KEY TAKEAWAYS: Metro New Orleans closed home sales fell 12.8% year over year in February 2026. The average sales price rose 7.7% to $372,748 despite the drop in transactions. Jefferson Parish prices surged 23.1% year over year to $374,940. Homes across the metro area took longer to sell, with average days on market rising to 83 days.   After a solid start to the year, February brought both positive and negative news for the New Orleans residential real estate market. Closed sales dropped 12.8% year over year, while the average sales price climbed 7.7%, according to the February 2026 Local Market Update from the New Orleans Metropolitan Association of Realtors (NOMAR). Realtors closed 726 sales in February 2026, down from 833 transactions recorded in February 2025. Despite the decline in sales, the average sales price across metro New Orleans rose to $372,748, up from $346,182 a year earlier. New listings edged up slightly to 1,565 in February, a 1.2% increase from the same month last year. Homes took longer to sell, with average days on market increasing 13.7% to 83 days. Each month, NOMAR compiles statistics for the 10-parish New Orleans metro area — Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa and Washington. Year to date, the metro market remains slightly ahead of last year. Closed sales through February totaled 1,490 transactions, up 1.8% compared to the same period in 2025, while the year-to-date average sales price increased 4.4% to $366,306. According to Freddie Mac, as of March 16, 2026, the 30-year fixed mortgage rate averaged 6.11%, up from 6% the previous week. The 15-year fixed mortgage rate averaged 5.50%, up from 5.43%. A year ago at this time, the 30-year FRM averaged 6.65%, while the 15-year FRM averaged 5.80%. Orleans Parish In Orleans Parish, sales activity slowed in February, though prices remained steady. Closed sales declined 30.2% year over year to 139 transactions, down from 199 sales in February 2025. New listings remained essentially flat, rising slightly to 449 properties on the market. Average sales prices in Orleans Parish held steady, increasing just 0.2% year over year to $453,701. Homes also took slightly longer to sell, with average days on market rising to 85 days. Year to date, the average sales price in Orleans Parish has climbed 5.4% to $485,946 despite a small decline in overall sales activity. Jefferson Parish Jefferson Parish numbers reflected the overall market with a decline in monthly sales but significant growth in average home prices. Closed sales fell 10.6% year over year to 193 transactions in February. New listings also declined, dropping 8% to 370 properties. However, the average sales price in Jefferson Parish jumped 23.1% year over year to $374,940, one of the largest price increases among the region’s largest markets. Year-to-date activity in Jefferson Parish remains strong, with closed sales up 5.4% compared to the same period in 2025. Days on market increased 13.8% to average of 74 days. St. Tammany Parish The St. Tammany Parish market showed steady activity with moderate price growth in February. Closed sales dipped slightly, falling 2.9% year over year to 233 transactions. New listings increased 4.9% to 431 homes, providing additional inventory for buyers. Average sales prices rose 2.9% year over year to $377,170. Year to date, closed sales in St. Tammany Parish have increased 4.6% compared with the same period in 2025. Homes took longer to sell with average days on market rising 18.8% to 82 days. ...read more read less