$700K buys roughly the same size house on both sides of the lake. What changes is how fast it sells.

I looked up homes sales data from the MLS focusing on $685K to $715K. These are sales from the last 90 days, and listings as of October 15. Our sample size is small so we are looking at trends here.

Jefferson Parish: $699K is the ceiling.

• Listed at or under $699K: sold at full price in under 3 weeks.

• Houses lsted at $715K or more: sat about 100 days, then sold around $700K anyway.

Orleans Parish: less house, more money, more choices.

• Two Uptown homes listed at $775K. Both sold at $700–715K after cuts.

• Buyers are not afraid to negotiate

Northshore: sellers hold their price, buyers hold their time.

• Median 67 days to get there.

• 9 of the 20 listings are less than 5 weeks old.
  

Here are some examples of what houses you could get right now for $700,000.

4245 Cypress Point Drive, Covington : $699,900
4 beds | 3 baths | 2,855 sq. ft.

This new-construction home has two primary suites, a living room with a 12-foot coffered ceiling and gas fireplace, and a covered rear patio with a cypress ceiling. A pantry, mudroom and two-car garage add practical storage. The listed HOA fee is $79 per month.

4516 Folse Drive, Metairie : $695,000
4 beds | 2 full baths + 1 half bath | 3,570 sq. ft.

The largest home in this group sits on a corner lot across from the levee. It has a separate office, formal dining room, fireplace and wet bar/wine room, plus a kitchen with double ovens and a gas range. Outside are a fenced turf yard, brick patio and two-car garage. The listing reports a 2021 roof.

3149 State Street Drive, New Orleans : $689,000
4 beds | 2 full baths + 1 half bath | 2,978 sq. ft.

Built in 1933, this home pairs two levels of front porches with an open first-floor living area. The kitchen has granite counters and a wine chiller, and there’s a fenced, landscaped backyard and off-street parking. It’s an option for someone who wants an older New Orleans home with room to spread out.

668 Place Saint Etienne, Covington : $689,000
5 beds | 3 baths | 3,480 sq. ft.

Seated on an approximated 0.34-acre lot The heated saltwater pool and renovated kitchen stand out here. Four bedrooms are downstairs, with the fifth upstairs, and the listing includes a 20kW generator. The HOA fee is listed at $360 twice a year. Of these five, this is the one to compare if a pool and outdoor space are high on your list.

4674 Franklin Avenue, New Orleans : $699,000
6 beds | 3 baths | 3,480 sq. ft. total | Listed as a duplex

This duplex offers owner-occupant or investor potential: live in one unit and rent the other, or explore renting both. Set on a double corner lot, it features a three-bedroom ground-floor apartment, pine floors and tall ceilings upstairs, plus an outdoor kitchen, workshop and two-car garage.

How do they stack up?

Measured against what actually sold, these aren’t priced the same at all.

Cypress Point is right at the Northshore median. Folse is about $44/SF under Jefferson’s. State Street is about $37/SF under Orleans.

Folse is also 24 days in, in a parish where this price range sells in about 15. Next week’s data will say whether that’s a pricing problem or just timing.

Which one would you have toured first?

🏠🏠🏠🏠🏠🏠🏠🏠
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

Here’s a collection of useful resources for researching property and living on the Northshore, focused on St. Tammany and Tangipahoa parishes.

One important starting point: a Covington, Mandeville, Slidell, Hammond or Ponchatoula mailing address doesn’t necessarily mean the property is inside city limits. Confirm the jurisdiction before relying on zoning, permits or service information.

Start with the property

St. Tammany Assessment Search : Look up property assessments and assessment numbers. For exemptions and application information, see the assessor’s forms page.

St. Tammany Property Taxes : Follow the sheriff’s link to look up the actual tax account. Assessment records and tax bills are different things.

Tangipahoa Assessor : Property ownership, assessments, sale history and mapping resources. Here’s the separate homestead exemption page.

Tangipahoa Property Taxes : Use the “Pay Property Tax” link to reach the sheriff’s tax portal and search tax notices.

St. Tammany Planning & Development : Zoning maps, development rules, public-hearing information and moratorium maps. Useful for researching both a property and proposed changes nearby.

Tangipahoa GIS / TanGIS : Parcel information, assessment information, flood layers and district maps. GIS parcel lines are not a survey or legal boundary determination.

A seller’s current tax bill isn’t a guarantee of what a buyer will pay. Check exemptions and eligibility rather than assuming they automatically carry over.

Permits, zoning and recorded documents

St. Tammany Permits & Inspections : Permit requirements, inspection information, issued-permit reports and elevation-certificate resources.

Tangipahoa Permit Office : Building applications, inspection information, sewer-approval steps and permit requirements.

St. Tammany Clerk: Land Records : Recorded conveyances, mortgages and property-related documents. Follow the current Cott Record Hub link; online access can involve fees.

Tangipahoa Clerk: Land Records : Recorded property documents. Guest access is index-only; document images require a subscription. Records aren’t indexed by street address, so start with the assessor if that’s all you have.

City planning and building offices : For properties inside city limits, start with Covington, Mandeville, Slidell, Hammond or Ponchatoula. Confirm which office handles your specific project.

Online records are useful starting points. They don’t replace a survey, title search or confirmation that a planned use is allowed.

Crime statistics and local records

FBI Crime Data Explorer : Explore agency-reported crime data. Select Louisiana and the relevant sheriff or municipal police department, then check the reporting period and completeness.

Mandeville Police Annual Statistics : Published annual crime reports for the city’s police department.

St. Tammany Sheriff Reports : Annual reports include crime-statistics sections. These are sheriff-reported figures, not automatically combined totals for every police department in the parish.

Tangipahoa Sheriff Public Records : Instructions for requesting records. This is a records resource, not a live crime map.

There isn’t one comprehensive, current Northshore crime map I can confidently point everyone toward. Check the agency, jurisdiction, date range and missing-data notes. Calls for service, reported offenses and arrests are different measures, and none of these resources guarantees safety at a particular address.

Flood risk, insurance, septic systems and wells

FEMA Flood Map Service Center : Look up the mapped flood zone. Being outside a high-risk zone doesn’t mean a property can’t flood, and the map won’t tell you the insurance premium.

Tangipahoa Flood Protection : Local flood information and contacts for flood determinations, elevation certificates and map-amendment records.

Louisiana Department of Insurance : Homeowners-insurance guidance and consumer resources. Also review its flood insurance information and get property-specific quotes early.

Louisiana Onsite Wastewater Program : Information about septic systems and individual sewage-treatment systems, including homeowner guidance and licensed-provider resources. Confirm whether a property uses public sewer or an individual system.

Louisiana Private Well Owner Network : Private-well information and testing resources. If the property has a well, include water quality and system condition in your due diligence.

Louisiana Housing Corporation : Homebuyer programs, assistance information and lender resources. Check current eligibility and availability.

Utilities, alerts and the commute

St. Tammany Utility Directory : A starting point for water, sewer, electricity, gas and garbage providers. Service varies by subdivision and address; confirm directly with the provider or city.

St. Tammany Emergency Alerts : Sign up for STAT emergency notifications.

Tangipahoa Emergency Alerts : Sign up for TANGIAlert weather, road-closure and emergency notifications.

Causeway Traffic Cameras : Check bridge conditions when researching a potential commute. Review current toll and toll-tag information too.

Louisiana 511 : Traffic, construction, incidents, road closures and cameras across the state.

