The Greater Baton Rouge real estate market continues to experience a shift, with a notable 9.4% decrease in the number of homes going under contract compared to August 2023. While this downward trend suggests a cooling in buyer activity, sales prices are still rising, increasing by 1.9%. Additionally, properties are staying on the market longer, as the average days on the market continue to climb. This combination of higher prices and longer market times points to a market that is becoming more competitive for sellers but offers new opportunities for discerning buyers.
Looking ahead, the recent downward trend in mortgage rates is expected to breathe new life into the market. As rates drop, more buyers are likely to take advantage of the affordability boost, potentially balancing out the slowdown we’ve seen. However, with the Presidential election just two months away, it’s important to note that historically, real estate activity tends to taper off as we approach an election. That said, this cycle brings a unique opportunity for buyers to lock in favorable mortgage rates before any potential market shifts, positioning the end of the year as a strong time for growth and investment.
Ascension Parish Real Estate
August 2024 in Ascension Parish saw another drop in the median price of detached single-family homes to $325,000. With 137 homes closing in August, the volume stayed steady. Out of those homes closed, they were on the market for a median of fifteen days, and the list price-to-sales price ratio was 99.2%. There were 118 homes to go under contract.
Currently, 341 homes are on the market, with a median list price of $380,000. This equals a 3.4-month supply of homes in Ascension Parish.
East Baton Rouge Parish Real Estate
August 2024 in East Baton Rouge Parish saw a median price of $274,995 for detached single-family homes. Out of the 343 homes closed in August 2024, they were on the market for a median of twenty-eight days, and the list price-to-sales price ratio held steady at 97.2%. There were 291 homes to go under contract, showing a continued downward trend.
There are currently 1380 homes on the market, with a median list price of $329,000. This equals a 4.2-month supply of homes in the East Baton Rouge Parish market.
Livingston Parish Real Estate
In August 2024, Livingston Parish saw a median sales price of $245,000 for detached single-family homes. Out of the 131 homes closed in July 2024, they were on the market for a median of thirty-four days, and the list-to-sales price ratio was 98.7%! There were 118 homes to go under contract compared to 141 in July 2024 and 138 in August 2023.
There are currently 559 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 September 2024.
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* All data gathered using ROAM MLS as of
September 5, 2024
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