Here’s how the Baton Rouge-area housing market fared during August

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Baton Rouge residential market
NEW DEAL: New residential developments like The Preserve at Harveston, off South Bluebonnet Boulevard, are keeping the Baton Rouge market moving, with buyers preferring new construction over existing houses. (Collin Richie)

As the wait goes on for the Federal Reserve to announce interest rate cuts, the area housing market continues to experience a decline in pending sales and new listings, according to the latest report from the Greater Baton Rouge Association of Realtors.

The Fed is expected to announce a cut in its benchmark rate by 25 basis points at its meeting on Wednesday. 

According to the GBRAR report, pending sales dropped 11.7% in August year over year, while new listings dipped by 10%.

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

  • New listings decreased 10% to 1,226.
  • Pending sales decreased 11.7% to 800.
  • Closed sales increased 6.6% to 940.
  • The percentage of list price received increased by 0.1% to 97.5%. 
  • Days on the market until sale increased 26.8% to 71.  
  • Inventory of homes for sale increased 17% to 4,083.
  • Months’ supply of inventory increased 23.1% to 4.8.

In August, the median sales price for homes across the three parishes increased 5.3% to $260,000. The median sales price was $268,000 in July, $261,500 in June and $260,000 in May and April.

In comparing the three parishes, Ascension saw the most significant jump in the median sales price, rising 6.8% to $322,500 in August compared to last year. The median price was  $335,050 in July. In Livingston, the median sales price increased 4.2% to $240,440.

Meanwhile, In East Baton Rouge Parish the median sales price fell 1.8% to $260,000.