For buyers, I’d start with jurisdiction, taxes, flood information, insurance quotes and the property’s water/sewer setup. For sellers, gathering permits, surveys, elevation certificates and system-maintenance records early can help answer buyer questions.

What useful Northshore resource am I missing? Drop the link and what you use it for in the comments so we can keep this list growing.

Updated October 2026. Confirm property-specific details with the relevant agency or professional.

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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

Whether you’re researching a house, getting ready to sell, or figuring out who handles what in New Orleans, these are worth bookmarking.

Start with the property

Where Y’at : Enter an address for districts, zoning and city -service information.

Orleans Parish Assessor : Property records, assessed values and tax estimates. Here’s the separate homestead exemption page.

City Property-Tax Lookup : Check the actual tax account. Historical tax bills are useful too. A seller’s current bill isn’t a guarantee of what a buyer will pay.

NOLA Property Viewer : Look up property information, zoning districts and overlays.

Comprehensive Zoning Ordinance : Once you know the zoning district, check the actual rules. A map label alone doesn’t establish that your planned use is allowed.

One Stop App : Search recorded permits, licenses, planning projects and violations. A blank search result isn’t proof that a property has no issues.

Orleans Civil Clerk’s Land Records : Research recorded sales, mortgages and related documents. Online access and document copies can involve fees; this isn’t a substitute for a title search.

NORA Property Search : Explore New Orleans Redevelopment Authority properties and their status. Check the applicable process; not everything listed is immediately available to buy.

Crime maps and statistics

City Council Public Safety Dashboard : Explore reported crime and trends. The Council page links to the dashboard, including its map and crime statistics.

Metropolitan Crime Commission Crime Bulletin : Weekly citywide and district-level trends, plus maps of selected violent crimes.

A quick note: the Council dashboard’s crime figures are unofficial and derived from police calls-for-service records. Classifications can change, and calls for service aren’t all confirmed crimes. Check the date range and filters. Missing dots don’t necessarily mean no incidents, and these tools aren’t a safety guarantee. Dashboard methodology

Flood risk and buying costs

FEMA Flood Map Service Center : Look up the mapped flood zone. The zone doesn’t tell you the insurance premium or guarantee a property won’t flood.

Louisiana Housing Corporation : Homebuyer programs and lender resources, including down-payment assistance. Check current eligibility and availability.

Renovating or selling an older home

Preservation Resource Center: Help for Homeowners : Practical resources for researching, buying, renovating and maintaining older homes.

Historic District Landmarks Commission : Historic-district rules, design guidelines and review information outside the Vieux Carré.

Vieux Carré Commission : The separate place to start for French Quarter historic-review requirements.

Sellers: checking your recorded permit history, tax information and applicable historic rules before listing can help you prepare for buyer questions.

Moving in and living here

Trash and Recycling Schedule : Address-based pickup information and special-area and holiday guidance.

Residential Parking Permits : Permit-zone eligibility, documents, visitor passes and current fees. A permit doesn’t guarantee a parking space.

RoadworkNOLA : City construction projects and infrastructure updates. Useful when researching what’s happening around a property.

NOLA 311 : Report and track non-emergency service issues, including missed collections and other neighborhood problems.

NOLA Ready : Hurricane preparation, flooding information and emergency alerts.

Sewerage & Water Board : Water and sewer service, account help and service updates.

Entergy Outage Information : Electricity outages and restoration information; select New Orleans.

Delta Utilities : Natural-gas service, billing and account setup.

Getting around

RTA Rider Tools : Transit routes, trip planning and service alerts.

Bike Easy Maps & Guides : Cycling resources and local route information. Check map dates because infrastructure changes.

If you’re starting from scratch, I’d begin with Property Viewer, One Stop, the tax lookup and FEMA, then get insurance quotes for the specific property.

What useful local resource am I missing?

🏠🏠🏠🏠🏠🏠🏠🏠
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

Lets talk doubles in New Orleans!

I pulled 30 days of closed double sales from the MLS, plus every active and pending listing as of today.

Quick reference for MOI: months of inventory.

Months of inventory is the number of homes for sale divided by the number that sold in the last month, which tells you how long it would take to sell them all if nothing new came on the market.

• Under 6 is a seller’s market.

• Over 7 is a buyer’s market.

• DOM: days on market until an accepted offer.

Inventory held flat. Closings fell by a third in one month. MOI jumped from 10.3 to 16.0.

The median close fell to $297,000. Most of that drop is the mix of houses not the same houses getting cheaper. 10 of the 30 closings were under $200K. 6 of those 10 were rated poor or fair condition.

Sellers are giving ground: The median double closed at 94% of list price. 93 of the 479 active listings have been on the market 180 days or longer. That is 1 in 5.

So What’s Pending Now?

80 doubles are under contract right now. Most of these will close in the coming weeks, so October’s closed number should come in higher than 30.

Under $200K is the only tier with enough closings for us to label a MOI trend; 9.9 months. These are mostly flip/renovation houses. The median closed at $59 per square foot.

Under $300K holds 47% of the inventory and 59% of the pending deals. That is where the buyers are.

$400K to $500K is the dead zone. It has 76 active, 5 pending and 1 closing. That band holds 16% of the inventory and 6% of the pending deals.

$500K+ still has buyers. 15 are pending, and closings ran from $510,000 to $1,425,000. The renovated, owner-occupant style double sells.

Tremé leads with 5 closings at a 12-day median DOM. Its doubles closed above its own median list price. It was the busiest ‘double neighborhood’ in the city this month.

The 7th Ward has the most doubles listed at 38, plus 7 pending. The active median DOM there is 97 days. There is plenty of supply and some movement, but not enough to clear it.

Bayou St. John has 6 active and 4 pending. It closed nothing this month, but buyers are writing offers there. I’d expect the closing number to jump a bit. With it being a smaller neighborhood the data can be skewed.

Lakeview closed 3 at a $510,000 median with a 15-day median DOM. It is the highest closed median on the list.

So...

The citywide number says buyer’s market, and... it is. But it is not one market. Cheap fixers and doubles in the right neighborhoods still trade quickly. The mid-price, mid-condition double sits.

In the $400K to $500K range, comps are thin and the negotiating room is real. Under $300K in Tremé or Bayou St. John, assume someone else is looking at the same house.

If you own a double in that $400K to $500K band, are you holding for the rent or waiting on a buyer who has not shown up yet?

🏠🏠🏠🏠🏠🏠🏠🏠
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

The skeleton house is in full force, its feeling marginally cooler outside, and the Saints are losing on Primetime. It must be fall!

So what is going on with our market?

In summary: Orleans Parish moved into buyer’s market territory. The median sale price fell $66,000 in a month, but that’s mostly a change in which homes sold, not necessarily homes losing value.

I pulled last month’s single family sales data for Orleans Parish and broke it down by price tier.

Quick Months of Inventory (MOI) Guide:

• Under 6 months = seller’s market.

• 6–7 months = balanced.

• Above 7 months = buyer’s market.

DOM = Days on Market until a house goes under contract.

8.1 months of inventory puts the overall market in a clear buyer’s territory. But that number averages together all of our diverse neighborhood markets.

Here’s why the median is showing a drop. Half of September’s closings (76 of 151) were under $300K, up from 36% the month before. Closings over $1M fell from 24 to 11. Fewer expensive homes sold, so the median slid. Inside the $300K to $500K tier, the median price actually went up check out below.

Note on the top two tiers: 11 closings each is a thin sample size. Three fewer closings in $800K–$1M would push MOI from 3.4 to 4.6. So as usual with these reports, take it with a grain of salt.

