Is New Orleans, LA 70116 a buyer’s or seller’s market?

The New Orleans housing market right now

In the three months ending August 31, 2026, 4% of homes in New Orleans, LA 70116 sold above their list price, the typical home went under contract in 111 days and there were 11 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 54 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (2% then), homes sold faster (136 days then) and the median sale price fell 6% to $332,356. Overall, New Orleans is more competitive than a year ago, so tougher for buyers.

Within Orleans Parish, homes here sell more slowly than in 94% of the county’s ZIP codes, and sell less often over asking than in 75%. On our competition score, New Orleans ranks #157 of 160 LA ZIP codes with enough sales (score 3 out of 100).

Nearby, buyers who want less competition could look at New Orleans 70128 (0% sold over asking) or New Orleans 70112 (0% sold over asking), while New Orleans 70125 (20% sold over asking) and New Orleans 70129 (19% sold over asking) are even more competitive.