We are still in the weirdest market we have ever seen.
As inventory increases every so slightly, average sales prices began to drop every so slightly. The lower number of homes going under contract in August was not surprising. With the start of school and wrapping up summer vacations, buyers typically put homebuying on the back burner. Now that summer is over and school has started, expect to see an uptick in activity as we approach the holiday season.
The interest rates were all over the board in August as well. They swang from mid 6 to mid 4 then started to rise again.
We still are not in a market that gives you time for prices to fall. Even though they did fall slightly, it wasn’t a major downward swing. If you find the home you have been looking for, go ahead and make a strong offer. Chances are others are looking at it as well!
As always, we have broken down the August 2022 real estate market statistics for the top three parishes for you data enthusiasts. Enjoy!
Ascension Parish
August 2022 in Ascension Parish saw a median price of $300,000 for detached single-family homes. That’s keeping pretty steady with $299,500 in July. Out of the 151 homes closed in August 2022, they were on the market for a median of five days and the list price to sales price ratio was 99.4%! There were 137 homes to go under contract, compared to 176 in August 2021 and 145 in July 2022.
There are currently 223 homes on the market, with a median list price of $375,990. This equals a 1.6-month supply of homes on the market in Ascension Parish. Buyers continue to see a little more inventory to choose from.
East Baton Rouge Parish
August 2022 in East Baton Rouge Parish saw a median price of $270,000 for detached single-family homes. Out of the 433 homes closed in August 2022, they were on the market for a median of eight days, and the list price to sales price ratio was down a bit to 97.6%. There were 365 homes to go under contract compared to 456 in August 2021 and 400 in July 2022.
There are currently 980 homes on the market, with a median list price of $350,000. This equals a 2.2 month supply of homes in the East Baton Rouge Parish market. EBR continues to see a little more inventory and a steady slow down of homes going under contract.
Livingston Parish
In August 2022, Livingston Parish saw a median sales price rise a bit to $243,797 for detached single-family homes. Out of the 172 homes closed in August 2022, they were on the market for a median of nine days, and the list price to sales price ratio was 99.5%! There were 128 homes to go under contract compared to 242 in August 2021 and 153 in July 2022.
There are currently 385 detached single-family homes on the market, with a median list price of $276,320. This equals a 1.8 month supply of homes in the Livingston Parish market.
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Check out our graph to see the number of homes going under contract on a daily basis in the Greater Baton Rouge area.
Join us next month as we review the Greater Baton Rouge Real Estate Market for September 2022.
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* All data gathered using ROAM MLS as of September 7, 2022
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