What the tiers are actually telling us

• Entry level is the only tier that got busier. Closings rose from 67 to 76 and DOM dropped from 71 days to 50. MOI is still 8.4, so buyers have leverage, but sellers priced right are getting there faster.

• The middle went soft. $300K–$500K jumped from 6.6 to 9.5 months of inventory as closings fell from 47 to 32. Yet the homes that did sell went in 20 days. That’s a market split in two: priced right sells in three weeks, and everything else sits.

• $500K–$800K cooled the most. MOI went from 5.1 to 8.5 and closings nearly halved.

• Luxury slowed but didn’t stall. $1M+ closings fell from 24 to 11, but the ones that sold went in a median of 7 days at $412 a foot.

So how does this compare from last year?

Prices are flat year over year but the volume is not showing that 20% fewer homes closed than last October. And this makes sense, right? Interest rates were going up last month which is going to slow buyer activity. I expect November’s and December’s numbers to really show a reaction those rates.

Let’s break it down by neighborhood

Months of inventory is only shown for neighborhoods with 10 or more closings. Anything under 20 is showing the direction of but isn’t really revealing a trend.

• Uptown is the tightest market in the city. 2.8 months of inventory, homes closing in 23 days, and another 25 pending. While the city tipped toward buyers, Uptown is a seller’s market.

• New Orleans East is where buyers have the most leverage. 153 homes on the market against 16 sales is 9.6 months of inventory. The median close was $136,500 at $83 a foot. The East is a big area with very different pockets inside it, so treat this as the overall read.

• Algiers sits right in the middle at 6.0 months, and it had the most sales of any neighborhood here. Homes closed in a median of 35 days at $172,500. Across the river from Uptown, the same budget goes a lot further.

• Gentilly is balanced at 6.5 months with 110 homes on the market. Correction from last month: I listed Gentilly at under 12 active. The real number is about 110.

The rest had 4 or fewer closings, so again its too few to read a trend. Algiers Point is one to watch: its active listings have been sitting a median of 134 days.

So how does this compare with our pals in Metairie?

Metairie is still a balanced market while Orleans tipped toward buyers.

The gap is widest at the entry level. Under $300K, Metairie sits at 4.7 months of inventory against 8.4 in Orleans, with a median close of $251,300 versus $162,750. What’s interesting is that Metairie’s median is down from $345,000 a year ago.

What price tier are you buying or selling in 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

I’ve had a handful of people ask me about the property tax news this week, and most of the headlines make it sound like something already passed. It hasn’t and here’s how it works.

You already voted on these.

Every millage in this conversation was approved by New Orleans voters at some point, each with a maximum rate. Over the years, the city has been collecting less than that maximum.

What’s on the table now is called a ‘roll forward’. That just means the city raises a millage back up toward the ceiling voters already approved. Since we already said yes to that ceiling, it doesn’t go back on the ballot.

So it’s not a new tax and it’s not a public vote, the council decides.

All seven council members vote, and it takes five yes’ to roll any single millage forward. The public hearing and vote are November 5.

Here’s the deal, they can roll forward all of them, some of them, part of one, or none. Each one is its own call.

You don’t get a vote here, but you do get a voice. You can speak at the November 5th hearing or call your council member before then and tell them which ones you’d push to the max and which ones you’d leave alone.

Why now?

The city is looking at a roughly $100 million hole in the 2027 general fund. The proposed budget already has about $77 million in cuts. The city says rolling millages forward could take as much as $21 million off those cuts. Rolling forward everything on the list would bring in about $42 million.

Some cuts are coming either way.

Run your own number

The city put out a calculator that’s genuinely useful. Plug in your property’s market value, add your homestead exemption if you have one, then pick which millages to roll forward. It gives you the monthly and annual cost.

https://nola.gov/next/treasury/topics/millages-how-taxes-are-calculated/roll-forward-millages-impact-calculator/

For a ballpark, the city’s own example is a $300,000 homesteaded house with three of these millages rolled forward. That comes out to about $101.83 a year, a little over $8 a month. Yours will depend on your value and which ones pass.

If you own rental property, run it without the homestead. You’ll pay more per mill, and that cost usually finds its way into rent.

What each one pays for

General fund.
Two millages feed this one, and it covers the city’s day-to-day operations. Rolling both all the way forward adds 1.82 mills and brings in about $10 million. It’s the most flexible money on the list and the most direct way to soften cuts.

Police and fire.
Voters approved 5 mills for police and 2.5 mills for fire back in 2016. The police side pays for hiring and equipping officers. The fire side went toward the back pay and pension settlement owed to firefighters. One thing to know: homestead doesn’t apply to this one, so you pay on full value even on the house you live in. More info here.

Platoon.
This is the old one, about a hundred years old. It pays for the fire department’s double platoon system and the police department’s triple platoon system, plus pay for both. Basically, it’s what keeps enough shifts staffed to cover the city around the clock. It can’t be spent on anything else. More info on this here.

Parks.
Voters passed 6.31 mills in 2019 with about 76% support, running through 2040. It’s split between NORD, Parks and Parkways, City Park, and Audubon. NORD’s share goes to programs. Parks and Parkways uses its share to keep up green space. More info found here.

Library.
Renewed in 2021 with 70% support for 20 years. This is the cleanest example of how a roll forward works. Voters approved up to 4 mills, and the city has been collecting less than that. This millage covers more than half of the library system’s budget.

Early childhood.
Approved in April 2022, 61% to 39%, 5 mills for 20 years. It funds City Seats, around 1,000 seats a year at 40-plus centers for kids from birth to age three. Every local dollar here also pulls in a matching dollar from the state. More info found here.

So...

If you own a home in Orleans Parish, take two minutes and run your address through the calculator. Figure out which of these you’d actually pay for. Then, if you have an opinion, the place to share it is the November 5 hearing or your council member’s office, not the ballot box.

I’m Philip Ewbank. I sell real estate in New Orleans and on the Northshore, and I’ll keep tracking this through the vote.

🏠🏠🏠🏠🏠🏠🏠
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

I pulled every active single-family listing in Orleans Parish from the MLS as of September 29, then pulled the ones advertising owner financing.

While both sets of homes are at the same price point, homes advertising Seller Financing are about 9% more expensive per square foot. Plus they have 39 more days on the market. My takeaway is that sellers would rather advertise they are offering Owner Financing than lower the price.

Seller financing works. It also shifts risk onto both sides of the table in ways most people do not think through until they are in it.

Sellers

If you are the seller, you are now the bank.

• You need to underwrite your buyer. Bank statements, tax returns, a credit check. Most sellers and a lot of agents skip this.

• Use a closing attorney who does owner financed deals regularly. The note language matters.

  • You can set the rules for all the terms: amortization schedule, interest rate, balloon payment, pre-payment penalty, missed payment penalties. This stuff is important.

• Your buyer is now responsible for paying taxes and insurance on a property you still have money in. Set up a third party escrow to collect and pay both. If a payment gets missed and nobody catches it, your collateral is at risk.

• If you still have a mortgage on the property, call your lender before you list this way. Your loan may not allow it.

• Your equity is locked up until the balloon. A 3 year balloon usually means waiting 3 years for your money.

• If the buyer stops paying, you are the one starting the legal process, taking the property back, and paying for repairs.

• Talk to a CPA. Payments spread over time get taxed differently than a lump sum sale.

Buyers

If you are the buyer, the seller is doing you a favor, and the terms usually reflect that.

• Expect a sizable down payment.

