As fall approaches and the temperatures start to drop, the Greater Baton Rouge real estate market also begins to slow down.
Buyers are wondering if we are now in a buyer’s market. Buyers are seeing that their negotiating power is much stronger than it was just a few months ago. Sellers are more open to paying closing costs, contributing to rate buy-downs, and negotiating a bit on price. This certainly helps buyers, but the “buyer’s market” isn’t here yet. We are, however, getting much closer to that sweet spot called the balanced market. Traditionally, a balanced market is when three to six months of housing inventory is available. Currently, the Greater Baton Rouge real estate inventory availability is 2.2 months.
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 $305,000 for detached single-family homes. That’s keeping pretty steady with $300,000 in August. Out of the 157 homes closed in September 2022, they were on the market for a median of six days and the list price-to-sales price ratio was 99.2%! There were 111 homes to go under contract, compared to 150 in September 2021 and 147 in August 2022.
There are currently 269 homes on the market, with a median list price of $388,644. This equals a 1.9-month supply of homes on the market in Ascension Parish. Buyers continue to see more inventory to choose from.
East Baton Rouge Parish
September 2022 in East Baton Rouge Parish saw a median price of $276,852 for detached single-family homes. Out of the 386 homes closed in September 2022, they were on the market for a median of a whopping fourteen days, and the list price-to-sales price ratio was down a bit to 98%. There were 321 homes to go under contract compared to 426 in September 2021 and 381 in August 2022.
There are currently 1000 homes on the market, with a median list price of $349,000. 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 slowdown of homes going under contract.
Livingston Parish
In September 2022, Livingston Parish saw a median sales price rise a bit again to $245,000 for detached single-family homes. Out of the 159 homes closed in September 2022, they were on the market for a median of five days, and the list price to sales price ratio was 99.6%! There were 129 homes to go under contract compared to 185 in September 2021 and 131 in August 2022.
There are currently 406 detached single-family homes on the market, with a median list price of $285,262 This equals a 2 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 October 2022.
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* All data gathered using ROAM MLS as of October 7, 2022
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