Dear Friends, I’m a bit late to the mid-year market update this go around, so let’s call it a year to date market update. What follows is, as usual, a look at market stats for single-family homes in Orleans Parish and then a deep dive into single-family stats in Uptown and Bywater as well as condo stats for the French Quarter and Warehouse-CBD. If I skipped anything you’d like information on, feel free to reach out and I’ll send the data your way.
Orleans Parish
The median sales price for a single-family home in Orleans Parish stood at $357,000 in July of 2024. This is a 2.4% increase over the median sales price of $348,500 in July of 2023 and a 4% decrease in the median sales price from July of 2022, when the median sales price was $372,500.
One thousand three hundred and six single-family homes have sold in Orleans Parish year to date in 2024. This is a 6.4% reduction from the year to date sales numbers in 2023 when one thousand three hundred and ninety-six homes sold year to date and a 33% reduction from the year to date numbers in 2022 when one thousand nine hundred and fifty-seven homes sold.
Single-family homes in Orleans Parish are staying on the market for an average of sixty-six days year to date in 2024, which is an 11.9% increase from 2023 when homes were on the market for an average of fifty-nine days and an 88% increase from 2022 when homes were on the market for an average of thirty-five days.
Months of supply measures how long it would take to sell through all homes on the market at the current pace of sales. A seller’s market is present when there is less than three months of supply, between three and six months of supply is considered a neutral market and more than six months of supply is considered a buyer’s market. There is presently an 8.5 months supply of homes for sales in Orleans Parish, which is a 41% increase from 2023 when there was a six months supply of homes for sale and a 215% increase from 2022 when there was a 2.7 months of supply of homes for sale.
Homes in Orleans Parish have sold on average for 95.9% of their last list price year to date in 2024 versus 96.3% of their last list price in 2023 and 98.8% of their last list price in 2022.
The average sold price per square foot for single-family homes in Orleans Parish was $213 in July of 2024, a 0.5% increase from 2023 in sold price per square foot, and a 5.75% reduction from the average sold price per square foot year to date in 2022, which was $226.
French Quarter
The median sales price of a French Quarter condo year to date in 2024 is $333,500, which is a 4.7% reduction in sale price from 2023 when the median sales price was $350,000. The median sales price for French Quarter condos year to date in 2022 was $349,500.
Thirty-eight French Quarter condos have sold year to date in 2024 versus fifty-four year to date in 2023, a 29.6% reduction year over year. Sixty-eight French Quarter condos sold during the same period in 2022, which represents a 44% reduction in year to date sales from two years ago.
Year to date in 2024, French Quarter condos have been on the market for an average of eighty-two days versus ninety-two days in 2023 and one hundred and twelve days in 2022.
Year to date in 2024 there is an 18.8 months supply of condos for sale in the French Quarter, which is a 91.8% increase from 2023 when there was a 9.8 months supply of condos for sale and a 203% increase from 2022 when there was a 6.2 months supply of condos for sale.
Condos in the French Quarter are selling for an average of 94.2% of their last list price in 2024 versus 96.6% of their last list price in 2023 and 95.9% of their last list price in 2022.
Condos in the French Quarter are selling for an average of $483 a square foot year to date in 2024. The average sold price per square foot is down 4.2% from 2023 when it was $504. And the average sold price per square foot year to date in 2022 was $503.
Warehouse and CBD Condos
The median sales price for condos in the Warehouse District and CBD was $420,000 year to date in 2024, a 20.9% increase from 2023 when the median sales price was $347,474 and a 1.82% increase from 2022 when the median sales price was $412,500.
Fifty-three condos condos have sold year to date in the Warehouse District and CBD, a 50.5% reduction in sales relative to 2023 when 107 condos were sold. 105 condos sold year to date in 2022.
Warehouse District and CBD condos have been on the market for an average of eighty-nine days year to date in 2024 versus thirty-three days on average in 2023 and ninety-eight days on average in 2022.
There is a 13.5 months supply of condos for sales in the Warehouse District and CBD year to date in 2024, a 73.1% increase from 2023 when there was a 7.8 months supply of condos for sale and a 214% increase from 2022 when there was a 4.3 months supply of condos for sale.
Condos in the Warehouse District and CBD have sold for an average of 96% of their last list price in 2024 versus 98.2% of their last list price in 2023 and 96.8% of their last list price in 2022.
Warehouse District and CBD condos have sold for an average of $402 a square foot in 2024, a 14.1% decrease from 2023 when Warehouse and CBD condos sold for an average of $468 a square foot.
Uptown Single-Family
The median sales price for an Uptown single-family home was $709,000 year to date in 2024. This is an 8.4% increase from 2023 when the median sales price was $654,000. The 2024 median sales price is still 2.8% below the 2022 median sales price of $730,000.
Two hundred and ninety single-family homes have sold in Uptown year to date in 2024, which is a 5.8% increase from 2023 when two hundred and seventy-four single-family homes sold and a 25% decrease from 2022 when three hundred eight-nine homes sold.
Uptown homes have been on market for an average of fifty-six days in 2024 versus forty-eight days in 2023 and twenty-nine days in 2022.
Year to date in 2024 there is a 6.1 months supply of homes for sale in Uptown, a 29.8% increase from 2023 when there was a 4.7 months supply of homes for sale and a 177% increase from 2022 when there was a 2.2 months supply of homes for sale.
Homes in Uptown have sold for an average of $330 a square foot year to date in 2024, a 0.6% reduction from 2023 when homes sold for an average of $332 a foot and a 5.4% reduction from 2022 when Uptown homes sold for an average of $349 a square foot.
Marigny-Bywater Single-Family
The median sales price for homes in the Marigny-Bywater was $525,000 year to date in 2024. This is a 15.3% reduction from 2023 when the median sales price was $620,000 and a 4.5% reduction from 2022 when the median sales price was $550,000.
Thirty-seven homes have sold in Marigny-Bywater year to date in 2024, a 14% decrease from 2023 when forty-three homes sold and a 24.5% decrease from 2022 when forty-nine homes sold.
Homes in Marigny-Bywater were on the market for an average of sixty-one days year to date in 2024 versus fifty days in 2021 and forty-six days in 2022.
There is a 10.9 months supply of homes for sale in Marigny-Bywater year to date in 2024 versus a 4.4 months supply of homes for sale year to date in 2023 – a 147.7% year over year increase – and a 3.1 months supply of homes for sale year to date in 2022 – a 251% increase from two years ago.
Homes in Marigny-Bywater have sold for an average of 94.3% of their last list price year to date in 2024 versus 95.9% of their last list price year to date in 2023 and 98% of their last list price in 2022.
Homes in Marigny-Bywater sold for an average of $287 a square foot year to date in 2024 versus $332 a square foot in 2023, a 13.6% decrease year over year. Homes in Marigny-Bywater sold for an average of $325 a square foot in 2022.
If you have questions about local market conditions, or would like information on any areas I didn’t cover, you can contact me by email, or by phone at 504-407-9012. And please keep me in mind if you or anyone you know needs assistance with real estate in metro New Orleans.
