How the Baton Rouge residential market faired in April

    The residential real estate market in the Baton Rouge area saw a decline in pending sales and closed sales in April compared with the same month last year, according to the latest report from the Greater Baton Rouge Association of Realtors.

    Pending sales dropped 5.4% and closed sales saw a decline of 1.6%.

    Inventory climbed 23.4% relative to April 2023 and the number of days houses stayed on the market increased 26.3%. New listings increased 5.9% as homebuyers continue to see relief from the strong seller’s market, largely due to high interest rates.

    GBRAR reports statistics from the region’s three main housing markets—Ascension, East Baton Rouge and Livingston parishes. Across the three parishes:

    • New listings increased 5.9% to 1,335.
    • Pending sales decreased 5.4% to 935.
    • Closed sales decreased 1.6% to 937.
    • The percentage of list price received increased 0.1%, to 98.1%. 
    • Days on market until sale increased 26.3% to 72.  
    • Inventory of homes for sale increased 23.4% to 3,608.
    • Months’ supply of inventory increased 35.5% to 4.2

    The median sales price for homes in the three parishes increased 2.7% to $260,000 in April compared to a year ago. The median sales price was $250,000 in March, $257,000 in February and $258,000 in January. 

    In comparing the three parishes, the median sales price for homes in April was highest in Ascension at $296,270, a 4% increase over last year, while homes in Livingston Parish were the least costly at $250,000.

    During the annual Trends seminar earlier this month, Tom Cook, owner of Cook, Moore, Davenport and Associates, explained that the residential market has slowed significantly after record growth from 2019 to 2021. 

    Cook said conditions are unlikely to change much in 2024, as interest rates are no longer expected to drop this year.