If you’re shopping at $700,000 in the greater New Orleans metro right now, the first decision isn’t which house to buy. It’s which side of the lake.

Same budget. Completely different trade-offs. Orleans Parish gives you walkability, historic character, and neighborhood density. St. Tammany gives you newer construction, more square footage per dollar, lower flood risk in most areas, and room to breathe. But you’re trading urban energy for suburban convenience.

The numbers make the gap concrete. Median close price per square foot in Orleans Parish at this price band is $306.63. On the Northshore it’s $211.94. At $700,000 that difference translates to roughly 1,000 additional square feet.

Here’s what the market actually looks like on both sides right now.

The Market Snapshot

I pulled data on both markets from the MLS this week. Orleans Parish data covers single-family homes between $700K and $760K. St. Tammany data covers the same price band. Closed sales reflect the past 90 days.

Orleans Parish

St. Tammany Parish

So what do these houses look like?

Orleans Parish

1499 Prentiss Ave | Oak Park | $700,000
4 bed / 3.5 bath | 3,010 sqft (Courtesy: Crescent Sotheby’s International)

Most square footage in this post at $232/sqft, well below the market median of $306. Built 2017, raised foundation, corner lot behind a full iron fence with an automatic gate. Two-car carport, outdoor living setup with mounted TV and surround sound, new HVAC and flooring. An adjoining 59x120 lot is available separately. 28 days on market.

6 Rue Le Ville St | West Lakeview | $745,000
3 bed / 3 bath | 2,310 sqft (Courtesy: Snap Realty)

Private gated street minutes from the Lakefront. French Provincial build from 2004 with extensive renovations in the last decade. Garage plus additional off-street parking, whole-home generator, sunroom, gourmet kitchen. HOA in place. 6 days on market.

514 Second St | Irish Channel | $749,000
3 bed / 2.5 bath | 2,056 sqft (Courtesy: Reve Realtors)

Smallest square footage here at $364/sqft but the location and construction tell you why. Built 2020, raised foundation, X flood zone, antique pine floors, covered porches and balconies, colonial hurricane shutters. 3 days on market.

St. Tammany Parish — What $700K–$749K Looks Like

98 Zinnia Dr | Flower Estates North, Covington | $711,000
4 bed / 3 bath | 2,685 sqft (Courtesy: United Real Estate Partners)

Waterfront on Flower Bayou on over an acre. Covered boat slip with hoist, inground pool, workshop, double carport. Louisiana cottage built 1991, raised foundation, plantation shutters, gas fireplace, sunroom. Boat and RV parking permitted. $35/year HOA. 10 days on market.

6412 Copper Valley | Copper Ridge, Mandeville | $749,900
4 bed / 3 bath | 3,073 sqft (Courtesy: Keller Williams Realty New Orleans)

2024 new construction. Chef’s kitchen with butler’s pantry and wine storage, outdoor kitchen, upstairs game room, dedicated office. Originally listed at $795,000. No HOA. 56 days on market.

2319 Sunset Blvd | Lakeshore Estates, Slidell | $749,000
3 bed / 2.5 bath | 2,505 sqft (Courtesy: Compass Slidell)

Waterfront in a gated community. Saltwater pool with waterfall, two outdoor bars, travertine decking, boat dock with 8,500 lb lift, 22KW whole-home generator. Originally listed at $725,000, now at $749,000. $1,500/year HOA. 38 days on market.

So What Does It Actually Cost?

Mortgage math courtesy of Cameron Budzius at The Mortgage Krewe. Rates sourced from Mortgage News Daily. As of June 25, 2026, the 30-year fixed sits at 6.53%. At this price point you are above the FHA loan limit in both Orleans and St. Tammany Parish. Conventional financing only.

Example: 514 Second St, Irish Channel ($749,000)

Scenario 1 — 10% Down Conventional

Down Payment: $74,900

Loan Amount: $674,100

Interest Rate: 6.53% | 30-Year Fixed

P&I: $4,274

Homeowners Insurance: $625*

Property Taxes (with Homestead Exemption): ~$95

Mortgage Insurance (PMI): $281

Total Monthly Payment: $5,275

Estimated Cash to Close: ~$89,900

Scenario 2 — 20% Down Conventional

Down Payment: $149,800

Loan Amount: $599,200

Interest Rate: 6.53% | 30-Year Fixed

P&I: $3,799

Homeowners Insurance: $625*

Property Taxes (with Homestead Exemption): ~$95

Mortgage Insurance: None

Total Monthly Payment: $4,519

Estimated Cash to Close: ~$164,800

The 20% down scenario saves you $756/month and eliminates PMI entirely. Whether keeping $75,000 liquid is worth that monthly savings is a different answer for everyone.

*Homeowners insurance estimate provided by Riverlands Insurance. For a home in this price range, expect a ballpark of $625/month ($7,500/year) in either parish. This varies significantly based on the specific property, roof age, construction type, flood zone, and carrier availability. Get a real quote before you finalize your numbers.

The Real Trade-Off

Orleans Parish at $700K puts you in established neighborhoods with walkable infrastructure and character homes that are genuinely hard to replicate. The Irish Channel listing at $364/sqft is paying for a 2020 build in X flood zone two blocks from Magazine Street. That price per foot reflects real demand, not inflated expectations.

St. Tammany at $700K puts you in more space with more land and in most cases better flood risk. The Covington waterfront on over an acre with a boat slip at $264/sqft is a different category of property than anything available in Orleans Parish at the same number.

The question is not which market is better. It is which trade-off fits your life.

If you want to talk through how the numbers line up for your specific situation, reply to this email or call Philip Ewbank directly at 504.335.7481.

Two things to fill in before publishing: brokerage names on Rue Le Ville and 514 Second St, and verify the cash-to-close figures with Cameron. Everything else is ready.

Here is what three of those active listings look like.

Three cities, three different setups at the same price. Zinnia gives you Covington waterfront on over an acre. Copper Valley gives you new construction in Mandeville. Sunset Blvd gives you a resort setup in a gated Slidell community with serious boating infrastructure.

THE MORTGAGE MATH | 6412 Copper Valley ($749,900) used as the example

Mortgage math courtesy of Cameron Budzius at The Mortgage Krewe

Note: At this price point you are above the St. Tammany Parish FHA loan limit. Conventional financing only.

Scenario 1 | 10% Down Conventional

Down Payment: $75,000

Loan Amount: $675,000

Interest Rate: 6.53% | 30-Year Fixed

Monthly Payment Breakdown:

P&I: $4,279

Homeowners Insurance: $625*

Property Taxes (with Homestead Exemption): ~$95

Mortgage Insurance (PMI): $281

Total Monthly Payment: $5,280

Estimated Cash to Close: ~$90,000

Scenario 2 | 20% Down Conventional

Down Payment: $150,000

Loan Amount: $600,000

Interest Rate: 6.53% | 30-Year Fixed

Monthly Payment Breakdown:

P&I: $3,800

Homeowners Insurance: $625*

Property Taxes (with Homestead Exemption): ~$95

Mortgage Insurance: None

Total Monthly Payment: $4,520

Estimated Cash to Close: ~$165,000

The 20% down scenario saves you $760/month and eliminates PMI. Whether keeping $75,000 liquid is worth $760/month in carrying cost is a different answer for everyone.

*Homeowners insurance estimate provided by Riverlands Insurance. Expect a ballpark of $625/month ($7,500/year) for a home in this price range in St. Tammany Parish. This varies based on property specifics, roof age, flood zone, and carrier. Get a real quote before you finalize your numbers.

New Orleans summers are brutal on HVAC systems. Most manufacturers recommend a minimum of one service visit per year. There is nothing quite like the feeling of your AC going out and one of the best ways to prevent that is my scheduling a maintenance check.

What a basic annual service should include:

• Check and clean evaporator and condenser coils

• Inspect refrigerant levels and recharge if low

• Check electrical connections and controls

• Test thermostat calibration

• Inspect ductwork for leaks

A system running low on refrigerant works harder, costs more to run, and fails sooner. A dirty coil does the same. Neither problem announces itself until you’re sweating through a July weekend waiting on a service call.

