February 2026 New Orleans Real Estate Market
What’s changed since February 2025, and what it means now
The market has shifted compared to last February. Prices have softened in several areas, inventory is higher in some neighborhoods, and buyers have more negotiating power than they did a year ago. Well-priced homes are still selling and the market is much less forgiving of overpricing.
Citywide single-family snapshot (last 30 days)
• Median sold price: ~$369,500
Last February: ~$393,600
• Median sold price per sq ft: ~$202/sf
Last February: ~$212/sf
• Median days on market (sold homes): 47 days
Last February: 69 days
• Median active list price: ~$313,000
Last February: ~$340,000
Prices have eased compared to last year, but homes that are priced correctly are selling faster than before. The difference between “market value” and “aspirational pricing” is more obvious now.
Citywide condo snapshot
• Median sold price per sq ft: ~$360
• Median days on market (sold condos): 75 days
• Median active condo DOM: 98 days
• Months of inventory ~ 15 months
What this tells us: Condos remain slower and more price-sensitive than single-family homes. Buyers have leverage, especially on units that have been sitting. This is a STRONG buyer’s market for Condos.
Neighborhood breakdown
Gentilly
• Active homes: 87
• Closed (last 30 days): 8
• Median list price: ~$274,900
• Median sold price: ~$207,250
• Median sold DOM: 30 days
• Months of inventory: ~11
Market type: Strong buyer’s market
There’s a large gap between list and sold prices, and plenty of inventory relative to sales. Buyers have plenty of negotiating power. Sellers need to price sharply from day one.
Lakeview
• Active homes: 27
• Pending + continue to show: 12
• Median list price: ~$599,000
• Median pending DOM: 28 days
• Months of inventory (based on current pace): ~5–6
Market type: Balanced to slight seller’s market (for well-priced homes)
Still a premium area. The best homes move quickly, but anything overpriced sits.
Mid-City
• Active homes: 21
• Very limited closings this month (small sample)
• Median list price: ~$375,000
• Many listings over 60 DOM
Market type: Strong buyer’s market
Common theme with these neighborhoods: sellers pricing/correcting their price to sell are seeing their house go under contract faster than the rest of the market.
Irish Channel
• Active homes: 10
• Closed (last 30 days): 6
• Median list price: ~$782,450
• Median sold price: ~$592,500
• Median sold DOM: 85 days
• Months of inventory: ~1.5–2
Market type: Low inventory, but price-sensitive
Even with lower inventory, buyers are negotiating. This will be an interesting one to watch as this looks like it was an active month for the Irish Channel.
Bywater
• Active homes: 20
• Closed (last 30 days): 3
• Median list price: ~$594,000
• Median sold price: ~$420,000
• Median sold DOM: 83 days
• Months of inventory: ~6–7
Market type: Buyer’s market
What this means overall
For buyers
• Price per sq ft has come down in several areas compared to last year
• More homes are sitting long enough to create negotiation room
• Gentilly, Bywater, and many condos offer the most leverage
• Well-priced homes in Lakeview and select areas still move fast, so be ready
For sellers
• Homes are still selling, but pricing strategy matters more than ever
• The longer a home sits, the more buyers expect concessions
• Coming out aligned with today’s numbers is key to avoiding long DOM and price cuts
For investors
• Softer prices and longer DOM create better entry points than a year ago
• Gentilly and parts of Bywater show clear signs of buyer leverage
• The key is buying based on today’s rents, insurance costs, and realistic resale timelines
• Recommend focusing on multifamily homes to increase rent and lower vacancy liability.
Really appreciate the neighborhood-level breakdown here. The spread between list and sold prices in Gentilly (274k vs 207k) is wild and shows how much power buyers have right now. That 15-month condo inventory is brutal for sellers. I've watched similar shifts in other markets where sellers who wait for teh 'rebound' just bleed equity while well-priced listings still move. Timing matters alot.