The following Orleans and Jefferson Parish multifamily market data is taken from our local MLS and primarily consist of market stats for two to four unit multifamily properties. Since mid-2022 the multifamily market has faced challenges from rising interest rates coupled with property insurance increases. As the following stats show, these challenges have negatively impacted both transaction volume and property valuations. However, as you’ll see below, the Jefferson Parish multifamily market has held up better than the Orleans Parish multifamily market.
The number of multifamily properties listed for sale on the MLS in Orleans Parish is up 21.1% from the same twelve month period one year ago (August of 2022 to July 2023 versus August of 2023 to July of 2024) and the number of sales is down 10.6%.
Relative to the same period two years ago, the number of multifamily properties listed for sale on MLS in Orleans Parish is up 106% and the number of sales is down 35%.
The number of Jefferson Parish multifamily properties listed for sale in the MLS is up 77.3% relative to the same twelve month period one year ago (August to July 2022-23 versus August to July 2023-2024) and the number of multifamily properties that have sold is up 8.4%. Relative to the July to August period two years ago, the number of Jefferson Parish multifamily properties listed for sale in the MLS is up 178.6% and the number of properties that have sold is down 20.4%.
The average sold price per square foot for Orleans Parish multifamily properties is down 5% from the same twelve month period one year ago – from $159 per square foot to $151 per square foot. Relative to the same July to August twelve month period two years ago, the average sold price per square foot for multifamily in Orleans Parish is down 12.8%.
The average sold price per square foot for multifamily properties in Jefferson Parish is down 4.4% relative to the same August to July period one year ago – from $115 per square foot in 2022-2023 to $110 per square foot in 2023-2024. Relative to the same period two years ago, the average sold price per square foot for multifamily properties in Jefferson Parish is up 3.8%.
Average days on market for multifamily properties in Orleans Parish are up 47.6% from the same August to July 12 months period one year ago – from an average of 62 days on market in the August to July 2023-24 period versus 42 days during the same period in 2022-23. Relative to the same twelve month period two years ago, the average days on market are up 63.2%.
The sold price relative to the original list price differential for multifamily in Orleans Parish is down 3.2% from the same twelve month period one year ago – multifamily properties in the last year have sold for an average of 90% of their original list price versus 93% of their original list price in the prior twelve month period. Relative to the same twelve month period two years ago, the sold price relative to the original list price is down 5.3%.
Average days on market for multifamily properties in Jefferson Parish are up 36.7% from the same twelve month period one year ago – from 30 days to 41 days. Relative to the same August to July twelve month period two years ago, average days on market are up 105%.
Multifamily properties in Jefferson Parish have sold for an average of 90% of their original list price in the last twelve months – a 3.2% decrease from the same period twelve months prior when Jefferson Parish multifamily properties were selling for an average of 93% of their original list price. Relative to the same August to July twelve month period two years ago, the Jefferson Parish multifamily sale price versus original list price differential has fallen 6.2%.
The average sold price for multifamily properties in Orleans Parish is down 5.7% from the same twelve month period one year ago (from an average sold price of $389,000 in 2022-23 to an average sold price of $367,000 in 2023-24 ) and down 14.3% from the same twelve month period two years ago.
The average sold price for multifamily properties in Jefferson Parish is up 15.4% relative to the same period twelve months prior – from an average sold price of $312,000 in 2022-23 to $360,000 in 2023-24. And the average sold price for Jefferson Parish multifamily properties is up 16.5% relative to the same twelve month period two years prior.
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. Months of inventory for multifamily properties in Orleans Parish have increased 36.3% relative to the same August to July twelve month period one year ago – from 8.5 months in 2022-23 to 11.6 months in 2023-24. Relative to the same twelve month period two years ago, months of inventory have increased 219.5%.
There has been a 62.9% increase in months of inventory for multifamily properties in Jefferson Parish relative to the same August to July period twelve months ago – from 3.2 months of inventory in the twelve months prior to 5.2 months in the last twelve months. And there has been a 248.9% increase in the months of supply from the same twelve month period two years ago.
That’s it for mid-year 2024 Orleans and Jefferson Parish multifamily market stats. I’ll prepare an end of year update in early 2025.
