Home sales in the Baton Rouge-area spiked in March, as buyer demand continued largely unabated in the face of rising home prices and mortgage rates, according to the latest report from the Greater Baton Rouge Association of Realtors.
Last month, there were 1,352 closed sales in the Baton Rouge area—a 36% increase year over year. In East Baton Rouge Parish, closed sales increased by 35.2%, while sales in both Ascension and Livingston parishes rose 29% .
Year-to-date sales in the Baton Rouge-area are also up, currently sitting at 3,095 through March, compared to last year’s 2,361.
Meanwhile, new listings for the Baton Rouge area climbed 1.7% to 1,355, with median sales price also rising 9.6% to $235,000 compared to a year ago. Months supply of inventory shrank 64% to 1.4 months, and days on market also fell 20% to 67 days.
“Market conditions were favorable for sellers as they benefited from the decrease in inventory resulting in a higher median sales price, higher percent of list price received and reduced days on market,” GBRAR says.