Inventory continues to increase ever so slightly, and unlike last month, Ascension Parish was the only of the Big Three parishes to see an increase in new listings. We also saw a slight decrease in the market of homes going under contract. This is normal and we will see a larger decrease for June. People are out on vacations and taking some down time.
We know what you are wondering… Is the market about to crash?
While we aren’t about to crash, we are headed for what we like to describe as a correction in the market. Let’s face it folks, we couldn’t stay at 2-3% mortgage rates forever. We are more worried about the economy regarding gas prices, food prices and energy costs than we are the housing market.
If you didn’t get a chance to read it last month, take a look at what we think about the housing future in our housing bubble blog post.
As always, we have broken down the May 2022 real estate market statistics for the top three parishes for you number lovers. Enjoy!
May 2022 in Ascension Parish saw a median price of $307,500 for detached single-family homes. That’s up a bit from $284,770 in April. Out of the 197 homes closed in May 2022, they were on the market for a median of only TWO days and the list price to sales price ratio was 100%! There were 161 homes to go under contract, compared to 219 in May 2021 and 166 in April 2022.
There are currently 139 homes on the market, with a median list price of $389,000. This equals a less than a one-month supply of homes on the market in Ascension Parish. To be exact, there is a .8-month supply! Even with a slight increase in inventory, it remains extremely hard to be a buyer in Ascension Parish right now; especially if you are in a median or below median price range.
East Baton Rouge Parish
May 2022 in East Baton Rouge Parish saw a median price of $285,000 for detached single-family homes. Out of the 549 homes closed in April 2022, they were only on the market for a median of FOUR days, and the list price to sales price ratio was up a bit to 98.9%. There were 465 homes to go under contract compared to 560 in May 2021 and 515 in April 2022.
There are currently 713 homes on the market, with a median list price of $390,000. This equals a 1.4 month supply of homes in the East Baton Rouge Parish market. EBR, like the other parishes, is still seeing historic low inventory.
In May 2022, Livingston Parish saw a median sales price drop to $242,500 for detached single-family homes. Out of the 237 homes closed in May 2022, they were on the market for a median of only THREE days, and the list price to sales price ratio was 98.6%! There were 172 homes to go under contract compared to 241 in May 2021 and 203 in March 2022.
There are currently 260 detached single-family homes on the market, with a median list price of $299,00. This equals a 1.2 month supply of homes in the Livingston Parish market.
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 market for June 2022.
* All data gathered using ROAM MLS as of June 6, 2022