Three companies I send my cliets to:

Ronald Welty Heating and Air
(Serving both shores since 1968.)
Northshore: 985-882-2665 | South Shore: 504-837-1905

Burkhardt Air Conditioning, Heating, Electrical and Generators
(Northshore and Greater New Orleans since 1990.)
985-626-7741

Air It Up Air Conditioning and Heating
(Greater New Orleans since 2000.)
504-915-9747

If you bought a home in the last year and haven’t had the system inspected since closing, that’s the one thing worth doing before August.

Remember! Each month be sure to change out your filters!

New Orleans is on pace to record fewer than 100 murders this year.

Four years ago this city was averaging 220.

I recently attended a private event here in New Orleans where Commander Rodney Hyatt of Troop NOLA, Louisiana State Police, spoke candidly about crime in this city. What he shared was worth putting on paper for anyone making a decision about New Orleans, whether that is buying a home, selling one, or simply deciding whether to stay.

The numbers first. Homicides are down 74% since 2022. Carjackings have followed the same trajectory. These figures come from the Metropolitan Crime Commission, an independent body that tracks crime data separately from law enforcement agencies.

Commander Hyatt was direct about what drove the change. Three things stand out.

Targeted enforcement. Troop NOLA focuses on stolen vehicles and illegal firearms. Not expired plates. Not broad sweeps. Deployment follows the crime stats, and the stats tell them where to go.

A dedicated prosecution track. Anyone arrested by state troopers operating in New Orleans is prosecuted by the state attorney general’s office rather than the local DA. That freed up capacity and created a separate, faster moving track for these cases.

Structural coordination that has never existed here before. Troop NOLA is a permanent state police presence embedded in New Orleans for the first time in the city’s history. It operates alongside NOPD, the sheriff’s office, federal partners, and that dedicated prosecution track simultaneously. Commander Hyatt put it plainly: the coordination infrastructure is new. The results followed the infrastructure.

He also said something that stuck with me. High crime, in his words, has a drastic effect on real estate. He is right. Sustained crime reduction is one of the variables that moves real estate markets over time. Buyers who were watching this city from a distance start to lean in. Families who were on the fence about committing to a neighborhood start to plant roots. Investors who were sitting on the sidelines start to run numbers.

None of this means the city’s challenges are solved. Some neighborhoods still have a long way to go. The homeless situation remains unresolved. The infrastructure problems are real. A city rebuilding its public safety record after decades of damage does not turn the corner in two years.

But the direction is right. And in real estate, direction matters as much as destination.

If you have been watching New Orleans and waiting for a reason to feel more confident about its trajectory, the data is starting to give you one.

Questions? Reply to this email or call me at 504.335.7481.

🏠🏠🏠🏠🏠🏠🏠🏠
Philip Ewbank,
Realtor Keller Williams Realty New Orleans
8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

1 in 3 active condo listings in the French Quarter has been sitting for at least 6 months. In the CBD/Warehouse District it is 1 in 4. In Uptown it is 1 in 7.

I pulled the full Orleans Parish condo numbers from the MLS this week.

What I looked at:

• 90-day closed window (March 24 to June 22, 2026) and Active Listings

French Quarter

It’s no secret that FQ condos are in a deep Buyer’s Market. One in three active listings sitting 6 months or longer. The likely cause here is that a significant share of FQ buildings are unwarrantable. The cash buyers I work with are able to navigate the FQ condo market the easiest. Our FQ condo sellers know that a cash buyer is their ideal buyer.

CBD / Warehouse District

Also at 10 months of inventory, the CBD is a buyer’s market and looks almost identical to the FQ. The CBD moves faster and closes higher when it moves.

Uptown / Garden District

The healthiest sub-market in the data. Uptown condos are largely in buildings that qualify for conventional financing. Bigger buyer pool, faster absorption.

Other Condo Markets

Marigny / Bywater

Only 5 closings in 90 days. Median close $369,000, median $/sqft $243.08, median DOM 170 days. 43% of actives are stale. The pattern tracks with the rest of the city.

Lakefront

Also 5 closings. Median close $1,075,000, median $/sqft $377.48, median DOM 126 days. Its really its own market entirely.

The FQ and CBD are buyer’s markets on paper but financing is the hidden challenge. Know whether your target building is warrantable before you get attached to it. If it is not, you need cash or a lender with portfolio loan products. Uptown gives you more options on both counts.

If your unit has been sitting in the FQ or CBD, repricing may not be the answer. Your building’s financing profile could be the ceiling on your buyer pool. Worth understanding before you cut the price again.

The gap between active list price and close price in CBD/Warehouse is real. Properly priced, warrantable inventory is still moving. That negotiating room has not been there in a while.

If you own an older home in New Orleans, you’ve probably wondered whether FORTIFIED roof standards even apply to you. The answer is yes, and it’s worth understanding before the Louisiana Fortify Homes Program lottery closes June 19.

The Preservation Resource Center put out a solid explainer this week. Here’s what New Orleans homeowners specifically need to know:

Brick piers don’t disqualify you. Most raised New Orleans homes are eligible. The only foundation issue that can disqualify a home is dry-stack masonry, bricks stacked with no mortar. If your piers have mortar, even old lime mortar, you’re almost certainly fine.

The roof won’t look different. FORTIFIED standards focus on how the roof is installed, not appearance. Requirements are mostly hidden, sealed decks, fastening systems. Decorative elements like ridge tiles and finials can typically be preserved and reinstalled after the work is done.

Historic district homeowners need an extra approval step. FORTIFIED certification and historic district approval are two separate processes. If your home falls under the HDLC or VCC, you need their sign-off before work begins. Start that process early, especially with a June 19 deadline in view.

Original board decking needs assessment first. Many older New Orleans homes have wood board decking rather than plywood. Gaps over 1/8 inch require additional work before the project qualifies. Get a contractor to look at your decking before committing.

Lottery registration closes June 19 at 5pm. Register at ldi.la.gov/fortifyhomes. Full PRC explainer at prcno.org.

Questions? Reply to this email or call me at 504.335.7481.

🏠🏠🏠🏠🏠🏠🏠🏠
Philip Ewbank,
Realtor Keller Williams Realty New Orleans
8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

A lot of people renting in New Orleans right now are wondering if buying would actually be cheaper. Before you can answer that question you need to know what rents are actually doing.

This is what the last 30 days of MLS data shows across every rental category in Orleans Parish. These are median closed rents. What tenants actually signed leases for. Not asking prices.

June 2026 Snapshot

Total active inventory: 1,435 units. Total leased in the last 30 days: 453 units.

A few terms worth defining before we go deeper.

Absorption rate is the percentage of active inventory that leased in a given month. A higher number means units are moving faster relative to supply. DOM is days on market, how long a unit was listed before a tenant signed. Median means the middle value in the dataset. It is more reliable than average when a small number of high or low outliers could skew the number.

The Three Month Picture

One month of data tells you what happened. Three months tells you where things are going. Here is what April through June looks like across each segment.

Median Rent Trend

Median DOM Trend

Absorption Rate Trend

What Each Segment Is Actually Doing

Single Family

Single family homes are the most consistently absorbed rental category in this report. Forty percent of active inventory leased in 30 days at a median of $2,275. That number dipped to $2,100 in May and came right back in June. May looks like the outlier. The trend is holding.

The reason single family demand is so consistent is straightforward. Families do not want to share walls. That preference does not change regardless of what the broader market is doing. The supply side is equally simple — single family rentals in New Orleans are scarce because so many get converted or sold to owner occupants. When one hits the market at the right price it does not sit long.

Doubles and Duplexes

This is the most important segment in the Orleans Parish rental market and the three month data makes that case clearly. Median rent has been exactly $1,600 for three consecutive months. That is not a coincidence. That is a price floor. DOM has tightened every single month from 47 to 30 to 25 days. Absorption has held between 29 and 34 percent.

No other segment in this report has shown that level of consistency across all three metrics simultaneously. For anyone trying to understand what the New Orleans rental market is actually doing right now the doubles data is the most reliable signal available.

