New Orleans Real Estate, a Mirliton Market

You’ve heard it first here: we are living in a mirliton market.

A mirliton is a peculiar thing. It doesn’t grow in a straight line. It stretches sideways, reaching for the next vine, the next possibility. It’s messy, but that’s the magic. Some say crooked. Some say wild, but I say always alive.

And as your favorite New Orleans real estate broker, I’m here to declare that’s the behavior this market has been showing as well. I’d venture to say—though I’m no population or financial expert—that the real estate market here is following its own path, different from the national one. Just like we, as a city, are different from so many national trends.

May Catch-Up: A Game Changer for 2025

Many people think the market slows down after Jazz Fest, but that hasn't been the case this year. In fact, May 2025 has been a catch-up month, showing signs of real acceleration. Despite the higher temps and typical seasonal slowdowns, the market has been picking up speed in a way we didn’t see in prior years.

Here’s why that matters:

• Pending units outpacing closed units, and if this momentum continues through June, it means that we’re on track to hit 2,000 sales by mid-summer.

• May saw a significant drop in Days on Market (DOM): 82 days on average, and homes are closing faster as the month progressed.

This is the exact kind of momentum we need. May is proving that even though people expected the market to cool off, it’s still thriving. This is the perfect time to act—before we head into the mid-summer heat, where everyone else might be waiting.

2025 YTD Orleans Parish Residential Market Insights (01/01/2025 - 06/01/2025)

• Total Units Sold: 1,031

• Active Listings: 2,091

• Pending Listings: 1,169

• Expired Listings: 163

• Off Market Listings: 170

• Average Price: $468,018

• Average Days on Market (DOM): 82

Where’s the Growth?

Looking at these 2025 numbers, we see solid movement. The 1,031 units sold show a steady pace for the year, and the average price of $468,018 reflects a healthy albeit increase compared to past years. [2024's average price at this same checkpoint was $465,431]. This growth, though not always linear, is showing that buyers are still moving, but with more intent and strategic action.

The Market Is Messy, and That’s Where the Magic Is

Yes, it’s not a straight shot upward, but like the mirliton, the market grows sideways. That sideways movement is where the action is happening. The price increases and the cash offers are signs that we’re seeing growth from the ground up, but it’s messy. The market may feel sideways for now, but it’s building momentum beneath the surface. It’s alive and growing.

It’s like a plant that stretches out, looking for new ways to thrive. That’s where the opportunity lies. Sure, we might not be seeing the rapid upward spike we’re used to, but the market is finding its own rhythm, and those who act now will benefit when it fully blossoms.

What’s Possible

Looking at the 2025 data, we’re seeing positive momentum that suggests strong potential ahead:

• 1,031 units sold YTD, and as mentioned, we could be on track to surpass 2,000 total units for the year, assuming the current pace continues.

• The number of pending units (435 pending vs. 1,031 closed) indicates that there are plenty of deals in the pipeline, suggesting the market is active and gaining momentum, with more activity expected in the second half of 2025.

• Days on Market have averaged 82 days, showing that while it’s not a quick market, the right homes are still moving quickly with strategic pricing and presentation. DOM has trended downward every month since January (it was 85 in January and 82 in May), showing improvement as the year progresses.

  
  

We’re seeing a market that isn’t yet in recovery mode, but signs indicate we may have navigated the worst of the stall. Pent-up energy is doing its thing, and now is the right time to act, before the market fully takes off.

What Buyers Need to Know Right Now

• Be proactive: Most homes are selling at about 3% under asking price. Don’t wait for the price to drop—ask for credits, repairs, or better terms upfront.

• Act quickly: DOM is averaging 82 days, down from 85 for 2-bedroom homes in May. This is a significant improvement, indicating buyers are becoming more active and that homes are closing faster each month. In fact, January’s DOM was 85, showing that homes are moving more quickly as the year progresses. If you see something you like, don’t hesitate.

• Don’t wait for a rate drop: The rates are here to stay for now, so don’t expect them to drop anytime soon. Plan based on current rates and the reality of the market.

Bottom line? If you're sitting on the sidelines waiting for a home price to drop to your number, so is everyone else. Make a strong offer upfront instead, and don't be shy to do so more than once.

What Sellers Need to Know Right Now

• Price to match the market: Most homes are getting close to asking after price reductions, not before. Make sure your price matches what the market is doing.

• Presentation is key: Well-prepared homes are selling faster. Invest in presentation and make sure your home feels clean and inviting—even in the $275K price range, presentation matters.

• Your first two weeks are crucial: If your home is stale, it could be passed over. The first few weeks are still the most important for attracting buyers.

• Concessions are often as effective than price cuts: Instead of lowering just your price, consider offering concessions—closing cost credits, repairs, or flexible timing.

There's good ways to get creative in lowering the buyer's future monthly note not just the listing price. Doing so will net you more at closing, ask how.

What’s Next?

Looking at these trends—higher price points, increased cash offers, and more pending listings—the opportunity is now. Growth in 2025 is happening sideways, but it’s moving toward something bigger. Don’t wait for things to “warm up.” If you wait too long, you might miss the chance to act while the market is still ripe.

As 2025 continues, we’ll see more action in mid-range homes and continued momentum in the luxury market. Buyers who act now will be the ones who are ahead of the curve.

Final Words

New Orleans real estate is alive. Some say crooked. Some say wild, but I say always magic.

This market isn’t about waiting—it’s about acting now while the growth is alive and sprouting sideways. Whether you’re thinking of buying, selling, or trading up, now is the time. Don’t wait for someone else to make the first move.

This market is alive and full of potential. Let’s talk about your next step—before it’s too late.

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Voted Neighborhood Favorite by Nextdoor three years in a row, Cool Murphy Real Estate is a top-producing, licensed real estate team based in New Orleans, brokered by Cool Murphy, LLC.

Celebrated for her next-level creative approach to real estate, Elisa Cool Murphy is an award-winning, top-performing real estate broker in New Orleans and the founder of Cool Murphy Real Estate.

You can learn more about her here.

Contact Her -

email: cool@coolmurphy.com

Facebook: @homeinneworleans

IG: @coolmurphynola

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phone: 504-321-3194