Energized buyers in the greater Baton Rouge area encountered fewer houses for sale in July as the inventory of available homes in the region shrank by 9.4% to 3,400 units—an indicator of a seller’s market.
The latest report from the Greater Baton Rouge Association of Realtors also notes that there were 1,008 closed home sales in the region, a 3.5% increase over the year.
Available homes were quickly purchased as days on market decreased 21% to 49. The median price of homes in the Baton Rouge market, meanwhile, rose to $199,999, an indication that flood-damaged inventory is clearing out of the market, the association says.
“We are about two years into a national trend of dropping housing supply and increasing median sales prices,” GBRAR notes. “There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete.”
Multiple offers over an asking price are commonplace in many communities, the association says. Good homes are routinely off the market after a single day.
“It is evident that a favorable economy keeps hungry buyers in the chase,” GBRAR notes.
A snapshot of individual markets in East Baton Rouge, Ascension, and Livingston, though, reveals hope for prospective buyers as new listings rose in each parish.