Condos

Condos are the one segment showing consistent downward pressure on rents. Three straight months of decline from $2,000 to $1,825 to $1,700. That is a $300 drop in 90 days.

The absorption rate tells a more nuanced story. May was unusually soft at 14% — one in seven active units leased that month. June recovered to 28%. Units are moving again but at lower rents than they were in the spring.

What this means practically is that condo landlords are making a choice right now. Hold at last year’s rents and sit longer. Or adjust to where the market actually is and lease faster. The data suggests the ones adjusting are winning.

For renters this is the best negotiating environment of any category in this report. For investors underwriting a condo purchase the rent trajectory over the last three months is the number to stress test your pro forma against. Not the April number. The June number.

Triplex and Fourplex Units

Small multifamily is the quietest story in this report. Rent has bounced between $1,463 and $1,525 over three months with no clear directional move. Absorption has held flat at 25 to 26 percent. Not exciting but not deteriorating either.

The most meaningful number in this segment is DOM. Down from 49 days in April to 35 days in June. That is a 14 day improvement in leasing velocity over 90 days. Units are not renting faster because demand surged. They are renting faster because landlords are pricing more realistically. That is a subtle but important distinction.

116 units leased in 30 days reflects steady underlying tenant demand in this category.

What This Means If You Are Thinking About Investing

The question most investors ask first is what can I expect to collect in rent. Here is the honest answer based on three months of closed lease data in Orleans Parish.

A single family rental at the right price point will likely lease around $2,275 median in roughly 30 days. A double will likely lease at $1,600 in about 25 days. A condo is harder to predict right now given the downward trend but $1,700 is where the market cleared in June. Small multifamily units are leasing around $1,500 in 35 days.

Those are medians. Your specific property will land somewhere in a range on either side of those numbers depending on condition, location, size, and how it is priced relative to active competition.

The more important question for investors is not what rent you can collect but what absorption rate and DOM tell you about vacancy risk. A segment absorbing at 34 percent with 25 day median DOM carries meaningfully different vacancy assumptions than one absorbing at 26 percent with 36 day DOM. That gap has a real dollar figure attached to it when you are building a pro forma.

Underwrite against the current numbers. Not what rents were doing six months ago.

Renting Versus Buying

This report covers rental data not sales data. But the two are connected in a way that is worth naming directly.

Every month that passes as a renter is a month of payments that build someone else’s equity. That is not a moral judgment. It is just math. For some people renting is the right decision right now based on their timeline, their finances, and what they are looking for. For others the math has shifted enough that buying deserves a serious look.

At $1,600 for a double and $2,275 for a single family home those numbers are worth comparing against what a mortgage payment might look like on a similar property. That calculation is different for everyone but it is a question more people in New Orleans should be asking right now.

Whether you are paying rent or a mortgage you are paying someone’s mortgage. The only question is whether it is yours or your landlord’s.

Questions in the comments. I read every one.

Philip Ewbank Realtor Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118 C: 504.335.7481 | O: 504.862.0100 philip.ewbank@kw.com Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

Tremé does not follow the script.

While the citywide doubles market sits at 8.8 months of inventory, firmly in buyer’s market territory, one neighborhood is running a completely different market inside it.

• Ten closed sales in thirty days.

• Twenty three days median DOM.

• Sub $300,000 median closed price.

By every measure that matters Tremé doubles are moving like a seller’s market in a city that has been telling buyers they have leverage for the better part of two years. That contradiction is worth understanding. And it is not the only one in this month’s data.

The Three Month Doubles Story

The headline number for June is 8.8 months of inventory. That sounds soft. But inventory has been essentially unchanged for three consecutive months, 474 to 475 active units, while something more interesting has been happening underneath it.

Median closed price has climbed $54,000 in three months. Median DOM has dropped from 43 to 31 days. Closed sales are holding steady in the low 50s every month.

The surface level story, buyer’s market, lots of inventory, buyers have leverage, is technically accurate at the citywide level. But the homes that are actually trading are trading faster and at higher prices every single month. The well-positioned doubles are being absorbed consistently while overpriced inventory sits and inflates the MOI number.

Triplexes: Signs of Life With a Caveat

The MOI swing from 21.0 in May to 4.4 in June looks dramatic. It is mostly a function of May’s three closed sales rather than a true market shift. Do not read too much into it.

What is consistent across all three months is more useful: DOM tightening from 38 to 25 days and median price holding in the $400K to $437K range. Investors who are finding the right deals are moving on them. The 61 active units sitting at a median of 66 days DOM tells you the gap between what sellers want and what buyers will pay is still wide. But the deals that get done are getting done faster.

Fourplexes — Still a Waiting Game

The two closed sales we had in May makes three month trending unreliable here. We’re reporting June as a standalone snapshot only.

The spread between median active price ($499,000) and median closed price ($272,500) is the most important number in this segment. That $226,500 gap tells you exactly where buyers are drawing the line. Sellers pricing at or above $499,000 are competing against motivated sellers willing to close at $272,500.

At 10.8 months of inventory fourplexes remain a deep buyer’s market. For investors with financing and patience this is the segment with the most room to negotiate. The challenge is that the deals worth doing are few and the ones that are not worth doing are plentiful.

Neighborhood Spotlight: Doubles

Gentilly, Mid-City, and Carrollton closed sales are thin this month: 2, 2, and 3 transactions respectively. Looking at Tremé with 10 closed sales we have the only neighborhood with enough volume to draw reliable conclusions.

Tremé

Last month’s Tremé deep dive showed a bifurcated market, correctly priced multifamily deals closing in 19 days while everything else sat at 102 days median DOM. The June data suggests that bifurcation is resolving. Ten closed sales in thirty days at 23 days median DOM is not a bifurcated market. That is broad-based demand.

Sub $300,000 median closed price with that velocity is the most interesting acquisition data point in this entire report. Tremé is where investor demand is concentrating right now and the price point still has room relative to comparable neighborhoods.

What This Means If You Are Buying, Selling, or Investing

Buyers: The citywide picture gives you room but it is not uniform. Tremé is not a buyer’s market for doubles right now regardless of what the parish-wide number says. Mid-City is. Know which market you are actually shopping in before you assume you have leverage.

Sellers: Three consecutive months of rising prices and tightening DOM on doubles is the most encouraging trend in this data for your side of the table. The market is moving in your direction even in a supply-heavy environment. The caveat is that the homes driving those numbers are well-positioned and correctly priced. Overpriced inventory is what is keeping the MOI number elevated. You are not competing against the market, you are competing against the sellers who priced correctly.

Investors: Tremé at sub $300,000 median with consistent sub-25-day DOM is the most actionable data point in this report. Underwrite conservatively on vacancy given broader rental softness across the parish, the June rental data shows Orleans Parish absorption rates between 14% and 32% depending on property type. The acquisition side of the equation in Tremé is more favorable than it has been in some time. Mid-City offers the most negotiating room if you have patience and a longer hold horizon.

What to Watch in the Second Half of 2026

The doubles market has been sending a consistent signal for three months, prices climbing, DOM tightening, inventory flat. The question heading into the second half of the year is whether that trend has legs or whether it stalls as we move past the summer leasing season.

Two things would confirm the trend is real: closed sales volume holding above 50 per month through August and median closed price crossing $375,000. Two things would signal a reversal: active inventory breaking above 500 units or DOM expanding back toward 40 days.

Neither outcome is predictable. But those are the numbers worth watching.

Every month I pull this data so you do not have to guess about what is actually happening in the New Orleans multifamily market.

Looking to sell your multifamily?
Let’s chat!

Leave a comment

Philip Ewbank Realtor Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118 C: 504.335.7481 | O: 504.862.0100 philip.ewbank@kw.com Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

The Full Market

Months of Inventory of 6.1 puts the overall market at right in the center of a balanced market. This is has changed little in the past few months. But that number may be masking the number’s deeper in the market.

