Listen to this articleThe New Orleans residential real estate market continues to tell a story of “good news, bad news” in 2025. Thus far in 2025, the good news has been that local sales prices are holding strong, but the bad news has been that closed sales and new listings have trailed last year’s numbers. Those trends remain in the latest May market report.
The New Orleans Metropolitan Association of Realtors® has published its monthly Local Market Update for the 10-parish metro area – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington.
In May, the average home sales price in New Orleans Metro was $368,907, up 2.5% year-over-year. There were 1,138 closed sales in May, down 6.9% YoY. The number of new listings was also down 9.3%YoY with 2,053 new listings in May. Homes are taking more than two months to sell with the days on market average at 65 DOM in May, up 8.3% YoY.
The average sales prices in Orleans Parish and Jefferson Parish increased in May, while St. Tammany Parish‘s average sales prices dropped a tick. Orleans Parish is creeping towards $500,000 with average sales prices climbing to $497,482, up 5.1% YoY. Jefferson Parish average sales prices increased 4.8% YoY, sitting at $347,529 in May. A home in St. Tammany Parish sells for an average of $363,440, down 1.2% YoY.
St. Tammany Parish did see an increase in closed sales in May with 332 transactions, which was up 1.2% YoY. But the number of closed sales dropped in Orleans and Jefferson parishes. Orleans Parish had 262 closed sales in May, which is down 13.5% YoY, and there were 307 closed sales in Jefferson Parish, down 8.9% YoY.
The number of new listings were down in May across all major New Orleans parishes. Orleans Parish had 580 new listings in May, down 18.2% YoY. St. Tammany Parish had 560 new listings in May, which is down 9.7% YoY, and Jefferson Parish had 533 new listings in May, which is down 1.8% YoY. Orleans Parish has the highest days on market among the major parishes with homes averaging 72 DOM in May, up 9.1% YoY. A home in Jefferson Parish takes an average of 60 days to sell, while it takes an average of 61 days to sell in St. Tammany Parish.
The 30-year fixed rate mortgage remains below the 7% threshold for the 21st consecutive week with a 30-year fixed-rate mortgage at currently 6.85%, while the 15-year fixed-rate mortgage stands at 5.99%, according to Freddie Mac.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
