Despite a 36.5% decrease in inventory, the Greater Baton Rouge area—including East Baton Rouge, Ascension and Livingston parishes—saw more home sales in October than during the same month in 2019.
Exactly 1,134 deals closed last month in the Baton Rouge area, according to the latest data from the Greater Baton Rouge Association of Realtors, up nearly 24% from last year’s figures. Pending sales also increased by almost 23% in October.
Meanwhile, new listings have decreased to 1,169, posting a nearly 1% decline last month. At the same time, median sales prices continue to rise, suggesting an increasingly competitive market for buyers. The median sales price last month was $232,865, an 11% increase from 2019.
Months supply of inventory continues to drop, down 44% to 2.8 months, indicating that demand has increased relative to supply.
With higher-than-usual buyer activity in the local market this time of year and mortgage rates dropping to record lows again in October, GBRAR expects multiple offers and quickly closed deals to remain a common occurrence in the Capital Region.
“While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year,” the report reads.