The Breakdown by Price Tier

Month of Inventory guide: under 5.5 = seller’s market · 5.5-6.5 = balanced · above 6.5 = buyer’s market

What the data is actually saying

The entry-level market is struggling. Under $300K sits at 8.7 months of inventory with 659 active listings chasing 76 monthly closings. If you’re buying under $300K right now, you should feel like you can negotiate. If you’re selling, condition and pricing have to be right or you’re sitting.

The middle of the market is balanced. The $300K–$500K tier at 5.6 MOI is the most efficient band in the city, homes moving in 26 days at a median close of $361K. Neither side has a significant edge here. Honestly a great spot for everyone.

Above $500K, the market flips entirely. The $500K–$800K band closes in 18 days. The $800K–$1M band closes in 11 days. And the $1M+ segment, 3.7 MOI, is closing in a median of 9 days. New Orleans luxury is moving faster than entry-level right now..

What this means for you

Buyers under $300K: you have time and negotiating room — use it. Ask for concessions, don’t rush.

Buyers $300K–$500K: balanced market, move with purpose. Well-priced homes in good condition are moving in under a month.

Buyers $500K+: if you find the right home, move fast. This segment is competitive and the data backs that up.

Sellers under $300K: pricing discipline is everything. Overpriced homes at this tier are sitting.

Sellers $500K+: you’re in a strong position. Properly prepared and priced homes are finding buyers in days, not weeks.

What price range are you shopping or selling in right now? The market experience is very different depending on where you are.

If you’re trying to figure out what this means for your specific situation, whether to buy, sell, wait, or adjust your price, I’m happy to talk it through. No pitch, just the data applied to your circumstances.

Philip Ewbank Realtor, Keller Williams New Orleans 504.335.7481 philip.ewbank@kw.com

This week’s newsletter covers a lot of ground. We broke down the three VA benefits veterans and their families should be using right now. We took a deep dive into Tremé: every asset class, current data, no fluff. We compared 8 active listings across New Orleans and the Northshore at the same price point and the themes that emerged might surprise you. And the Deals of the Week are in, no guarantees they’re still available by the time you read this 😉.

Let’s get into it.

🏡 Active Buyer Needs: Know Someone Selling?

Most people don’t realize that some of the best real estate transactions in New Orleans never hit the MLS. They happen because someone knew someone. Below are ten active buyers I’m representing right now. If any of these sound like your property or someone you know, reach out! That’s how deals get done.

🔵 St. Charles Corridor | Condo, up to $200K

🔵 Algiers Point | Single Family 2 bedrooms +, up to $350K

🔵 Bywater | Double, up to $400K

🔵 Bucktown | Single Family, up to $450K

🔵 Uptown / Carrollton | 3 bedrooms +, up to $600K

🔵 Mid-City | Double, up to $600K

🔵 Lakeview | Single family, up to $750K

🔵 Uptown | Single Family, under $1M

🔵 Jefferson Parish | Double or triplex, any price point

🔵 Luxury Buyer | 4 bed or larger, $1.5M–$2.5M

🍽️ This weekend Susie and I are looking forward to trying N7 with friends.

🩰 We have a much anticipate ballet recital courtesy of the patient instructors of Lelia Haller.

🚙 And excited to visit family after fitting in some showings for clients!

Looking at the market? Would you be open to a quick conversation about what the New Orleans market means for you right now?

Philip Ewbank, Realtor Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

New Orleans

840 Tchoupitoulas St #309 | Warehouse District | $549,000
2 bed / 2 bath | 1,339 sqft (Courtesy: Shelnutt Real Estate Enterprises) Condo dues $1,008/mo

Half the square footage, completely different lifestyle. Concrete floors, balcony with BBQ grill, murphy bed, deeded garage parking, community pool, fitness center, and a 6x12 private storage unit in a building that’s been meticulously maintained. Walking distance to galleries, restaurants, and the riverfront. 14 days on market.

1 Charlotte Dr. | Vista Park | $549,000
4 bed / 2.5 bath | 2,965 sqft (Courtesy: Compass Uptown-Maple St)

Corner lot in Vista Park, fully refreshed inside and out. Refinished hardwood floors, quartz kitchen, new stainless appliances, oversized primary suite with custom walk-in. New roof from 2022, Rain Bird irrigation, double driveways, full fencing. Sunroom and flex room add living space that doesn’t show up in the sqft number. 17 days on market.

5033 Paris Ave | Mirabeau Gardens | $549,000 4 bed / 3 full + 2 half bath | 3,632 sqft (Homesmart Realty South)

Most square footage at this price point in this post. Ground floor primary suite, movie theater, 2-car garage, horseshoe driveway, vaulted ceilings, wet bar, marble counters. Steps from the Mirabeau Water Garden project. Built 2015. 7 days on market.

209-211 Audubon St | Uptown | $565,0003-plex / 7 bed / 4 bath | 3,055 sqft total (Courtesy: KELLER WILLIAMS REALTY 455-0100)

Same ballpark budget, completely different use case. Three units steps from Audubon Park, Magazine St, and the zoo. Two units currently vacant with fresh paint, one long-term tenant in place generating $1,500/mo. Two separate garages, off-street parking, elevated decks facing the park. The first floor can optionally split into two units, giving you a potential four-unit configuration. Metal roof. 8 days on market.

The Northshore

1336 Avenue Lacroix | Covington | $550,000
4 bed / 3 bath | 2,710 sqft HOA: $495/yr ($41.25/mo) (Courtesy:NOLA Living Realty)

French Country single-story in the Versailles subdivision, built 2013 and impeccably maintained. Split floorplan, no carpet throughout, gas fireplace, five-burner gas cooktop, butler’s pantry, and a Jack-and-Jill bath connecting two guest rooms. Brick covered patio, wood privacy fence, mini-split in the garage, and a mudroom drop zone off the entry. Community pool. 10 days on market.

406 Carroll St | Mandeville | $565,000
3 bed / 2 bath | 1,797 sqft (Courtesy: Crescent Sotheby’s Intl Realty)

Raised cottage two blocks from the Mandeville lakefront, fully renovated with a 2026 effective year built. Hardwood floors, sunroom, seamless flow from living to dining to kitchen. Expansive back deck, front porch that captures the neighborhood feel. Least square footage in this post, highest price per sqft, the location is doing the work here. 35 days on market. No HOA

655 Barbara Pl | Mandeville | $549,900
4 bed / 2.5 bath | 2,798 sqft HOA: $100/yr ($8.33/mo) ( 1 Percent Lists)

Updated in 2016 in New Golden Shores, this two-story has two living areas, open kitchen with modern finishes, and a backyard oasis with an inground pool, cabana, and outdoor kitchen. Wood fireplace, large primary suite, carport. 43 days on market, most time on market in this post.

1248 Sweet Clover Wy | Madisonville | $549,000
4 bed / 3 bath | 2,530 sqft HOA: $500/yr ($41.67/mo) (Courtesy: Compass Madisonville)

Built 2020 in Spring Haven, Madisonville. Open floor plan, quartz counters, beverage station with wine cooler, custom window treatments, fully fenced backyard, community pool. Dual climate control systems. Newest build in this post by several years. 51 days on market.


THE MORTGAGE MATH: 1 Charlotte Dr

Mortgage math courtesy of Cameron Budzius at The Mortgage Krewe

Scenario #1 — 3% Down Conventional

Conventional Loan | 30 Year Fixed Rate Mortgage

Sales Price: $549,000

Loan Amount: $532,530

Interest Rate: 6.59%

Monthly Payment Breakdown:

P&I: $3,398

Homeowners Insurance: $667*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $133

Total Monthly Payment: $4,288

Total Cash to Close: $30,970

Scenario #2 — 3.5% Down FHA

FHA Loan | 30 Year Fixed Rate Mortgage

Sales Price: $549,000

Loan Amount: $539,056 (includes 1.75% UFMIP financed)

Interest Rate: 6.12%

Monthly Payment Breakdown:

P&I: $3,277

Homeowners Insurance: $667*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $382

Total Monthly Payment: $4,496

Total Cash to Close: $34,215

FHA saves you $208/month but costs you $3,245 more at closing. FHA loan limit for Orleans Parish is $541,287, the loan amount here is $539,056, so you’re inside the limit, but just barely. Confirm with your lender.

