We have made it through the first month of the year. What a crazy month it was with freezing temps resulting in closures of schools and businesses. This, partnered with the continuance of higher interest rates, kept the real estate market at a snail’s pace.
Toward the end of January 2024, mortgage interest rates started to trend downward. Not enough to spark an increase in activity but enough to catch the attention of buyers who are on the fence. We predict a continuance of slow drops in rates and an increase in buyer activity. As spring approaches, the Greater Baton Rouge area may even see a buyer frenzy.
The good news for sellers is that home values have held steady, and some areas have even seen a small increase. With that, sellers have had to have their homes in tip-top shape since buyers are using everything they have to get into the home.
Homeowners insurance continues to be a thorn in our sides. Roofs, to be exact, are the sticking points. It has been difficult, if not impossible, for buyers to get insurance on a property that has a roof over 10 years old. Some policies cover the caveat that the buyer replaces the roof within a certain amount of time after the act of sale.
Let’s journey back in time and revisit the events of January 2024 in the real estate realm. What transpired in the housing market during that month? Let’s uncover the details!
Ascension Parish Real Estate
January 2024 in Ascension Parish saw a median price of $327,500 for detached single-family homes. With 72 homes closing in January, the volume dropped a bit. Out of those homes closed, they were on the market for a median of fifty-four days, and the list price-to-sales price ratio dropped a bit to 98.3%. There were only 84 homes to go under contract.
There are currently 367 homes on the market, with a median list price of $399,000. This equals a 2.6-month supply of homes on the market in Ascension Parish.
East Baton Rouge Parish Real Estate
January 2024 in East Baton Rouge Parish saw a median price of $273,900 for detached single-family homes. Out of the 213 homes closed in January 2024, they were on the market for a median of twenty-seven days, and the list price-to-sales price ratio held steady at 95.8%. There were 301 homes to go under contract, following the trend of slowing down for the month of August.
There are currently 1219 homes on the market, with a median list price of $315,000. This equals a 3.7-month supply of homes in the East Baton Rouge Parish market.
Livingston Parish Real Estate
In January 2024, Livingston Parish saw a median sales price of $248,380 for detached single-family homes. Out of the 95 homes closed in January 2024, they were on the market for a median of thirty-four days, and the list-to-sales price ratio was 97.7%! There were 115 homes to go under contract compared to 124 in January 2024 and 83 in December 2023.
There are currently 492 detached single-family homes on the market, with a median list price of $276,692. This equals a 3.6-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 February 2024.
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* All data gathered using ROAM MLS as of February 05, 2024
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