NOMAR has published the October residential real estate numbers for the New Orleans metro area, and despite the number of closed sales continuing to drop and days on market reaching higher levels, sales prices for the most part are holding steady and new listings are evening out. There were 1,791 new listings in October in the New Orleans metro area, up just 1.6% YoY, and the 18,656 new listings through the first 10 months of this year are up 2.6% YTD, compared to the same time period in 2023. The average sales price last month in the New Orleans metro area was $332,785, up 0.9% YoY, and the $344,434 average sales price for the first 10 months of 2024 is up 4.6% YTD from the $329,440 through the first 10 months of 2023. Now for the bad news. Days on market increased to an average of 62 DOM in the New Orleans metro area, up 14.8% YoY, and the 61 DOM through the first 10 months of 2024 is up 22% from the 50 DOM through the first 10 months of 2023. There were 858 closed sales in New Orleans metro in October 2024, which is down 6.8% compared to October 2023’s total of 921 closed sales. Through the first 10 months of 2024, there have been 9,742 closed sales in New Orleans metro, down 8.2% YTD. Every month, the New Orleans Metropolitan Association of REALTORS® (NOMAR) publishes residential real estate statistics for the 10-parish metro area – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington. (Click here for the NOMAR Local Market Update October 2024 report). Doing a deeper dive into the parish real estate markets, Orleans Parish experienced the largest average sales price increase in October with a price of $461,963, up 11.9% YoY. Jefferson Parish had one of the largest average sales price decreases, dropping 11% YoY with an average sales price of $277,487 in October 2024, compared to $311,785 in October 2023. The St. Tammany Parish average sales price held steady with a 2.6% YoY increase to $362,560. Closed sales dropped 9% YoY in Orleans Parish with 151 closed sales in October, and a similar story in St. Tammany Parish with closed sales decreasing 7% YoY with 264 in October. However, Jefferson Parish had a 9.6% YoY increase in closed sales with 263 in October. New listings dropped 12.7% YoY in Jefferson Parish with 412 new listings in October.  But in St. Tammany Parish, new listings increased 14.7% YoY with 476 in October. New listings remained steady in Orleans Parish. Days on market increased by double-digit percentages across all three major parishes with Orleans Parish checking in at an average of 72 DOM in October, up 14.3% YoY. Jefferson Parish had an average of 59 DOM in October, up 13.5% YoY, and St. Tammany Parish had one of the largest increases, jumping 19.2% YoY to 62 DOM in October.