multifamily properties were sold in Orleans Parish in 2023 versus 1107 multifamily properties that sold in Orleans Parish in 2022. In Jefferson Parish there was a 34.1% reduction in multifamily sales in 2023 relative to 2022. 149 multifamily properties sold in Jefferson Parish in 2023 versus 226 multifamily sales in Jefferson Parish in 2022.
Multifamily properties in Orleans Parish sold for an average of $154 per square foot in 2023 versus $169 per square foot in 2022, which represents an 8.9% reduction in the average sold price per square foot year-over-year. However, the $154 a foot average in 2023 is still 15% above the average sold price per square foot for Orleans multifamily in 2019, which was $134 a foot. Multifamily properties in Jefferson Parish sold for an average of $114 per square foot in 2023 versus $111 per square foot in 2022, which represents a 2.7% increase in the average sold price per square foot year-over-year. Finally, the 2023 average sold price per square foot of $114 in Jefferson Parish is 21.4% above the 2019 average sold price per square foot of $94.
Multifamily properties in Orleans Parish were on the market for an average of fifty-three days in 2023 versus thirty-seven days in 2022, a 43% increase in days on market. Multifamily properties in Jefferson Parish were on the market for an average of twenty-nine days in 2023 versus twenty-five days in 2022, a 16% increase in days on market. In 2023 in Orleans Parish multifamily properties were selling for an average of 91% of their list price versus 94% of list price in 2022. In 2023 in Jefferson Parish multifamily properties were selling for an average of 92% of their list price versus 95% of their list price in 2022.
The 2023 median sales price of $330,000 for multifamily in Orleans Parish is 9.6% below the $365,000 median sales price for multifamily in 2022. The 2023 average sales price of $373,000 for multifamily in Orleans Parish is 11.4% below the 2022 average sales price of $421,000. The 2023 median sales price of $330,000 for Orleans Parish multifamily is 20% above the 2019 median sales price of $275,000. And the 2023 average sales price for Orleans Parish of $373,000 multifamily is 16.2% above the 2019 average of $321,000.
The 2023 median sales price of $300,000 for multifamily in Jefferson Parish 8.3% above the 2022 median sales price of $277,000. The 2023 average sale price for Jefferson Parish multifamily of $357,000 is 14.8% above the 2022 average sale price of $311,000. The 2023 median sales price for Jefferson Parish multifamily is 31% above the 2019 median sales price of $229,000. And the 2023 average sales price for Jefferson Parish multifamily is 32.7% above the 2019 average of $263,000.
Months of inventory measures how long it would take to sell through all inventory on the market at the current pace of sales. A seller’s market is present when there is less than three months of inventory, between three and six months of inventory is considered a neutral market and more than six months of inventory is considered a buyer’s market. There has been a 127.8% increase in months of multifamily inventory in Orleans Parish in 2023 versus 2022. In 2023, there was 8.9 months of inventory versus 3.9 months of inventory in 2022. There was a 354% increase in multifamily inventory in Jefferson Parish in 2023 versus 2022. In 2023 there was 6 months of inventory versus 1.3 months of inventory in 2022.
Well that’s it for multifamily market stats in 2023. Please be on the lookout for more multifamily market updates from me.