January seemed to drag on for what felt like an eternity, but once Mardi Gras came and went in February, time seemed to accelerate!
Buyers wasted no time capitalizing on the lower interest rates, and the surge was evident in the increased number of closings. Compared to February 2023, the volume was up by 2%.
In Ascension and East Baton Rouge parishes, sales prices saw an uptick, whereas Livingston Parish witnessed a minor decrease.”
Persistent challenges persist with homeowners insurance, particularly concerning roofs. Properties with roofs older than a decade face significant hurdles in obtaining insurance, often rendering it difficult or even impossible for buyers. Certain policies may offer coverage contingent upon the buyer replacing the roof within a specified timeframe following the sale.
Let’s journey back in time and revisit the events of February 2024 in the real estate realm. What transpired in the housing market during that month? Let’s uncover the details!
Ascension Parish Real Estate
February 2024 in Ascension Parish stayed steady with a median price of $327,500 for detached single-family homes. With 75 homes closing in January, the volume remained steady as well. Out of those homes closed, they were on the market for a median of twenty days, and the list price-to-sales price ratio held steady at 98.1%. There were only 72 homes to go under contract.
There are currently 288 homes on the market, with a median list price of $399,000. This equals a 2.8-month supply of homes in Ascension Parish.
East Baton Rouge Parish Real Estate
February 2024 in East Baton Rouge Parish saw a median price of $275,000 for detached single-family homes. Out of the 295 homes closed in February 2024, they were on the market for a median of forty days, and the list price-to-sales price ratio rose a bit to 97.3%. There were 332 homes to go under contract, showing some signs of picking up.
There are currently 1207 homes on the market, with a median list price of $325,000. This equals a 3.5-month supply of homes in the East Baton Rouge Parish market.
Livingston Parish Real Estate
In February 2024, Livingston Parish saw a median sales price of $242,885 for detached single-family homes. Out of the 122 homes closed in February 2024, they were on the market for a median of fifty-two days, and the list-to-sales price ratio was 98.8%! There were 132 homes to go under contract compared to 133 in January 2024 and 123 in February 2023.
There are currently 517 detached single-family homes on the market, with a median list price of $285,000. This equals a 3.8-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 March 2024.
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* All data gathered using ROAM MLS as of March 05, 2024
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