The Baton Rouge Real Estate 2024 market has seen a continued downward trend in homes going under contract, with a 6.5% decrease from September 2023. Despite the dip in contract activity, sales prices have risen by 2.3%, indicating that demand remains steady for well-priced properties. However, the average days on the market have continued to rise, suggesting a more competitive environment for sellers as buyers take longer to make decisions. Additionally, rising insurance prices are adding another layer of complexity to homeownership, not only here in Louisiana but across the nation. Increased premiums are impacting affordability, forcing some potential buyers to reconsider their options or adjust their budgets.
Looking ahead, the recent downward trend in mortgage rates is poised to bring a positive shift to the market. Lower rates will make homeownership more accessible, encouraging buyers to take advantage of the opportunity to lock in favorable financing. With the Presidential election just a few weeks away, it’s important to note that historically, real estate activity tends to slow as we approach Election Day. However, the current rate environment and the potential for post-election market stability offer an optimistic outlook for those ready to make their move now.
Now, let’s take a look at how the three larger parishes in the Greater Baton Rouge area performed.
Ascension Parish Real Estate
September 2024 in Ascension Parish saw another drop in the median price of detached single-family homes to $313,760. With 112 homes closing in September, the volume also dropped a bit. Out of those homes closed, they were on the market for a median of eighteen days, and the list price-to-sales price ratio was 98.6%. There were only 58 homes to go under contract.
Currently, 395 homes are on the market, with a median list price of $375,000. This equals a 3.6-month supply of homes in Ascension Parish.
East Baton Rouge Parish Real Estate
September 2024 in East Baton Rouge Parish saw a median price of $274,730 for detached single-family homes. Out of the 279 homes closed in September 2024, they were on the market for a median of thirty-five days, and the list price-to-sales price ratio held steady at 97.4%. There were 244 homes to go under contract, showing a continued downward trend.
There are currently 1469 homes on the market, with a median list price of $330,000. This equals a 4.3-month supply of homes in the East Baton Rouge Parish market.
Livingston Parish Real Estate
In September 2024, Livingston Parish saw a median sales price of $242,950 for detached single-family homes. Out of the 134 homes closed in September 2024, they were on the market for a median of forty-five days, and the list-to-sales price ratio was 98.3%! There were 110 homes to go under contract compared to 122 in August 2024 and 99 in September 2023.
There are currently 587 detached single-family homes on the market, with a median list price of $275,000. This equals a 4.1-month supply of homes in the Livingston Parish market.
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Join us next month as we review the Greater Baton Rouge Real Estate Market for October 2024.
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* All data gathered using ROAM MLS as of
October 4, 2024
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