The Greater Baton Rouge real estate market continues to slow down.
Homes are sitting on the market longer, and sales continue to drop. What we find interesting is that the median sales price is as high as we have ever seen, while the number of sales hasn’t been this low since 2019.
We are in the sweet spot of a balanced market leaning very close to a buyer’s market. We are not completely in a buyer’s market yet but we are seeing more and more signs point that way. More contingencies are being accepted and lower list to sale price ratios.
As always, we have broken down the November 2022 real estate market statistics for the top three parishes for you data enthusiasts. Enjoy!
Ascension Parish
November 2022 in Ascension Parish saw a median price of $303,825 for detached single-family homes. That rose a bit since $299,000 in October Out of the 127 homes closed in November 2022, they were on the market for a median of eleven days and the list price-to-sales price ratio was 99.0%! There were 99 homes to go under contract, compared to 131 in November 2021 and 106 in October 2022.
There are currently 249 homes on the market, with a median list price of $398,990. This equals a 2-month supply of homes on the market in Ascension Parish.
East Baton Rouge Parish
November 2022 in East Baton Rouge Parish saw a median price of $273,000 for detached single-family homes. Out of the 278 homes closed in November 2022, they were on the market for a median of a whopping sixteen days, and the list price-to-sales price ratio was down a bit to 97.8%. There were 239 homes to go under contract compared to 464 in November 2021 and 294 in October 2022.
There are currently 1048 homes on the market, with a median list price of $333,080. This equals a 2.6-month supply of homes in the East Baton Rouge Parish market. EBR continues to see a steady slowdown of homes going under contract. East Baton Rouge has taken the biggest hit of the three parishes during this downturn.
Livingston Parish
In November 2022, Livingston Parish saw a median sales price drop a bit to $246,450 for detached single-family homes. Out of the 130 homes closed in November 2022, they were on the market for a median of a whopping twenty-two days, and the list-to-sales price ratio dropped a bit to 98.5%! There were 110 homes to go under contract compared to 192 in November 2021 and 134 in October 2022.
There are currently 392 detached single-family homes on the market, with a median list price of $277,805. This equals a 2.2 month supply of homes in the Livingston Parish market.
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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 December 2022.
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* All data gathered using ROAM MLS as of December 7, 2022
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