Greater Baton Rouge Real Estate home buyers were faced with low inventory in February 2021. As well, many sellers saw their homes receive multiple offers sometimes within hours of being on the market. What is fueling this buying frenzy? Interest rates are still at an all time low but are projected to start to rise a bit. Buyers can get so much more for their money right now based on interest rates alone. The pandemic also made people realize what they really wanted or needed in a home so many buyers are making the move to realize those ideals.
We broke down the top three Parishes for you to see how the market looks different just 10 miles down the road.
102% of homes that were listed went pending this month. There was a 7.5% increase in new listings that helped that number come down some.
The median sales price for Detached Single Family homes in February 2021 was $254,890 compared to $248,892 in February 2020, and sellers retained 98.9% of their asking price. The median number of days on the market was only 12 days. With 208 homes listed, 213 of those homes went under contract. The seller’s market is still healthy, to say the least!
There are currently 206 homes on the market, with an average list price of $305,451. Let’s put that into a clearer perspective. There is a 1.2 month supply of homes on the market in Ascension Parish.
East Baton Rouge Parish
February brought 105% of the homes going under contract compared to what was listed during the month.
The median sales price of detached single-family homes in February 2021 was $250,000 and sellers retained 98.2% of their asking price. The median number of days on the market was only 17 days. There were 452 homes listed in February 2021 with 473 of those homes going under contract.
There are currently 733 homes on the market, with a median list price of $339,000. Let’s put that into a clearer perspective. There is a 1.9 month supply of homes on the market in East Baton Rouge Parish. This activity keeps the Parish in a Seller’s Market!
324 of those active homes on the market are four-bedroom homes with a median list price of $399,949. If you can work with a three-bedroom home, the median list price drops tremendously to $274,900.
Livingston Parish saw 101% of their new listings selling. Lots of people are loving the outer areas of the parish.
The median sales price in January 2021 was $192,840 and sellers retained 98.6% of their asking price. The median number of days on the market was only 9 days. There were 92 detached single-family homes listed in January 2021 with 93 of those homes going under contract.
There are currently 110 detached single-family homes on the market, with a median list price of $249,950. Let’s put that into a clearer perspective. There is only a 1.2 month supply of homes on the market in Livingston Parish. We call that a strong Seller’s Market!
Two of the three Parishes saw an increase in Pending Sales for January 2021 over January of 2020. Livingston Parish was down 2% YOY. On average, pending sales are up 13%
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 Statistics for March 2021.
* All data gathered using Greater Baton Rouge MLS as of March 3, 2021