Greater Baton Rouge Real Estate home buyers saw a slight cooling off in July. Was it because everyone was squeezing out that last summer vacation? Or are things really cooling off? Don’t get us wrong, the market is still HOT and things are moving at a fast pace, it just seemed that things were cooling off from the burning inferno market we have been in.
Looking ahead, the top parish to watch is Ascension. June 17, 2021, the City Council passed a 9 month moratorium on any new builds that were not previously approved. Yikes! We can’t help but wonder if that will drive the prices of existing homes up because of the shortage of inventory in new builds. Ascension has some big builder players that have approvals already so it will be interesting to watch this play out.
Speaking of Building Moratoriums, word has it that East Baton Rouge and Livingston parishes are looking to do the same. All this is stemming from the recent flooding the areas have experienced. The powers that be say that new builds need to stop so they can formulate a plan to control the drainage issues already happening. Will nine months be enough? What will this do to the housing market? Only time will tell, but we assure you we are watching closely and will report the changes, if any.
As always, for you number lovers, we have broken down the top three parishes for July 2021 statistics. Enjoy!
July 2021 in Ascension Parish saw a median price of $279,782 for detached single-family homes. Out of the 216 homes closed in July 2021 they were only on the market for a median of THREE days and list price to sales price ratio was 100.1%! There were 214 homes to go under contract compared to 221 in July of 2020 and 230 in June of 2021.
Ascension Parish will be interesting to watch in the next few months. There has been a 9-month moratorium on new builds and even family partitions. The only new builds we will see in Ascension Parish are those that were approved by the Planning & Zoning Commission before the Ascension Parish Council passed the moratorium on June 17, 2021.
There are currently 226 homes on the market, with a median list price of $329,995. Let’s put that into a clearer perspective. There is less than a 1.1 month supply of homes on the market in Ascension Parish.
East Baton Rouge Parish
July 2021 in East Baton Rouge Parish saw a median price of $260,000 for detached single-family homes. Out of the 570 homes closed in July 2021 they were only on the market for a median of FIVE days and list price to sales price ratio was 100%! There were 588 homes to go under contract compared to 565 in July of 2020 and 564 in June of 2021.
There are currently 762 homes on the market, with a median list price of $344,995. Let’s put that into a clearer perspective. There is a 1.5 month supply of homes on the market in East Baton Rouge Parish. The supply is about the same as last month. Still low but not creeping lower.
July 2021 in Livingston Parish saw a median sales price of $220,000 for detached single-family homes. Out of the 242 homes closed in July 2021 they were only on the market for a median of FIVE days and list price to sales price ratio was 101.6%! There were 242 homes to go under contract compared to 255 in July of 2020 and 251 in June of 2021.
There are currently 282 detached single-family homes on the market, with a median list price of $283,400. There is currently a 1.3 month supply of homes on the market in Livingston Parish.
Livingston Parish saw the greatest increase in median sales prices of the three parishes. We wonder if that will increase due to the moratorium in Ascension Parish. We will be watching!
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 August 2021.
* All data gathered using Greater Baton Rouge MLS as of August 4, 2021