The Greater Baton Rouge real estate market has experienced notable shifts this year, with pending sales down 7.6% year-over-year and a slight 0.6% dip in sales prices. These changes coincide with the heightened uncertainty often seen during an election cycle. Many potential buyers and sellers tend to adopt a “wait and see” approach leading up to and immediately following elections, particularly when policies affecting taxes, interest rates, or the broader economy are on the ballot. This hesitation temporarily cools market activity, though it often rebounds as clarity is restored in the months following the election.
With a current inventory of 4.8 months, the market is hovering near a balanced state. A balanced market typically favors neither buyers nor sellers, but given the recent slowdown in sales, this inventory level may give buyers a slight advantage in negotiations, particularly for homes that have been sitting on the market longer. Sellers, on the other hand, may need to price competitively or offer concessions to attract offers. However, with demand remaining steady for well-priced homes, the market isn’t likely to tip into an oversupply situation anytime soon.
In Ascension Parish, the story is strikingly different. The median sales price is up an impressive 21.9% compared to December of last year, reflecting the area’s strong demand and desirability. Ascension’s top-rated schools and proximity to Baton Rouge continue to attract buyers willing to pay a premium, even in a market facing broader challenges. This growth underscores the importance of hyperlocal market trends, which can vary significantly from broader regional or national trends.
As December approaches, the Greater Baton Rouge real estate market is expected to remain steady but reflective of seasonal trends. Typically, the holiday season brings a slowdown in activity as buyers and sellers focus on family and celebrations. However, with mortgage rates stabilizing and the election uncertainty fading, motivated buyers may re-enter the market, especially those looking to take advantage of year-end tax benefits or to secure homes before expected price increases in the new year. The 4.8-month inventory suggests that well-priced homes in desirable areas, like Ascension Parish, will continue to see demand, while overpriced or less competitive listings may struggle to attract attention. Overall, December is likely to bring a mix of cautious optimism and a steady pace of transactions, setting the stage for a potentially stronger spring market.
Now, let’s take a look at how the three larger parishes in the Greater Baton Rouge area performed.
Ascension Parish Real Estate
November 2024 in Ascension Parish saw a spike in the median price of detached single-family homes to $337,500. With 101 homes closing in November, the volume rose a bit. Out of those homes closed, they were on the market for a median of twenty-five days, and the list price-to-sales price ratio was 99.1%. There was also a spike in 72 homes to go under contract.
Currently, 370 homes are on the market, with a median list price of $375,000. This equals a 3.7-month supply of homes in Ascension Parish.
East Baton Rouge Parish Real Estate
November 2024 in East Baton Rouge Parish saw a median price of $275,000 for detached single-family homes. Out of the 323 homes closed in November 2024, they were on the market for a median of twenty-nine days, and the list price-to-sales price ratio held steady at 98.8%. There were 277 homes to go under contract, showing an slight downward trend.
There are currently 1376 homes on the market, with a median list price of $315,000. This equals a 4.3-month supply of homes in the East Baton Rouge Parish market.
Livingston Parish Real Estate
In November 2024, Livingston Parish saw a median sales price of $242.000 for detached single-family homes. Out of the 137 homes closed in November 2024, they were on the market for a median of forty-three days, and the list-to-sales price ratio was 98.9%! There were 103 homes to go under contract in November 2024.
There are currently 557 detached single-family homes on the market, with a median list price of $275,000. This equals a 4.1-month supply of homes in the Livingston Parish market.
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Join us next month as we review the Greater Baton Rouge Real Estate Market for December 2024.
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* All data gathered using ROAM MLS as of
December 15, 2024
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