*Homeowners insurance estimate provided by Riverlands Insurance. For a home in this price range in Orleans Parish, expect a ballpark of $333–$667/month ($4,000–$8,000/year). This varies significantly based on the specific property, roof age, construction type, and carrier availability. Get a real quote before you finalize your numbers, this range can have outliers in both directions.

The honest tradeoff is pretty simple.

New Orleans at this price buys neighborhood identity. Vista Park, the Warehouse District, Mirabeau Gardens, the character of the place is baked into the price. The housing stock is older, the insurance market is more complex, and the price per sqft can swing dramatically depending on which neighborhood you’re in. What you own, you own, no HOA.

The Northshore buys newer construction and a more predictable cost picture. Two of these four listings have community pools built into the subdivision. The newest build on the NOLA side is 2015. On the Northshore you have a 2020 build at this price point. HOAs are minimal, $100 to $500 a year.

Neither is the wrong answer. They’re answers to different questions. The one worth sitting with: what does your Tuesday morning actually look like in each place?

If you're weighing both sides of the lake, I'm happy to pull comps, talk through the numbers, or just answer questions.

Would you be open to a quick conversation about which side makes more sense for what you're looking for?

Tremé is the oldest African American neighborhood in the country. That’s not marketing language, it’s documented history.

This historic neighborhood developed the birthplace of jazz, the home of second line culture, Congo Square, Louis Armstrong Park, and St. Augustine Church, one of the oldest African American Catholic parish in the country. Its also home to the internationally renown Dooky Chase’s Restaurant on Orleans Avenue.

The housing stock reflects the age and density of the neighborhood, Creole cottages, shotgun doubles, and narrow lots that have housed musicians, civil rights activists, and multi-generational families for over two centuries. It’s a small neighborhood geographically, and the market data reflects that.

Read the numbers with that context in mind.

Months of inventory of 10.5 months signals buyer's market territory, but Tremé is a small neighborhood and 8 closings in 90 days is a thin sample, use the number as a directional signal, not a verdict.

The more telling detail is 9 homes under contract against 28 active, about 32% of inventory is in motion. Homes that close are doing so at a median of $396,500 in 41 days. Buyers have time and leverage here, but correctly priced homes are still moving.

Note: one UC listing at $60,000 was excluded as a distressed outlier. The remaining data tells a more useful story. 25 active multifamily listings, only 2 under contract, but 9 closings in 90 days, and a 19-day median DOM on those closings.

That gap is the most interesting signal in this dataset. Active inventory is sitting 102 days on average. Deals that get done are closing in 19 days.

The market is bifurcated: correctly priced multifamily moves fast, everything else sits and waits.

38 active rentals with 25 leased in 90 days, roughly 8 per month. Steady absorption. Median active rent of $1,600 versus median leased rent of $1,500 suggests landlords are reducing their rent about $100 off asking on average to get a lease. Units moving at a 32-day median DOM, consistent but not frenzied.

What it means

Buyers: 10.5 months of inventory means you have time and negotiating room. Don’t confuse that with a distressed market, correctly priced homes are still closing in 41 days.

Sellers: Active listings are sitting 82 days on average. Price is the variable you control. The homes getting to the closing table are doing it in 41 days. The more transparent you are with pre-inspections, flood declaration forms, and insurance quotes the faster buyers can make a decision.

Investors: 19-day median DOM on multifamily closings is the standout number. The deals that get done in Tremé get done fast, have your financing ready before you start negotiating.

Renters: 38 active units and about $100 of negotiating room between asking and leased price on average. Take your time and try negotiating with the landlord, you never know!

If this data raised questions about your own situation: buying, selling, or investing in Tremé, feel free to reach out.

No pressure, just a conversation. 504.335.7481 or Book A Time To Chat!

🏠🏠🏠🏠🏠🏠🏠🏠 Philip Ewbank, Realtor Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118 C: 504.335.7481 | O: 504.862.0100 Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

527 S Galvez St, New Orleans, LA 70119 | $290,000
(Homesmart Realty South)

Double · Orleans Parish · Mid-City · 4bd/3ba · 1,644 sqft · $176/sqft · Built 1900 · Shotgun · Hardy Plank · Raised foundation · Ductless wall units · Off-street parking for two · Fenced · Security cameras · No current tenants · Estimated market rent ~$3,200/month · Sold as-is

The numbers at $290,000: Cap rate: 5.14% · Cash flow: -$225/month · DSCR: 0.85

The numbers at $250,000: Cap rate: 7.86% · Cash flow: ~$374/month · DSCR: 1.30 · Cash-on-cash: 8.97% · 20% down: $50,000

The case: The list price is not the deal price and the price history tells you everything you need to know.
This property hit the MLS in November 2025 at $350,000. Four price cuts and one expiration later it’s at $290,000. The seller has already come down to $60,000 and just re-listed without changing the price. That’s someone who wants out.

A $250,000 offer is $40,000 below current ask, aggressive, but not unreasonable given six months of market rejection. At $250,000 the numbers flip: 7.86% cap rate, positive cash flow, and a 8.97% cash-on-cash return.

The property itself is genuinely well-located: minutes from LSU Health, LCMC Health, and the VA Hospital, which drives consistent rental demand in this corridor. The 3bd/2ba unit has 12-foot ceilings, granite countertops, and wood floors.

Comparable units within a quarter mile are closing between $1,500–$1,850/month. The 1bd/1ba unit comps at $1,300–$1,400. Combined estimated market rent: ~$3,200/month. Off-street parking for two vehicles is a genuine differentiator in this area.

Watch for: No current tenants means no verified income, budget for lease-up time. Ductless wall units and window AC on a 1900 building means you’ll want a thorough mechanical inspection. Negotiate hard and inspect harder.

3221-33 Upperline St, New Orleans, LA 70125 | $389,000
(Galiano Realty)

Triplex · Orleans Parish · Broadmoor · 7bd/4ba · 4,016 sqft · $97/sqft · Built 1940 · Effective 2020 · Wood siding · All 3 units occupied · $4,940/month gross rent · Original hardwood floors · Central and window AC · Separate meters · Off-street parking · Sold as-is

The numbers: Cap rate: 7.36% · Gross rent: $4,940/month · Cash flow: ~$419/month · DSCR: 1.21 · Cash-on-cash: 6.47% · 20% down: $77,800

The case: Three occupied units generating $4,940/month on a $389,000 ask in Broadmoor. This is a cash flow play from day one: no lease-up risk, no vacancy to fill, no rent roll to stabilize.

The 2020 effective year on a 1940 building tells you meaningful work has been done. Original hardwood floors, separate meters, and off-street parking round out a clean operational profile.

At $97/sqft for a fully occupied triplex in a central New Orleans neighborhood with easy I-10 access this is a straightforward income property. The DSCR of 1.21 is workable but tight at current rates, factor that into your offer. A buyer who can negotiate a modest reduction or bring slightly more down improves the picture meaningfully.

Watch for: DSCR at 1.21 leaves limited cushion for vacancies or unexpected expenses. Window AC units in two of three units are worth noting on a 1940 building, obviously confirm the condition of all mechanical systems before closing. All units are occupied so showings require 24 hours notice.

2545 Agriculture St, New Orleans, LA 70122 | $489,000
(Snap Realty)

7 units · Orleans Parish · Gentilly · 7bd/7ba · 4,400 sqft · $111/sqft · Built 1958 · Effective 2015 · Raised foundation · Both roofs replaced post-Ida · Central HVAC · 6/7 units occupied · $5,570/month current gross rent · MU-1 zoning · Commercial ground floor potential · Off-street parking · Listed today · Sold as-is

The numbers: Cap rate: 8.28% · Gross rent: $5,570/month · Cash flow: ~$900/month · DSCR: 1.36 · Cash-on-cash: 11.04% · 20% down: $97,800

The case: Six of seven units are occupied generating $5,570/month in current gross rent. At 8.28% cap rate and $900/month cash flow on conventional financing this is the strongest performer on this week’s list by the numbers.

