Greater Baton Rouge 2023 Home Sales Continue Decline, Prices See Modest Increase
By Bill Cobb Appraiser on November 6, 2023

Based on a 12-month review, there is a modest increase (see the 3-month chart below contradicts to this trend chart below). For the 12-month period ending October 31, 2023, there were 9,177 homes sold in the Greater Baton Rouge 4-Parish core market which is a 29.5% decline from the the prior 12-month period when there were 12,922 sold. The median price of homes sold during the most recent 12-month period was $258,670, an increase of 2.9% from the prior 12-month period. However, the median sold price has declined from $150 per sqft to $149 per sqft, after reaching $153 per sqft in May and June 2023. Thus, the very modest increase of increasing median sold price and declining median sold price per sqft. 

Greater Baton Rouge Home Sales Breakdown

However, based on a recent 3-month review where near 8 percent mortgage rates were entrenched, the median dropped to $255,000, which fell back to January and February 2023 $255,000 support.

Greater Baton Rouge Home Prices Are Still Above 2021 and 2022
Below, the median Greater Baton Rouge home sales price is still up since 2021 from $243,000 to $255,000, up from 2022 $253,393 to $255,000.

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Greater Baton Rouge home sales continues to decline

With Baton Rouge facing 30-year mortgage rates headwinds ranging 7.36 to 8.03%, October 2022 sales were 803 versus 581 in October 2023, continuing a decline of 222 and -28%. October 2021 sales were 1,047 versus 581 in October 2023, a decline of 466 and -44.5%. The 12-month home sales trend in Greater Baton Rouge is now at the lowest level since January 2019.

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Greater Baton Rouge home inventory increasing, Days On Market increasing

October 2022 months supply of inventory was 2.6 months versus 3.8 months in October 2023, continuing an increase of 1.2 months supply and a 46% increase. October 2022 days on the market was 13 versus 20 in October 2023, an increase of 7 days and 54% increase.

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Greater Baton Rouge median percent of last listing price

The listing-to-sales price ratio is still 100% based on a 3-month chart basis.

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Greater Baton Rouge Pre-Listing Home Appraisals 

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Image credit: DALL-E 3 (Baton Rouge, Louisiana’s residential architecture, prominently featuring the iconic Southern Colonial and Creole cottage). 

Data Source: ROAM Greater Baton Rouge Association of REALTORS/MLS 01/01/2019 to 10/31/2023, extracted 11/06/2023. 

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