NEW ORLEANS (May 9, 2024) – Home prices in New Orleans rose in the first quarter of 2024 as the 30-year fixed mortgage rate ranged from 6.60% to 6.94%, according to the National Association of Realtors®’ latest quarterly report. Compared to one year ago, the median single-family existing-home price in New Orleans climbed by 4.7% to $277,700.
“After a soft patch this winter, year-over-year sales prices in the ten-parish New Orleans region increased by 0.6% in March and 2.5% in April,” said Dr. Gary Wagner, Eminent Scholar Endowed Chair in Economics at the University of Louisiana at Lafayette. “I would expect summer prices to be between 2% and 5% higher than last summer. Inventory levels have also continued to grow. This means buyers will have more options than they have had for the past three or four years.”
“Addressing affordability remains a priority, particularly as we help consumers contend with the escalating insurance environment,” said Craig Mirambell, President of the New Orleans Metropolitan Association of Realtors® and broker/owner. “We’re committed to advocating for solutions that will help expand access to homeownership.”
National Overview
Nationally, more than 90% of metro markets (205 out of 221, or 93%) posted home price gains in the first quarter of 2024. Thirty percent of the tracked metro areas (63 of 221) experienced double-digit price increases over the same period, up from 15% in the fourth quarter of 2023. Seven percent of markets (15 of 221) experienced home price declines in the first quarter, down from 14% in the previous quarter. The national median single-family existing-home price climbed 5% from one year ago to $389,400.
“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” said NAR Chief Economist Lawrence Yun. “In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.”
Among the major U.S. regions, home prices swelled year-over-year 11% in the Northeast, 7.4% in the Midwest, 7.3% in the West, and 3.3% the South.
About New Orleans Metropolitan Association of Realtors®
New Orleans Metropolitan Association of Realtors® is a professional trade association serving a diverse cross-section of members throughout the ten-parish region. Through advocacy, empowerment, and education, we’re building a greater New Orleans. Learn more at nomar.org.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
Data for the ten parish NOMAR service area is available at https://gsrein-public.stats.showingtime.com/reports.
Data tables for MSA home prices (single-family and condo) are posted at https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability. If insufficient data is reported for an MSA in a particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of Realtors®.
NOTE: NAR releases quarterly median single-family price data for approximately 220 Metropolitan Statistical Areas (MSAs). In some cases, the MSA prices may not coincide with data released by state and local Realtor® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, Realtors® are advised that for business purposes, local data from their association may be more relevant.