Both roofs were replaced post-Ida: the single biggest deferred maintenance item on a Gentilly multifamily is already off the table. The MU-1 zoning is where this deal gets interesting for a sophisticated investor: the ground floor of the 2551/2553 building is currently undeveloped and designated Medium Intensity Mixed Use.

That blank canvas can be built out as an additional residential unit or tailored for commercial use, either path adds income without touching the existing rent roll. The seller is also open to selling the two buildings separately, which creates a potential exit or partnership strategy for buyers who want to split the asset.

Watch for: Two units share one electric meter, confirm how costs are split and whether that creates management complexity. One unit is vacant, verify condition and budget for lease-up. Condition listed as fair on a 1958 building means due diligence on mechanicals is essential. Measurements are estimated and not guaranteed.

Every investor reads these differently. A first-time buyer sees Allen as a way to live for free. A portfolio investor sees Agriculture as the strongest yield on the list. Someone with patience and negotiating skill sees Galvez as the hidden play. What would you do with these?

If you have questions on any of these or want to run numbers on a specific scenario, reply to this email or reach out directly.

Want me to run a Deal Sheet on a property you're considering?
Reply to this email with the address and I'll send you the full breakdown.

🏠🏠🏠🏠🏠🏠🏠🏠 Philip Ewbank, Realtor Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118 C: 504.335.7481 | O: 504.862.0100 Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

My grandfather served in the Air Force. He always referred to his time in the military as “the service.” Never to ingratiate his ego or elicit gratitude from others. It was simply a chapter in his life that he looked on as a duty.

My family still benefits from his service today.

I think about that when I sit across from veteran buyers in New Orleans, many of whom may not realize all the benefits available. The VA loan gets mentioned. The rest rarely does.

The VA Loan: The Foundation

The VA loan is one of the most powerful home buying tools available anywhere in the country. If you served and haven’t explored it, start here.

What it offers:

• No down payment required

• No private mortgage insurance

• Competitive interest rates

• No prepayment penalty

• Available on primary residences

For a veteran buying a $400,000 home in New Orleans, eliminating the down payment and PMI alone can mean tens of thousands of dollars kept in your pocket at closing and hundreds of dollars saved every month going forward.

That’s the foundation. But it’s not the whole story.

The Louisiana Disabled Veteran Property Tax Exemption

This is the benefit I find myself explaining most often, because not everyone knows it exists.

Louisiana is one of the most veteran-friendly states in the country for property tax relief. The exemptions are based on your VA disability rating and they are significant:

These stack on top of Louisiana’s standard homestead exemption.

What does that mean in real dollars?

Louisiana properties are assessed at 10% of fair market value. On a $400,000 home a veteran with a 100% disability rating pays essentially zero in property taxes. That’s thousands of dollars a year, every year, for as long as you own the home.

The exemption extends to surviving spouses of disabled veterans. And in May 2026 Louisiana passed two new constitutional amendments expanding surviving spouse transfer rights even further, meaning the benefit can follow the family even after the veteran is gone.

Home Insurance: USAA and the Wind Mitigation Discount

If you’re eligible for USAA, available to veterans, active duty military, and their families, price it out before you go anywhere else.

In Louisiana, USAA offers wind mitigation discounts ranging from 19% to 37% on the wind portion of your premium. Across a statewide sample of 300 wind mitigation surveys, the average savings for Louisiana policyholders is $2,198 per year.

A wind mitigation survey runs $250–$300 and takes about an hour. It documents the wind-resistant features of your home, roof shape, hurricane straps, shingle quality, window protection, and your insurer is required by Louisiana law to apply whatever credits your home qualifies for.

I had the survey done on my own home and saved $2,900 a year on my premiums.

For a USAA-eligible veteran the combination of the survey discount and USAA’s competitive base rates makes this one of the most straightforward ways to reduce your cost of homeownership in New Orleans.

For a full breakdown of how wind mitigation surveys work, I’ve written about it here.

The Full Picture

Three benefits. Most veteran buyers know about one of them.

New Orleans is one of the best cities in the country for veteran homebuyers. The VA loan gets you in. The tax exemption changes your cost of ownership permanently. The insurance discount compounds those savings further.

My grandfather called it the service. I call it a debt that deserves to be repaid in full, starting with making sure every veteran buyer knows exactly what they’re entitled to.

If you’re a veteran relocating to New Orleans or the Northshore, or you know someone who is, reply to this email and I’ll walk you through all three.

Philip Ewbank is a licensed Realtor with Keller Williams New Orleans. He covers the New Orleans and North Shore real estate markets.

🏠🏠🏠🏠🏠🏠🏠🏠 Philip Ewbank Realtor, Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118 C: 504.335.7481 | O: 504.862.0100 Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

Congratulations to our clients!

🏡 Active Buyer Needs: Know Someone Selling?

Most people don’t realize that some of the best real estate transactions in New Orleans never hit the MLS. They happen because someone knew someone. Below are ten active buyers I’m representing right now. If any of these sound like your property or someone you know, reach out! That’s how deals get done.

🔵 St. Charles Corridor | Condo, up to $200K

🔵 Algiers Point | Single Family 2 bedrooms +, up to $350K

🔵 Bywater | Double, up to $400K

🔵 Uptown / Carrollton | 3 bedrooms +, up to $600K

🔵 Mid-City | Double, up to $600K

🔵 Lakeview | Single family, up to $750K

🔵 Uptown | Single Family, under $1M

🔵 Jefferson Parish | Double or triplex, any price point

🔵 Luxury Buyer | 4 bed or larger, $1.5M–$2.5M

This weekend we are celebrating the end of school with some sushi at our favorite spot: Kano Sushi!

In between inspections we intend to watch the Indy 500 and celebrate our youngest’ s 4th birthday!

Have a real estate question?

If you’re shopping at $450k in the greater New Orleans metro right now, the first decision isn’t which house to buy. It’s which side of the lake.

Same budget. Completely different trade-offs. Orleans Parish gives you walkability, historic character, and neighborhood density, but smaller footprints, older stock, and an insurance market that can surprise you. St. Tammany gives you newer construction, more square footage per dollar, lower flood risk in most areas, and room to breathe, but you’re trading urban energy for suburban convenience.

Here’s what’s actually available right now at this price point on both sides.

Orleans Parish — $435k–$465k

3324 Milan St, New Orleans 70115
$435,000 | 3 bed · 3 bath · 2,038 sqft Uptown A 2019 renovation of a 1931 cottage. Hardwood floors, 9’6” ceilings, renovated kitchen, ensuite primary, fenced and gated backyard with a side yard, shed/workshop with electricity and plumbing, one off-street parking. Quiet street, central Uptown location.

1412 Dauphine St, New Orleans 70116
$465,000 | 2 bed · 2 bath · 563 sqft Marigny

Two structures on a single lot, a front 1840s Creole shotgun and a detached studio, both renovated in 2022. In-ground pool, private courtyard with outdoor shower, 11-ft ceilings, hardwood floors. Walk score 96, bike score 99. One block from the French Quarter, three blocks from Frenchmen Street. Flood Zone X.

518 Governor Nicholls St #301, New Orleans 70116
$465,000 | 2 bed · 1 bath · 875 sqft French Quarter

A third-floor unit in an 1890 building fully renovated in 2025. Hardwood floors, high ceilings, private balcony, shared courtyard, brand new building-wide sprinkler system. Steps from the French Market. Condo fees are $249/mo.

5216 Paris Ave, New Orleans 70122
$459,000 | 4 bed · 3 bath · 1,938 sqft Oak Park

A 2018 build near Gentilly. Hardwood floors throughout, 10-ft ceilings, marble primary bath, granite counters, large kitchen island, covered patio, fenced backyard, shed, two off-street parking spots. All appliances included.

25 Maryland Dr, New Orleans 70124
$450,000 | 2 bed · 2 bath · 1,729 sqft Country Club Gardens

A 1960 ranch on the Metairie Ridge off Metairie Road in Country Club Gardens. Hardwood floors, updated kitchen with gas range, bonus room for office or gym, detached garage, long driveway. The listing notes this home has never flooded even during Katrina. Optional neighborhood HOA provides private patrol.

