Orleans Parish, LA housing market

What this means

• Valuation. Prices are 13% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are down 1.9% over the past year (U.S.: +1.2%), 19% below their 2022-23 peak.
• Supply. There are 1% more homes for sale than the 2017-19 norm and falling (−8% vs. a year ago), so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is high (92/100; U.S.: 54): homes sell for about 4.2% below their final list price; 21% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 39% of the median household income (U.S.: 35%); it takes about $74k a year to keep the payment at 30% of gross pay. That includes about $5,121 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $213/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $399 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from hurricanes. Check insurance costs before buying.
• Outlook. No clear direction: likely −8% to +8% over the next 12 months (59% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −8.3% to +8.1% (80% range; middle estimate +1.2%), chance of a rise 59%, of a 5%+ drop 18%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

ZIP codes in Orleans Parish, LA