• Expect the note to favor the seller. You can negotiate, but they hold the leverage.

• The balloon is the real risk. You are betting you can refinance in 3 to 5 years. If rates, your credit, or the appraisal do not cooperate, you could lose the house and everything you put in.

• Use an escrow company you choose to handle payments, taxes, and insurance. That gives you a record of every dollar.

• Remember this is just the financing side of a transaction, you still need to do your inspections, appraisal, etc.

• Have your own attorney review the note before you sign.

• Ask whether the seller still has a mortgage on the property.

• Ask whether your payments will be reported to the credit bureaus. If they are not, that works against your refinance plan.

Seller financing can be a good tool though it’s not a shortcut. The paperwork has to be right on both sides.

I put together a one-page checklist for each side, organized by deal stage, with the questions to ask before you sign anything. Save the one for your side below.

Would a seller-financed deal make sense for you right now, or does the balloon risk take it off the table?

🏠🏠🏠🏠🏠🏠🏠🏠
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

Single family still earns the most rent, but it dropped $200 in a month. Doubles are where the deals are, for renters and buyers.

I pull rental listings straight from the MLS every month. This covers active listings and units leased in the past 30 days across Orleans Parish.

What It Means

Single family took the biggest hit. Median rent dropped $200 in a month, down to $2,000. Houses are still the priciest rentals in town and the fastest to lease, but condos are only $100 behind now.

Doubles are where it gets interesting. If you’re renting, $1,562 gets you a typical 2-bed at about 975 sq ft. Nothing else in the multi-unit market gives you more space for the money. And with doubles sitting 41 days, there’s room to negotiate.

If you’re buying, it’s the same story from the other side. Our multifamily sales report last month showed 31 months of inventory. That’s a buyer’s market by a wide margin. Double rents held at $1,600 for five straight months before this dip, so I read September as seasonal, not a trend.

Condos are the head-scratcher. Rents went up $100 while everything else came down. But they’re taking 65 days to lease, and fewer than 1 in 5 has found a tenant. My guess is landlords are priced for August and the September renter isn’t biting. I’d expect that number to come back down.

Neighborhood Breakdown

Where you rent in New Orleans matters as much as what you rent. The spread between neighborhoods this month was more than $1,100.

Treme is the one to watch. Landlords leased 24 units against just 30 on the market. That’s 80% absorption, the tightest of any neighborhood I tracked. Median rent is $1,550. If you own a double in Treme, you’re not waiting long for a tenant.

The CBD and Warehouse District is the busiest rental market in the city. 61 leases in 30 days, 73% absorption, and a $1,900 median. It also has the highest price per square foot at $2.24. Renters are paying for location, not space. The typical unit is about 900 sq ft.

Gentilly might be the best value in the city. $1,500 gets you about 967 sq ft at $1.36 per sq ft, and units are leasing in 28 days. That’s more space for the money than almost anywhere else on this list, and it’s moving fast.

Irish Channel has the highest rent at $2,350. Only 8 leases, so treat it as directional. Fair Grounds is the cheapest at $1,223, with just 4 leases behind that number.

Lakeview is still the outlier. It has the third-highest rent but the lowest price per square foot and the longest wait at 56 days. Those are bigger homes for a smaller pool of renters.

Mid-City has the most inventory at 104 active listings but only 22% absorption. Renters have options there, and landlords should price accordingly.

If your rental has been sitting since August, how does your asking rent stack up against these numbers?

🏠🏠🏠🏠🏠🏠🏠🏠
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

Yes, it’s a straight up buyer’s market. Saved ya some time!

In actuality, something interesting from the data: Condos that closed in September took 41 days to find a buyer while in August it took 63. There are still 11.8 months of inventory. Faster sales and a glut do not usually show up together. I think its likely seasonality showing its head as our Fall Market begins.

Let’s get into it!

I pulled Orleans Parish condos from the MLS. Closed sales use a 30-day window ending September 20th.

Condos that sold took 41 days, down from 63 in August, while the ones still listed have sat 116 days. Closed price is up 12.8%, but that is a different mix of sales, I wouldn’t call that appreciation. MOI is 11.8 months making it a clear buyer’s market for condos.

Against a year ago:

(Note: I don’t have September 2025 numbers so I’m using August 2025)

From these numbers it looks at though the condo improved but its important to remember that inflation ran 3.4 percent for the 12 months, so asking prices lost ground in real terms.

Let’s go hyperlocal:

French Quarter

The six sales ran from $180,000 to $2,800,000, so that $795,000 median does not tell you much. The Fannie Mae investor-ownership change I flagged in August still has not shown up in the numbers.

CBD/Warehouse

Ten closings, the most of any neighborhood. Pending fell by half to 7 from 14. The pipeline behind those closings is thinner.

Uptown

Most pending of any neighborhood at 13. That 7-day median close DOM sits on a range of 1 to 474 days. A few fast sales set the tone.

St. Charles Corridor

Still the lowest asking price of the six neighborhoods. Visitors looking for a spot on the parade route have negotiation room.

Marigny/Bywater

Two closings don’t tell us much about the pace of these neighborhoods. Active units fell to 36 from 50 with only 2 closings and 3 pending. So most of that drop are listings coming off the market without selling.

Lakefront

One closing but pendings are up to 4 from 1 as it was last month.

So the condos that sell are selling faster. The rest are sitting longer. Inventory is 449 deep, one in ten is under contract, and asking prices are flat against last year. Uptown and CBD/Warehouse are where the closings are. The French Quarter has 118 active against 6 closings.

Are you selling a condo that has sat past 100 days, or watching one?

Philip Ewbank | Realtor Keller Williams Realty New Orleans | 504.335.7481

There are 105 homes for sale in Orleans Parish between $285K and $325K, with a median 48 days on market before selling in the past 30 days.

Below is a list of homes, a condo and a multifamily that hit the market in the last 7 days in this price range.

One of these has been listed four times in two years, tried as a rental in between, and is back today seventy thousand dollars under what the owner paid for it.

Here’s what $300,000 gets you in New Orleans right now:

2420 Dreux Ave, New Orleans, LA 70122 · $299,000 · 3 beds · 2 baths · 1,574 sqft
Completely renovated Gentilly Terrace cottage, open floor plan, stainless appliances with the washer and dryer included, fenced yard, off street parking. Near City Park, Bayou St. John, and the Fair Grounds. The current owner bought this one for $165,000 in December 2022. Tried selling it in three separate rounds since August 2025, starting at $339,000 and dropping each time. This is the first time it’s been under $300,000.

4214 Ulloa St, New Orleans, LA 70119 · $315,000 · 6 beds · 2 baths · 1,974 sqft
Two matching 3 bedroom units, separate water and electric meters on each side. Freshly painted with cosmetic updates. Live on one side and let the other help with the mortgage. Listed at $350,000 back in February, cut twice down to $315,000, expired in August, relisted at the same price a month later.

8931 Jeannette St, New Orleans, LA 70118 · $325,000 · 3 beds · 3.5 baths · 1,717 sqft
Fully renovated craftsman on a dead end street in West Carrollton, no through traffic. New roof, solar panels, new energy efficient windows, new siding, new kitchen cabinets, quartzite counters. The current owner bought this one for $115,000 in February 2025 and just finished the renovation. Listed yesterday.

