In September 2023, the Greater Baton Rouge real estate market showed some interesting dynamics, with median sales prices experiencing fluctuations across different parishes. Notably, Ascension and Livingston Parishes witnessed a year-over-year decrease in median sales prices, while East Baton Rouge (EBR) Parish saw a modest 2.4% increase. This divergence in pricing trends reflects the varied real estate landscapes within the region.
Despite a slight increase in inventory entering the market, the Greater Baton Rouge area grappled with the impact of higher interest rates, which significantly slowed down the pace of real estate transactions. The local market is eagerly awaiting a reduction in interest rates, as it is anticipated that this could trigger a surge in buyer activity. However, the exact timing of this interest rate decline remains uncertain, with predictions suggesting it might not occur until the first quarter of 2024 (Q1 2024).
The September 2023 real estate market in Greater Baton Rouge exhibited mixed trends, with varying performance in different parishes and the shadow of high-interest rates affecting the overall market dynamics. Buyers are eagerly monitoring the potential for an interest rate reduction in Q1 2024, which could potentially reshape the local market and provide a fresh wave of activity.
Let’s journey back in time and revisit the events of September 2023 in the real estate realm. What transpired in the housing market during that month? Let’s uncover the details!
September 2023 in Ascension Parish saw a median price of $296,295 for detached single-family homes. With 87 homes closing in September, the volume dropped a bit. Out of those homes closed, they were on the market for a median of seventeen days, and the list price-to-sales price ratio rose a bit to 98.8%. There were only 71 homes to go under contract.
There are currently 322 homes on the market, with a median list price of $379,000. This equals a 3.0-month supply of homes on the market in Ascension Parish.
East Baton Rouge Parish
August 2023 in East Baton Rouge Parish saw a median price of $281,000 for detached single-family homes. Out of the 314 homes closed in September 2023, they were on the market for a median of eighteen days, and the list price-to-sales price ratio held steady at 98.0%. There were 252 homes to go under contract, following the trend of slowing down for the month of August.
There are currently 1295 homes on the market, with a median list price of $325,000. This equals a 3.7-month supply of homes in the East Baton Rouge Parish market.
In August 2023, Livingston Parish saw a median sales price of $241,490 for detached single-family homes. Out of the 151 homes closed in September 2023, they were on the market for a median of thirteen days, and the list-to-sales price ratio was 100%! There were 85 homes to go under contract compared to 132 in September 2022 and 152 in August 2023.
There are currently 471 detached single-family homes on the market, with a median list price of $288,900. This equals a 3.3-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 September 2023.
* All data gathered using ROAM MLS as of October 11, 2023