St. Tammany Parish — $435k–$465k

2033 Prestwood Ln | $459,900
3 bed / 2.5 bath / 1,920 sqft | Covington | The Preserve at River Chase

Built 2023. New construction feel with LVP floors, quartz counters, covered outdoor kitchen, and attached two-car garage. Two-story cottage style in a subdivision just off the interstate. At $239/sqft you’re paying for newness and location convenience.

708 Rue Bourdeaux | $465,000
4 bed / 3 bath / 2,261 sqft | Covington | Village of Normandy

Oaks Built 2013, renovated to effectively 2020. Cul-de-sac lot with pond views, custom cypress cabinetry, induction cooktop, soaking tub, and a guest suite off the kitchen. 2022 roof and an assumable flood policy in place, that last part matters. $205/sqft.

14272 S Lakeshore Dr | $465,000
3 bed / 3 bath / 2,569 sqft | Covington | Lake Ramsey

Built 1996, effective 2010. Lakefront in a gated community with a pier, gazebo, sunroom, whole house generator, and new HVAC with ductwork as of 2026. Most rooms have water views. Lowest $/sqft of the bunch at $181, older build but well maintained and loaded with extras.

2040 Cypress Bend Ln | $445,000
4 bed / 2 bath / 2,256 sqft | Madisonville | Bedico Creek

Built 2018. Open concept with barn door office, farmhouse sink, quartz counters, coffered primary ceiling, and a community that includes two pools and 3.5 miles of walking trails. Flood Zone C. Note: HOA is $1,050/year, factor that in. $197/sqft.

102 Mayers Tr | $450,000
4 bed / 3 bath / 3,210 sqft | Slidell | The Woods
Built 2000. Chicago used brick construction on 1.59 acres with live oaks, 10–11 ft ceilings, butler’s pantry, three-car garage, whole house Generac (1 year old), brand new roof, and two AC units replaced within the last 4 years. Succession property, priced accordingly at $140/sqft. Most house for the money on this list.

So what does it REALLY cost?

Below are two scenarios courtesy of Cameron Budzius at The Mortgage Krewe. Note the homeowners insurance estimate provided by Riverlands Insurance.

Also, let’s talk about insurance…

For a home in this price range in Orleans Parish, expect a ballpark of $333–$583/month ($4,000–$7,000/year). This figure comes from an agent I work with at Riverlands Insurance.

This varies significantly based on the specific property, roof age, construction type, and carrier availability. Get a real quote before you finalize your numbers, this range can have outliers in both directions.

Scenario #1
3% Down Conventional

Conventional Loan 30 Year Fixed Rate Mortgage

Sales Price: $450,000

Loan Amount: $436,500

Interest Rate: 6.44%

Monthly Payment Breakdown:

P&I: $2,745.32

Homeowners Insurance: $333–$583/mo*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $181.88

Total Monthly Payment: $3,350–$3,600/mo

Cash to Close:

Down Payment: $13,500.00

Closing Costs: $8,500.00

Prepaids and Escrows: $7,000.00

Total Cash to Close: $29,000.00

Scenario #2 — 3.5% Down FHA

FHA Loan 30 Year Fixed Rate Mortgage

Sales Price: $450,000

Loan Amount: $441,849

Interest Rate: 5.95%

Monthly Payment Breakdown:

P&I: $2,632.18

Homeowners Insurance: $333–$583/mo*

Property Taxes (with Homestead Exemption): $89.69

Mortgage Insurance: $202.60

Total Monthly Payment: $3,257–$3,507/mo

Cash to Close:

Down Payment: $15,750.00

Closing Costs: $8,500.00

Prepaids and Escrows: $7,000.00

Total Cash to Close: $31,250.00

Note: FHA requires 3.5% down vs 3% conventional, which is why cash to close is higher despite the lower monthly payment.

These are estimates. For exact figures, reach out to Cameron Budzius at The Mortgage Krewe and tell him Phil sent you 😉

Interested in buying on either side of the lake?

Here is everything priced at $450k. Or you can just…

Yes. But buy smart.

New Orleans is not one market. It’s dozens of micro-markets sitting on fundamentally different geology. The question isn’t whether to buy in New Orleans, it’s where.

Why some neighborhoods are sinking and others aren’t

The oldest neighborhoods in New Orleans were built on natural levee ridges created by the Mississippi River over thousands of years. That sediment compacted into stable, elevated ground. The Garden District, Bywater, Esplanade Ridge, and Bayou St. John all sit on that original high ground. They’ve been above sea level for 300 years.

After 1900 the Army Corps of Engineers built drainage systems powerful enough to pump out the cypress swamps surrounding the original city. That opened up land for development — but draining organic peaty soil causes it to compress and sink. That’s why neighborhoods like Lakeview, Gentilly, and Broadmoor sit below sea level today.

The elevation data by neighborhood

This table is drawn from USGS elevation data published by the Greater New Orleans Community Data Center. You can view the full map here: https://www.datacenterresearch.org/maps/reference-maps/#gallery-7

What this means for flood insurance

Elevation is only part of the picture. Flood insurance under FEMA’s Risk Rating 2.0 system is now calculated house by house, not just by flood zone. A raised home in Gentilly may carry a lower premium than a slab home two doors down in the same zone.

Before you make an offer on any property, ask for the seller’s flood declaration page. That single document tells you exactly what they’re paying and why.

Look up any address yourself

👉 https://geocodify.com/what-is-my-elevation

Type in any New Orleans address. Positive number = above sea level. Negative number = below. Note that consumer tools can round to zero in New Orleans given how small the differences are the Data Center map above is the most reliable neighborhood-level reference.

The bottom line

New Orleans has neighborhoods that have been above sea level for three centuries, built on ground that was stable long before the city existed. The data isn’t a reason to avoid this city. It’s a reason to buy smart within it.

If you’re relocating to New Orleans and want a neighborhood-by-neighborhood breakdown of any area you’re considering, reply to this email and I’ll send you everything you need.

Philip Ewbank is a licensed Realtor with Keller Williams New Orleans. He covers the New Orleans and North Shore real estate markets.

🏠🏠🏠🏠🏠🏠🏠🏠 Philip Ewbank Realtor, Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118 C: 504.335.7481 | O: 504.862.0100 Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196

Everything feels more expensive right now.

Groceries. Insurance. Gas. The general sense that your dollar does not go as far as it did two years ago is not imaginary, it is real and it is showing up in household budgets across the country.

But here is something the headlines are not telling you about New Orleans.

Rents are not part of that story. At least not in Orleans Parish.

When I pulled the last 30 days of MLS rental data and compared it to May 2025 the numbers stopped me. Not because they were dramatic. Because they were almost identical.

What the Data Actually Shows

Twelve months. Three property types. The largest move in any category is $40.

In a city where insurance premiums have climbed, where the cost of owning and maintaining a rental property has gone up, landlords have largely absorbed those increases rather than passed them through to tenants. Whether that is by choice or by market pressure depends on the segment, but the result for renters is the same. What you were paying last May is roughly what you are paying right now.

What Is Moving and What Is Not

The current snapshot tells a more nuanced story than the year-over-year comparison.

Single family homes are leasing faster than they were last month: median DOM dropped from 47 days in April to 27 days in May. But median rent also dropped from $2,275 to $2,100. The market found its level.

Doubles and duplexes are the most stable segment in the city. Median rent has held at $1,600 for three consecutive months now. With 656 active units and 188 leased in the last 30 days this is the deepest and most liquid rental segment in Orleans Parish. That stability cuts both ways, renters have predictability, landlords have competition.

Condos are the one segment showing both rent growth and improving leasing timelines year over year. Median rent is up $40 from May 2025 and median DOM has tightened from 42 days to 34 days. A small move but a consistent one. That said absorption is only 14% this month, one in seven active condo units leased in the last 30 days. Inventory is deep and landlords pricing above market are sitting.

Triplexes and fourplexes remain the most affordable segment at $1,525 median closed rent. 107 units leased in 30 days against 429 active suggests steady underlying demand but a competitive landlord environment.