900 Bartholomew St #319, New Orleans, LA 70117 · $300,000 · 2 beds · 2 baths · 1,000 sqft
Third floor condo at The Saxony in the Bywater, courtyard pool view, private balcony, in unit laundry, gated parking, elevator, dog run. $510 a month condo fee. Not FHA or VA approved, so financing here is cash or conventional only. This one’s had a long run. Bought for $370,000 in February 2022. Listed for sale in 2024 at $380,000, cut over a year down to $350,000, expired. Relisted at $350,000, cut to $325,000, expired again. Tried renting it out in between at $2,600 a month, cut to $2,100, rented for a few months, then that ended too. Back on the market today at $300,000, seventy thousand under what the owner paid.

Below is a hypothetical scenario at $300,000, 3% down conventional vs 3.5% down FHA, courtesy of Cameron Budzius over at The Mortgage Krewe.

Rates are today’s published national averages, not a locked quote. 7.065% conventional and 6.502% FHA, per Mortgage Research Center, September 18, 2026. Insurance and property tax figures below are rough placeholders, not property specific quotes.

Scenario #1: 3% Down Conventional Loan, 30 Year Fixed Rate Mortgage

• Sales Price: $300,000

• Down Payment: $9,000

• Loan Amount: $291,000

• Rate: 7.065%

• P&I Payment: $1,949

• PMI (est.): $90

• Homeowners Insurance (est.): $250

• Property Taxes with Homestead Exemption (est.): $240

• TOTAL MONTHLY PAYMENT (est.): $2,529

Scenario #2: 3.5% Down FHA Loan, 30 Year Fixed Rate Mortgage

• Sales Price: $300,000

• Down Payment: $10,500

• Loan Amount: $294,566 (includes financed upfront MIP)

• Rate: 6.502%

• P&I Payment: $1,862

• MIP (est.): $135

• Homeowners Insurance (est.): $250

• Property Taxes with Homestead Exemption (est.): $240

• TOTAL MONTHLY PAYMENT (est.): $2,487

Closing costs and cash to close aren’t included here since they vary by lender and title company. Cameron can run the exact numbers for whichever property you’re actually looking at. Check out the post on Seller Concessions to learn what you could negotiate based on your loan type.

Philip Ewbank | Realtor Keller Williams Realty New Orleans | 504.335.7481

Most buyer’s agents don’t know seller concession caps. The ones who do sometimes negotiate past them anyway. When that happens, the surplus doesn’t go to the buyer. It goes back to the seller for free.

What is a seller concession?

A seller concession is when the seller agrees to pay a portion of the buyer’s closing costs, or repair costs instead of the buyer covering those out of pocket. It’s not a price reduction, it’s a redirect of who pays what at closing.

Why Buyers Need Them:

Most buyers are already maxed out on their down payment. They scrape together 10–20% to hit the mortgage qualification, and they’re tapped. Closing costs can run 2–5% of the purchase price. That’s $6,000–$15,000 on a $300k home that they may not have sitting around. A seller concession fills that gap so the buyer can actually close.

Lenders directly state to their buyer clients and the buyer’s agent that in order for them to buy a house seller concessions must be negotiated into the deal.

Why Sellers Offer Them:

1. Early in the transaction to move the needle on price without cutting the asking price.

Seller is at $300k asking. Buyer offers $290k with no concessions. Seller counters: $299k with 3% seller concession. The seller effectively got closer to the list price and the buyer feels like they won. Everyone’s happy, and the sale closes.

2. Late in the transaction to avoid repairs.

Inspections in New Orleans can find foundation cracks, roof issues, sewer line issues or HVAC challenges. All fairly normal.

Repairing this is less than ideal for a home seller. Sellers do not normally have thousands of dollars to fix, they could be out of town, or just don’t want to deal with contractors. Instead of a repair, they usually offer the buyer a closing cost concession. Buyer uses that savings to hire their own contractor post-closing and fix it their way. Seller avoids the repair obligation entirely.

3. Just to make the deal work
In a soft market, a seller might need to offer concessions just to close a deal. The buyer can afford the house but not the closing costs. Seller has two choices: cut the price or offer concessions. Smart sellers run the math on net proceeds either way. Sometimes concessions hurt less than a price cut.

How much can I negotiate for?

Each loan type offers a unique max seller contribution. For conventional the number rises significantly based on the buyer’s down payment amount.

Here’s Where It Gets Tricky (And Where Agents Mess Up):

Every loan type has a maximum seller concession allowed. Conventional 10% down? 3% cap. FHA? 6% cap. VA? Unlimited.

The problem: A lot of agents don’t know these limits. Or they know them and negotiate past them anyway.

When a buyer’s agent asks for $12,000 in seller concessions on a $300k home (4%), but the buyer’s conventional loan with 10% down only allows 3% ($9,000), the extra $3,000 can’t legally go to the buyer. It goes back to the seller at closing.

The seller suddenly gets an unexpected $3,000 credit.

The Real Move:

If concessions get negotiated past the limit, the buyer’s agent needs to know this before closing and redirect the surplus.

I represented a condo sale earlier this month where the buyer’s agent negotiated 4% in seller concessions. His loan only allowed 3%. That extra 1% was dead money until we redirected it to HOA dues. The buyer’s agent knew he had to use it or lose it.

Know your loan’s concession cap before you negotiate. If your agent asks for more than allowed, that’s a red flag. Either they don’t know the limit or they’re not checking it. Either way, ask them why.

Philip Ewbank,
Realtor Keller | Williams Realty New Orleans | 504.335.7481

Most of my clients chase New Orleans doubles. But when I pulled Metairie markets side by side with New Orleans, something became clear: same price, completely different dynamics.

They could be leaving money on the table by ignoring Metairie.

Below is a breakdown of where the small multifamily market stands right now, focusing on doubles in New Orleans and Metairie. This is based on 30 days of closed sales data and current active inventory.

What this means: New Orleans has massive inventory in both channels. 475 homes for sale. 615 for rent. Buyers have all the leverage (31 months of inventory = severe glut). Landlords competing against 615 other active rentals for the same tenant pool. Homes that DO sell move fast (23 days), and rentals that DO lease take 35 days.

Getting listed doesn’t guarantee movement. You’re competing against hundreds of similar properties. Pricing accuracy and condition separate the movers from the stuck inventory.

What this means: Metairie is tighter than New Orleans: 25 homes for sale & 57 for rent. Inventory discipline means faster decisions (10.7 months MOI vs 31 in NOLA).

Interestingly it took twice as long to sell doubles in Metairie last month than in New Orleans. My takeaway is that this could be neighborhood focused.

So is Metairie the better deal?

Metairie’s numbers look cleaner because it’s smaller and tighter. But New Orleans 615 rental units aren’t all the same. You’ve got $1,200 blocks next to $2,000 blocks. That median of $1,550 masks neighborhoods that range from $1,200 to $2,000. Metairie’s more consistent because there’s less geographic variation to hide.

Next report I’ll go neighborhood by neighborhood in our city. That’s where the real cash flow picture shows up.

Philip Ewbank, Realtor | Keller Williams Realty New Orleans 8601 | 504.335.7481

I hope you had an amazing Labor Day!

Yesterday typically is the marker for the Fall Season of real estate in New Orleans. Kids are back in school, routines are a bit more set, and we can pretend its getting cooler outside.

Market Overview: September 2026

Key Metrics (30-day):

• Active: 1,198

• Closed: 187

• Median List Price: $302,450

• Median Sale Price: $365,000

• Median $/SqFt: $207

• Median DOM: 48 days

The past 3 months has seasonally been the slowest time in our market. The fall typically sees more uptick in buyer activity. With this in mind its encouraging to see the MOI continue to keep us in a balance market.

