We have now entered what can confidently be described as a balanced market. This term typically indicates a state where there is about a three-month supply of available inventory.
Despite this equilibrium, in the median and lower price ranges, there is still noticeable competition leading to frequent occurrences of multiple offers.
In the realm of higher-priced homes, buyers are displaying particular selectiveness, especially when it comes to the condition and value of any updates that have been carried out.
A significant factor impacting sellers is the stricter insurance regulations concerning roofs. If a roof isn’t between 5 to 7 years old, insurance companies are insisting on the installation of a new roof. It’s quite astonishing how, after flood insurance concerns, now homeowner’s insurance is adding to our challenges!
As the seasons progress, the real estate market typically starts to decelerate as we approach the end of June and move into July. This can be attributed to vacation plans taking precedence. The slower pace tends to persist throughout August due to the commencement of the school season. This period presents a favorable opportunity for buyers as competition diminishes due to other distractions.
Now, let’s take a trip down memory lane and revisit July 2023. What was happening in the real estate world last month? Let’s find out!
July 2023 in Ascension Parish saw a median price of $300,000 for detached single-family homes. With 115 homes closing in July, the volume dropped a bit. Out of those homes closed, they were on the market for a median of nineteen days, and the list price-to-sales price ratio was 99.2%. There were only 103 homes to go under contract.
There are currently 313 homes on the market, with a median list price of $376,400. This equals a 2.7-month supply of homes on the market in Ascension Parish.
East Baton Rouge Parish
July 2023 in East Baton Rouge Parish saw a median price of $282,580 for detached single-family homes. Out of the 380 homes closed in July 2023, they were on the market for a median of thirteen days, and the list price-to-sales price ratio rose a bit to 97.8%. There were 310 homes to go under contract, following the trend of slowing down for the month of July.
There are currently 1133 homes on the market, with a median list price of $345,000. This equals a 3.2-month supply of homes in the East Baton Rouge Parish market.
In July 2023, Livingston Parish saw a median sales price of $250,000 for detached single-family homes. Out of the 150 homes closed in July 2023, they were on the market for a median of fourteen days, and the list-to-sales price ratio was 97.8%! There were 128 homes to go under contract compared to 156 in July 2022 and 142 in June 2023.
There are currently 432 detached single-family homes on the market, with a median list price of $299,450. This equals a 3.0-month supply of homes in the Livingston Parish market.
Check out our graphs to see the activity in the Greater Baton Rouge area.
Join us next month as we review the Greater Baton Rouge Real Estate Market for August 2023.
* All data gathered using ROAM MLS as of August 7, 2023