March 2026 Housing Market Report: New Orleans & Metairie
Where supply stands, how fast homes are selling, and whether buyer momentum is building this spring.
February is never a “normal” month in New Orleans. It’s the shortest month of the year, and this year Mardi Gras dominated most of it. That makes this report less about emotion and more about supply, specifically, months of inventory, and what that supply level may signal as we move into spring.
Rather than speculate, let’s look at the data.
How We Measure the Market: Months of Inventory
Months of inventory (MOI) is calculated by dividing active listings by the number of homes sold in the past 30 days.
Around 6 months = balanced market
Under 4 months = seller-leaning
Over 7 months = buyer-leaning
This metric tells us how long it would take to sell all current listings if no new homes came on the market.
New Orleans: Single Family Homes
Active listings: 1,268
Closed (last 30 days): 111
Months of inventory: ~11.4
By definition, this is a buyer-leaning market. However, 113 homes went pending during a Mardi Gras-heavy month. Even in a distracted season, transactions continued.
New Orleans: Doubles / Duplexes
Active listings: 446
Closed (last 30 days): 34
Months of inventory: ~13.1
Supply remains elevated in the multi-family segment. Buyers have leverage here, particularly for properties requiring updates or strategic pricing. This market is going to be fascinating over the next 5 years. There has been an increase in developers converting doubles to single family homes as there is so much inventory. Eventually we will see a correction…
Metairie: Single Family Homes
Active listings: 382
Closed (last 30 days): 82
Months of inventory: ~4.7
Metairie sits much closer to balanced conditions and, in some price ranges, trends toward seller-leaning dynamics. I expect this market to get tighter over the next 90 days.
New Orleans: Condos
Active listings: 480
Closed (last 30 days): 30
Months of inventory: ~16
Condos currently carry the highest supply relative to sales velocity. This asset class has been soft for several years and is often targeted as a deal. I’d caution that condos have their own challenges such as determining if they are warrantable.
What This Suggests
On paper, much of New Orleans remains buyer-leaning.
However, several early signals are worth noting:
Open house traffic has been stronger than expected.
Buyer inquiries have increased.
Mortgage rates recently dipped below 6% for the first time in three years.
Historically, post–Mardi Gras marks the beginning of meaningful seasonal activity in our market.
If absorption accelerates over the next 60–90 days, months of inventory can compress more quickly than many expect. A sustained increase in pendings would be the first sign of a shift toward more balanced conditions.
This is not a collapsing market. It is a supply-heavy market that may be entering its seasonal inflection point.
We’ll know more by April and May.