The market split three ways:

• Entry-level (under $300K) is a buyer’s market: 8.9 MOI, 71-day DOM, prices dropping to $198K.

• Mid-market ($300K–$500K) is balanced at 6.6 MOI but closes fastest (27 days), that’s where the action is.

• Premium ($500K+) still favors sellers: 3.0–5.1 MOI, median closes $640K–$1.4M holding strong.

Neighborhood Spotlights

Lakeview / West End

• Active Listings: 23

• Recent Closings: 10 properties

• Median DOM: 28 days

• Median List Price: $587,000

Bywater

• Active Listings: 25

• Recent Closings: 2 properties

• Median DOM: 62 days (active)

• Median List Price: $475,000

Irish Channel

• Active Listings: 20

• Recent Closings: 3 properties

• Median DOM: 30 days

• Median List Price: $599,000

Mid-City

• Active Listings: 21

• Recent Closings: 3 properties

• Median DOM: 61 days

• Median List Price: $425,000

Gentilly

• Active Listings: Under 12 (supply-constrained)

• Recent Closings: 1–2 properties

• Median DOM: 45+ days

For Buyers:
If you’re under $300K, don’t rush, you’ve got time and leverage. Ask for inspections, contingencies, appraisal gaps covered. Mid-market buyers should move decisively when they find the right property; it’ll close in 27 days. Premium buyers need to be ready to commit fast; there is a lot of competition so you may need to be creative.

For Sellers:
Its a story of price, if you are priced under $300k its important to be more prepped than you may think. Price with your competition in mind and consider a lot of the steps found in the past post on selling.

If you are mid-market or at a luxury price you are entering a market that has more buyers however first impressions are still vital. Price and presentation typically spurs buyer decision making. Never just count on the market.

Philip Ewbank · Licensed Realtor · Keller Williams Realty New Orleans
License #0995700196 · Each office independently owned and operated.

While roasting hotdogs this weekend you may need some conversation starters:

• Are you up to date on the rental market? Got ya covered!

• Is Spring 2027 your target for selling your house? Read below!

• Are you interested in the NORA Property Auction? We have some resources for ya!

• Curious what $200k can get ya in New Orleans? Lets chat!
  

Also!

Know a Girl Dad in your life? Tell them about Pints & Ponytails 🎀🍻. Thursday, September 24th, 6-7:30pm at my office on Leake Ave. Sarah Bartels from Good Vibes Barbershop is teaching dads ponytails, pigtails, and braids on mannequins, drinks included!

Grab a ticket here and check out this video:

Pints & Ponytails

Let’s talk Real Estate:

Congratulations to Our Clients

I am thrilled for my clients! This week I sold their homes on average of 17 Days at 99% of list price!

Want to know how? Lets chat!

🏡 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 | Double, up to $350K

🔵 Bywater | Double, up to $400K

🔵 Mid-City | Double or Single, up to $425K

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

🔵 Mid-City | Double, up to $600K

🔵 Jefferson Parish | Double or triplex, any price point

Every week I publish what’s actually happening in the New Orleans real estate market, the data, the deals, and the things most agents won’t tell you. If you’re thinking about buying, selling, or investing in the metro, you probably have questions. I probably have the answer. Hit reply or grab a time on my calendar, no pitch, just a conversation.

- Phil

Philip Ewbank · Licensed Realtor · Keller Williams Realty New Orleans
License #0995700196 · Each office independently owned and operated.

Are you following the new Auction from NORA?

A client of mine bought a HUD foreclosure a while back. Cash deal, no inspection contingency, because HUD properties don’t allow one. The offer had to go in blind.

The utilities were off. No power, no water. Which meant we couldn’t run the plumbing to check for a broken line somewhere in the yard or under the slab. We didn’t know until after closing whether the pipes were intact. She was buying the house as it existed on paper, not as she could verify it in person.

It worked out for her. The price reflected the risk, and the property didn’t come with any surprises worse than what she’d already priced in. But I want to be clear about why it worked out. It wasn’t luck. She went in with cash reserves beyond the purchase price, she understood she was pricing an unknown, and she was emotionally and financially prepared for the worst-case repair scenario before she ever signed. That’s the difference between a good auction outcome and a bad one. Preparation, not chance.

I bring this up because NORA just opened registration for its next property auction, and the mechanics are similar enough that her story is a useful preview.

NORA (the New Orleans Redevelopment Authority) has more than 140 properties going up for online auction this month. Over 100 are residential lots, 40 are Non-Housing Development Option lots. Everything sells as-is, where-is. Minimum bid is $4,000.

• The schedule: a buyer’s seminar September 17 at 6pm at Dryades YMCA, online bidding opens September 29 at 8am, and closes the next day sometime between noon and 6pm.

• Registration is separate from the seminar and closes Monday, September 28 at 3pm CT through Tranzon, the third-party auctioneer running the sale on NORA’s behalf.

• Winning bidders have 30 days to close and 18 months after that to complete development. There’s a buyer’s seminar for a reason. Go if you’re bidding.

Here’s the part that mirrors my client’s experience directly. NORA does not allow financing contingencies. You need funding secured before you bid, not after you win. If your plan involves getting a loan approved once you’ve got a signed contract, this auction isn’t structured for you. That includes your deposit. Registration requires putting down $4,000 per lot before you’re even approved to bid, and it’s cumulative. Two lots means $8,000 committed up front. Wire transfer, cashier’s check, money order, certified funds, or credit card all work. Personal and business checks don’t.

A few things worth sitting with before you register:

The minimum bid is not the real number. Between closing costs, permitting, and whatever the lot itself needs, plan on the all-in cost running well past $4,000. Even a straightforward lot tends to land closer to $6,000 to $6,500 once closing costs and fees are counted, before you’ve addressed anything the property itself needs.

Sold as-is means exactly that. Many of these lots have sat vacant, some for years. Budget for the property you can’t fully inspect, not the one in the listing photo.

The 18-month development clock starts at closing, not when you’re ready. If you’re not positioned to break ground reasonably soon after purchase, that timeline gets tight fast. NHDO buyers specifically are on an even shorter leash up front: a site plan is due to NORA within 10 business days of signing, a Change of Use permit from the city is due within 45 business days, and the maintenance obligation runs five years past closing, not just through the build.

Title history on redevelopment authority parcels can be more complicated than a standard resale. Ask questions at the seminar about what NORA can and can’t guarantee on title.

Cash ready means ready. Not “in process.” Not “pre-qualified.” Secured.

None of this means skip it. A $4,000 minimum bid on a residential lot in this market is a real opportunity, especially for buyers who already do this kind of work or have a contractor relationship lined up. But the buyers who come out ahead on properties like this are the ones who treat the unknowns, and the real all-in cost, as something to plan for, not a surprise they didn’t see coming.

If you’re considering bidding, worth asking yourself now: do you have the cash sitting ready today, or is it still a few steps away? That answer tells you whether September 29 is your auction or next year’s.

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

Fat Tuesday is on February 10th next year...! This is when the housing market in New Orleans resets and really starts moving. Sellers are already making plans to take advantage of this new market. But if you’re not ready by Ash Wednesday, you could be leaving money on the table.

It’s early September, so you’ve got six months. Here’s a game-plan.

RIGHT NOW (September - October)

Get your equity number
Sit down with an agent and get a real home evaluation. Not a Zillow guess. A comp analysis of what has sold, currently pending and what is still on the market will inform you on where your ballpark needs to be. Have your agent provide you a Net Sheet showing you what your estimated proceeds would be after you pay off any mortgages, fees and closing costs.

