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