What Stability Actually Means

Flat rents sound like good news for renters and they are, but stability is not the same as affordability.

$2,100 a month for a single family home in Orleans Parish is still a significant number for most households. $1,600 for a double is manageable in some budgets and out of reach in others. The fact that these numbers have not moved does not mean the market is affordable. It means it has stopped getting worse.

For renters that distinction matters. If you have been waiting for rents to come down meaningfully before making a move, that does not appear to be the direction this market is heading. Flat is likely the best case scenario in the near term. The pressure that would push rents lower, a significant oversupply of units or a sharp drop in tenant demand, is not visible in the current data.

For landlords the stability story is more complicated. Holding rents flat while operating costs climb means compression on the net side. The landlords navigating this best right now are the ones who bought at the right basis and are not over-leveraged. The ones feeling it are the ones who underwrote deals on aggressive rent growth projections that the market has not delivered.

For investors looking at Orleans Parish rental property right now the data suggests a stable but not expanding rent environment. Underwrite conservatively. The upside is not in rent growth, it is in inventory compression on the ownership side and the long-term demographic story of the city.

The One Number Worth Watching

Doubles at $1,600 median for three straight months is the most important data point in this report.

That price point has become the floor of the Orleans Parish rental market. It is where tenant demand is deepest, where inventory is highest, and where the market has found its equilibrium. If that number starts moving, up or down, it will signal a broader shift before any other segment does.

Watch the doubles. They will tell you where this market is going before anything else does.

The Bottom Line

New Orleans rents are stable. Not cheap. Not falling. Not spiking. Stable.

The rental market in Orleans Parish is not adding to the financial pressure most people are already feeling.

Whether that stability holds through the rest of 2026 depends on factors the data cannot predict, insurance costs, interest rates, broader economic conditions. But right now, month over month and year over year, the numbers are telling a calmer story than the headlines would suggest.

Every month I pull this data so you do not have to guess about what is actually happening in the New Orleans rental market.

Happy to answer any questions in the comments.

🏡 Active Buyer Needs: Know Someone Selling?

Most people don’t realize that some of the best real estate transactions in New Orleans never hit the MLS. They happen because someone knew someone. Below are ten active buyers I’m representing right now. If any of these sound like your property or someone you know, reach out! That’s how deals get done.

🔵 St. Charles Corridor | Condo, up to $200K

🔵 Metairie | 3 bedroom home, under $300K

🔵 Algiers Point | Single Family 2 bedrooms +, up to $350K

🔵 Bywater | Double, up to $400K

🔵 Uptown / Carrollton | 3 bedrooms +, up to $600K

🔵 Mid-City | Double, up to $600K

🔵 Lakeview | Single family, up to $750K

🔵 Uptown | Single Family, under $1M

🔵 Jefferson Parish | Double or triplex, any price point

🔵 Luxury Buyer | 4 bed or larger, $1.5M–$2.5M

Know a property that fits? Call or text Phil directly at 504.335.7481 or reply to this email. No pitch, just a straight conversation about what it’s worth to someone who’s already looking.

📰 Worth Reading This Week

🏗️ Local Builder Spotlight: Trine Builders

A New Orleans contractor that launched during the pandemic is worth knowing. Trine Builders, an 8-person firm co-founded in 2020 by Kyle Hebert and Derek Gardes, has quietly grown to $12 million in annual revenue by doing the opposite of most contractors: they stay small, skip public bids, and focus almost entirely on negotiated private work on historic buildings.

Their resume includes the Peche restaurant building on Julia Street, the award-winning restoration of the former Riecke Cabinet Works on Tulane Avenue, and the ongoing renovation of Rayne Memorial Methodist Uptown. If you're buying or renovating a historic property and need a referral, this is one of the first calls I'd make.

Via Jonah Meadows, nola.com Read the full story →

What I’m up to this weekend:

🥂 Saturday: Celebrating 11 years with Susie. Taking the girls on the Creole Queen cruise up the Mississippi River.
🏡 Sunday: Back to back house tours! The market doesn’t take weekends off and neither do I.

Would you be opposed to a no-pressure conversation about buying, selling, or investing in New Orleans? Grab 15 Minutes →

— Philip Ewbank · 504.335.7481 · Keller Williams New Orleans

Freret is one of the better comeback stories in post-Katrina New Orleans.

For decades the corridor sat largely dormant, boarded-up storefronts, empty lots, and the memory of what had once been a thriving neighborhood commercial strip.

Then around 2009, Cure opened on Freret Street. The craft cocktail bar that would eventually land on North America’s 50 Best Bars list proved the neighborhood could be a destination. Company Burger, High Hat Café, Mint Modern Vietnamese, and Mojo Coffee House followed.

Today it’s a locally-owned, walkable corridor of restaurants, bars, and small businesses tucked into a residential neighborhood of shotgun houses, Creole cottages, and renovated doubles. Tulane is a few blocks away. A Trader Joe’s is coming. The housing stock reflects the demand.

The market data here is thin by volume, Freret is a small neighborhood, but the signals are consistent.

Single Family Sales

Four active listings across the entire neighborhood. Six closings in 90 days and three currently under contract. More homes have found buyers recently than are available to purchase right now. When correctly priced single family homes come to market in Freret, buyers are ready — 35-day median DOM on closings backs that up.

At the median closed price of $540,000 with 5% down, you’re looking at roughly $3,823/month (P&I, taxes, insurance, PMI) and approximately $43,200 cash to close at today’s rate of 6.40%.

Multifamily

This is where the story shifts. Ten active multifamily listings, zero under contract, three closings in 90 days. One closing per month. The direction is clear: Freret multifamily buyers have options and real negotiating leverage right now. If you’ve been watching doubles in this neighborhood, the current environment favors you. The spread between median active and median closed looks counterintuitive on only three closings — don’t read too much into the price comparison with a sample that small.

Rentals

20 active, 20 leased in 90 days, roughly 7 units per month. Steady but not aggressive absorption. The gap between median active rent ($1,848) and median leased rent ($1,725) is the detail worth noting: renters are negotiating about $125 off asking on average. Landlords pricing above market are sitting longer. Units priced correctly are leasing in 26 days.

What it means

Buyers: Four single family homes available in the entire neighborhood. Inventory is not going to open up significantly here, move when the right home comes available.

Sellers: Two months of single family inventory is firmly seller’s market territory. Correctly priced homes are closing in just over a month.

Investors: Ten active multifamily listings, zero under contract. Buyers have leverage. If you’ve been watching Freret doubles, now is the time to negotiate.

Renters: 20 active units, 45-day median DOM. You have options and some room to negotiate on price.

If this data raised questions about your own situation, buying, selling, or investing in Freret, feel free to reach out. No pressure, just a conversation. 504.335.7481 or…

A lender I work with just brought this to my attention and I asked enough questions to feel good about sharing it.

It’s called a no-cost 1-0 buydown. Here’s exactly how it works.

For your first 12 months, your mortgage payment is calculated at a rate 1% lower than your actual note rate. In month 13 it adjusts to your permanent rate and stays there for the life of the loan. The cost of that first-year reduction is paid by the investor — not rolled into your rate, not added to your loan balance, not coming out of your pocket at closing.

The honest math on a $450,000 purchase (20% down, $360,000 loan):

The tradeoff worth understanding:

This program’s permanent rate is 6.625%, about 0.25% above the most aggressive rate available right now. So you are trading a slightly higher long-term rate for meaningful short-term payment relief. If rates drop enough to refinance before month 13, your blended cost over the first two years still beats most alternatives. If rates don’t move, you’re at 6.625% long term.

Who this actually makes sense for:

A buyer who is cash-constrained at closing and wants breathing room in year 1 while they get settled. Someone furnishing a home, absorbing moving costs, or just wanting a lower payment while they adjust to homeownership. Not the right product for someone who qualifies for the best rate and plans to stay 10+ years without refinancing.

Available on conventional, FHA, and VA all loan terms and LTVs.

The lender behind this program is John Ismail at C2 Financial. As always, shop around and ask your lender how their rate compares before committing to any program.

Questions about buying a house in today’s market?