Order a Pre-inspection
Most owners never do this and wait for a buyer’s inspector to find foundation issues or a roof leak. Nothing kills a deal faster than a surprise. Get a General Inspection and Video Pipe Inspection completed and have your agent coordinate contractors to get the house fixed up.

Landscaping
Quality landscaping adds 10–15% to perceived home value, often for way less in actual investment. Your yard should make someone stop scrolling. Dead plants especially need to go. Clean beds, sharp edges, well-maintained lawn helps a buyer see themself living in your space instead of thinking how much work they need to put into it.

Declutter.
Watch a season of Marie Kondo and ask if the items in your home bring you joy. Most won’t. Give a critical eye to your furniture, counter spaces, garage, and backyard. Buyers that are distracted are no longer focused on buying.

BEFORE PROFESSIONAL PHOTOS (November - December)

Pressure wash
Mildew and oxidation are continual gifts from our fair city. Lets get rid of it. Siding, driveway, front porch can all be washed. If you are hiring someone, make sure they use the right pressure washer that won’t damage your paint.

Repaint
I recommend to ALL my clients to repaint the inside of the house. The upfront cost/effort can feel prohibitive AND it can be the factor that cuts down your Days on Market. You want your buyer to focus on the flow of your home and how they can see themselves growing old there, not to be distracted by old mismatched paint and nicks from your roomba.

How’s your front door?
Consider installing new hardware, wash or paint the door, and give a good look at your doorbell. This is 2% of the house and can be 100% of the first impression.

DOCUMENTATION (Start Collecting Now)

Utility bills
Start collecting them by season. Buyers want to know what their monthly electrical looks like in July and January.

Age of Major Systems
Begin a list of the age of your roof, HVAC, water heater, appliances, generator, etc. Hint: You ordered that pre-inspection back in September and the report has all these ages.

Insurance
Flood and home are important. While your buyer will get their own homeowner’s policy its helpful to them to have an idea what you are paying. If you have flood insurance, your buyer can potentially assume the policy which saves them money in the first few years of owning the house.

Most recent appraisal
This is helpful as it provides the square footage exactly. Your agent needs it exact.

Revisit your equity number
In December/January its time for another talk with your agent about the changes in the market from the past few months and what Spring 2027 is shaping up to be. At this point you can see what is currently active on the market and discuss how to best position your price.

A successful home sale is done from the prep work of all the parties involved. Homes that are prepped, documented, and priced right sell faster and for more. Spring buyers should not be negotiating against you, they should be competing for you.

Four months of $1,600/mo doubles. That’s the story in the rental market right now. Just stability at the price point that matters most.

Single family rents are sliding. Down from $2,275 in June to $2,200 in August. Days on market climbed to 38 days. The pressure is building on the entry-level rental market. Condos, on the other hand, are accelerating. They leased in 26 days in August, the fastest we’ve seen. Small multifamily is stuck. Rents dropped to $1,400 and units sit for 38 days.

Here’s what August actually shows.

The August Snapshot

Absorption is flat. Every property type is leasing at roughly 29% of active inventory per month. That’s equilibrium. Supply and demand are balanced. No segment is pulling away from the others.

But the rents and days on market tell a different story. Doubles are moving at 26 days. Condos just hit 26 days. Single family and small multifamily are both sitting at 38 days. There’s a two-tier rental market forming.

The 90-Day Trend

Single family has lost $75 in three months. That’s not noise. That’s a trend. Landlords are adjusting because demand has softened. Longer days on market force a choice: lower rent or wait. Most are lowering rent.

Doubles are the anomaly. Four months at $1,600. No budge. Families want doubles. They’re available. Landlords know the market. No reason to move.

Condos climbed $100 from July to August, back to $1,800. But here’s what matters: they’re leasing faster. Rents up, velocity up. That’s the direction landlords want.

Small multifamily compressed to $1,400, the lowest in the dataset. That’s not pricing strategy. That’s a market clearing action. Landlords are making a statement: “We need tenants, and we need them now.”

The Days on Market Trend

The fast-movers are doubles (26 days) and condos (26 days). They’re executing. Single family and small multifamily are stuck at 38 days, meaning they’re sitting almost 50% longer to find a tenant.

That delay is costly. Every extra week a unit sits empty is money lost. Landlords are making tradeoffs: accept lower rent and move units faster, or hold the line and wait.

Single family landlords are holding at $2,200 but sitting longer. Small multifamily landlords are dropping to $1,400 to move units. Both strategies are costing someone money.

What This Means for Renters

If you’re shopping for a rental, you have leverage. Single family homes are sitting longer, which means some landlords are negotiating. Small multifamily is pricing aggressively to fill units. Doubles are tight but stable.

If you’re in a condo, it’s a landlord’s market right now. They know demand is there. You’re competing.

What This Means for Landlords

If you own a double, you’re in the best position. $1,600 holds. Tenants move fast. No stress.

If you own a single family home, the market is softening. You can hold at $2,200 and wait, or drop price and move units. Three months of data says holding isn’t working.

If you own a condo, August was your month. Rents and velocity both improved. Lean into that momentum.

If you own a 3-4 plex, you’re facing a choice. $1,400 will find a tenant in 38 days. Holding higher will sit longer. The math is clear.

The Question You Should Ask

If you’re renting single family at $2,200 or a small multifamily unit at $1,400, run the math on a mortgage. The rental market is softening in those segments. Landlords are making concessions. That often means the gap between renting and owning is narrowing.

Whether you’re paying rent or a mortgage, you’re paying someone’s mortgage. The question is just whose.

Pulled today from the MLS. Active listings, $200,000 or less, Orleans and Jefferson Parish, condition rated New or Excellent.

528 Dumaine St #4, New Orleans, LA 70116 · $175,000
· Studio · 1 bath · 204 sqft
French Quarter condo, second floor, private balcony over a shared courtyard. Wood floors, cherry cabinetry, granite counters. Condo fee is $138 a month. Smallest footprint on this list and the only one with an HOA payment attached.

5601 Debore Dr, New Orleans, LA 70126 · $190,000 · 3 beds · 2 baths · 1,350 sqft
Renovated modular home on a corner lot in Pontchartrain Park. The primary suite has a garden tub and separate shower, and the kitchen has stainless steel appliances. Parking for up to four vehicles. Seller will consider owner financing with 20% down, subject to qualification. Vacant and easy to show.

1817 Bartholomew St, New Orleans, LA 70117 · $199,000 · 3 beds · 1 bath · 1,150 sqft
Musician’s Village cottage built in 2009. Fenced yard, covered patio, storage shed, two off street parking spots. Owner occupied, needs 24 hour notice to show. Has an Open House on Sunday.

708 Houma Blvd, Metairie, LA 70001 · $195,000 · 2 beds · 1 bath · 1,060 sqft
Cottage between Airline Drive and West Metairie Avenue. A bonus room with a private entrance works as a home office or guest suite. Granite counters, hardwood floors, fenced backyard with a paver patio and storage shed. New water heater, updated electrical, and re-supported plumbing lines, all pre-inspected before listing. Has an Open House on Saturday.

Three of these four hit the market in the last 48 hours. Square footage runs from a 204 sqft French Quarter studio to a 1,150 sqft cottage in Musician’s Village. Two are fresh listings with no history. One has a documented price cut and a canceled contract behind it.

Below is a hypothetical scenario at $200,000, 3% down conventional vs 3.5% down FHA, courtesy of Cameron Budzius over at The Mortgage Krewe.

