The Baton Rouge-area residential market is continuing its hot streak, posting nearly 27% more closed sales last month compared to January 2020.
There were 860 closed sales in East Baton Rouge, Livingston and Ascension parishes last month, according to the latest data released by the Greater Baton Rouge Association of Realtors. Pending sales also increased nearly 20%. The increases mark the eighth consecutive month that sales surpassed what they were the year prior.
New listings dropped last month with only 1,082 homes listed for sale, a nearly 17% decrease from last year. Also, months supply of inventory continues to plummet, dropping to 2.2 months, a 51% drop from last year.
Meanwhile, median sales prices continue to rise in East Baton Rouge Parish, increasing to $225,000 last month, a jump of 17%.
“A robust increase in housing starts in December points to an active year for new construction,” the report reads, “but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.” Read the full report.