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Common house gross sales costs within the New Orleans metro space elevated 6% year-over-year (YoY) in February, in response to the New Orleans Metropolitan Affiliation of REALTORS® Native Market Replace. The month-to-month report, printed at the moment, exhibits that New Orleans metro houses are promoting for a median worth of $352,075.

NOMAR publishes statistics for the 10-parish metro space – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington.

All main parishes throughout New Orleans metro confirmed common gross sales worth will increase in February.

Orleans Parish elevated 4.5% YoY, checking in at a median house gross sales worth of $468,373. Jefferson Parish elevated 4.2% YoY with a median house gross sales worth of $307,171, whereas St. Tammany Parish elevated 2.8% YoY with a median gross sales worth of $368,501. St. Charles Parish had the best proportion enhance in February with its common house gross sales worth growing 14.3% YoY, as much as $318,744.

Mortgage charges proceed to fall from final 12 months because the 30-year fixed-rate mortgage is at present 6.63%, whereas the 15-year fixed-rate mortgage stands at 5.79%, in response to Freddie Mac.

Closed Gross sales Up; New Listings Down in February

The variety of closed gross sales noticed a slight uptick with 781 houses promoting in in February within the New Orleans metro, which was up 3.3% YoY.

Realtors in Orleans Parish had a stable February as closed gross sales jumped 20.4% YoY with 189 houses offered in February. St. Tammany Parish and St. Charles Parish additionally noticed double-digit proportion will increase. There have been 228 closed gross sales in St. Tammany Parish in February, which was up 17.5% YoY, whereas St. Charles Parish had 22 closed gross sales, up 46.7% YoY. Jefferson Parish had a lower in closed gross sales, reporting 203 closed gross sales in February, down 7.7% YoY.

The variety of new listings fell 12% YoY in February with 1,502 listings within the New Orleans metro. St. Charles Parish was the one main parish to indicate a rise in new listings, bettering 6.5% YoY. The variety of new listings in Orleans Parish was down 21.4% in February with 431 new listings, in comparison with 548 in February 2024. Jefferson Parish had 393 new listings, down 7.3% YoY, whereas St. Tammany Parish had 400 new listings in February, down 2.4% YoY.

The variety of days on market stays excessive throughout the New Orleans metro as houses sat for a median of 75 DOM in February, up 4.2% YoY. St. Charles Parish skilled its first journey to over 100 DOM, growing 117% YoY from 47 DOM on the identical time final 12 months. Jefferson Parish was the one main parish to see a decline in DOM with a median of 66 in February, down 1.5% YoY.