Scenario #1: 3% Down Conventional Loan, 30 Year Fixed Rate Mortgage

• Sales Price: $200,000

• Down Payment: $6,000

• Loan Amount: $194,000

• Rate: 6.75%

• P&I Payment: $1,258

• PMI (est.): $60

• Homeowners Insurance (est.): $250

• Property Taxes with Homestead Exemption (est.): $160

• TOTAL MONTHLY PAYMENT (est.): $1,728

Scenario #2: 3.5% Down FHA Loan, 30 Year Fixed Rate Mortgage

• Sales Price: $200,000

• Down Payment: $7,000

• Loan Amount: $196,378 (includes financed upfront MIP)

• Rate: 6.078%

• P&I Payment: $1,188

• MIP (est.): $90

• Homeowners Insurance (est.): $250

• Property Taxes with Homestead Exemption (est.): $160

• TOTAL MONTHLY PAYMENT (est.): $1,688

Closing costs and cash to close aren’t included here since they vary by lender and title company. Cameron can run the exact numbers for whichever property you’re actually looking at.

Philip Ewbank | Realtor Keller Williams Realty New Orleans | 504.335.7481

A few days ago, my colleague sent me a listing with one word attached: “Boom!” That kind of reaction from Ken gets my attention. So I pulled the numbers myself. They hold up.

Here’s the deal:

• Two fourplexes on the same street in Terrytown, Gretna

• 917 and 929 W Monterey Court

• Both built in 1980, both fully renovated in 2024 (electrical, plumbing, roofing, windows)

• Both individually metered

The numbers

Assumptions: 20% down, 6.70% investor rate, 30-year term, 5% vacancy factor, self-managed at 3% PM, insurance estimated (get a real quote from Riverlands Insurance before you write an offer).

Why this actually works

Start with the tax bill, because it’s the detail most people skip. Both buildings run identical Jefferson Parish assessments. $4,802.73 for 2025, up a rounding error from 2024. Stable and predictable.

929 is the easier of the two to underwrite. It’s 100% leased today at $4,980/mo. The cash flow above is real, not projected.

917 is the one with upside. One unit just turned over and is sitting at market rent. Jefferson Parish Housing Authority payment standards run $1,983 for a 3 bedroom and $2,328 for a 4 bedroom. Run 917’s unit mix, three 3 beds and one 4 bed, through those numbers and gross rent tops out at $8,277/mo against $5,130 today. That assumes voucher tenants and program participation. It is a ceiling, not a guarantee.

Buy both together and you get 8 doors, roughly 25 beds, for $784,000. That is $67 to $78 per square foot depending on the building. Day one cash flow runs north of $1,700/month. Cap rates in the 6 to 7% range are typical for New Orleans metro multifamily right now. This package sits at 8.82% in place, before anyone touches 917’s upside unit

What I’d check before writing an offer

• Confirm leases and actual collections during due diligence, not just the rent roll on the sheet.

• The insurance figure above is a placeholder, not a quote.

• Get with me to go through the disclosures

• And because these are two separate tax parcels, expect your lender to underwrite them as two loans even if you’re buying both at once — that changes your closing costs and timeline versus a single transaction.

So...

If you’re a first-time multifamily buyer: 929 alone is a clean, fully-leased entry point with real numbers, not projections. Start there and grow into 917.

If you already hold rental property in the metro: this is a scale play — 8 doors, one closing (structured right), with upside sitting in-place at 917 that you don’t have to create, just collect.

If you own a comparable Terrytown fourplex: this is your comp. $67-78/sqft and an 8.5-9%+ cap rate is what buyers are paying for renovated, individually-metered product on this block right now.

Want to see what this looks like in your portfolio?

Philip Ewbank
504.335.7481

Buyers here have more leverage than they did a year ago on paper, and they are also taking 23 percent longer to actually write an offer. Those two things do not usually move together.

I pulled this month’s Orleans Parish condo data from the MLS looking at a 30-day closed window. I’m comparing it to our August 2025 report for the year-over-year read, and to the June and July 2026 reports for the recent trend.

Price is up but not by much, and I would not call it real appreciation. Closed price and price per square foot are both up under 3% year over year. National inflation for the 12 months ending July 2026, the most recent data available, ran 3.4 percent. Condo prices here did not keep pace with that, so in real terms this is closer to flat than a gain, though it is nowhere close to a decline either. With only 33 closings last August and 35 this year, a point or two of that gap is tough to call out a trend.

The clearer sellers’ signal is inventory balance. MOI is tighter than a year ago, 12.7 versus 14.3, and pending contracts are up 10.3%, 43 versus 39. Under 6 months of inventory is a seller’s market. 12.7 is obviously nowhere close, but it points toward somewhat more leverage than sellers had in August 2025.

The number that cuts against that story is closed Days on Market (DOM). DOM tracks time from listing to accepted offer and it stops counting once a listing goes pending.

What DOM up 23.5% actually says is that buyers are taking longer to commit to an offer in the first place. Last year’s report had an explanation: higher insurance costs and rising HOA fees were keeping units on the market longer before an offer came in, especially above $400,000 or in buildings carrying assessment risk. A year later, buyers are taking longer to pull the trigger.

Here is how it breaks down from the past 90 days:

On its own, the price slide from June to August looks like a downturn. Last year’s August closed at a similar price and a similar MOI, so a real chunk of this slide is the normal seasonal pattern repeating. August is hot, kids are going back to school, and a lot people (an agents!) were sliding in last second travel.

Expect some seasonal pickup into fall, same as most years. What that seasonal bounce will not automatically fix is the DOM gap. That gap held up under a same-season comparison, so I am not assuming it resets just because the calendar does.

Lets’s go hyperlocal:

French Quarter

Worst stale rate of the six zones. Nine pending is tough compared to the 108 active.

That rule kept some FQ buildings with heavy non-owner-occupied ownership out of reach for conventional loans It has technically been in effect since March, so it is not new, and it has not shown up in these numbers yet. Worth watching whether previously blocked buildings start moving as buyers and lenders catch up to it.

CBD/Warehouse

Highest pending count of the six zones. Most active buyer follow-through in the data right now.

Uptown/Garden District

Fastest DOM of the six zones. Healthiest looking of the bunch.

St. Charles Corridor

Lowest price point of the six zones by a wide margin. Makes sense too, right? This is your bulk of studio and 1bed apartments on the parade route.

Marigny/Bywater

Only 2 closed and 1 pending against 50 active. Too thin to say anything about pace. Stale rate improved to 16 percent from 43 percent in the June report, the one clean improvement in the data even without enough closings to create a trend.

Lakefront

Same closed count as Marigny/Bywater against a fraction of the active pool. That ratio is the tightest of the six zones, even on a thin sample. If you are looking to sell your condo on the Lakefront, price it right and it should move.

So…

…this is not a one-directional story. Sellers have somewhat more leverage on paper than they did a year ago. Inventory is tighter, pending contracts are up, and price is holding roughly even with inflation.

What does not fit that story is how long it is taking to find a buyer in the first place, and insurance costs and HOA fee concerns, the same friction my own August 2025 report flagged, are the more likely reason why.

Uptown/Garden District and St. Charles Corridor are the two zones still moving at a normal pace. French Quarter has the most stale inventory in the city and CBD/Warehouse has the most buyers currently under contract.

Are you selling a condo right now, or holding off on making an offer?”

Philip Ewbank | New Orleans 8601 Leake Ave, New Orleans, LA 70118 | 504.335.7481