Veteran Baton Rouge Home Appraiser Bill Cobb breaks down the June 1, 2022 through 12/01/2023 Fairhill at Bluebonnet Highlands home sales and prices. The format is comparing median sold prices from 18-months, 12-months, 9-months, 6-months and 3-months to show any changes over time. Remember, these sales generally include seller paid concessions, which are deducted by Appraisers when used as a “comp” or “comparable sale”. The seller who sold for $375,000 but had to pay $7,500 of the buyer’s closing cost, actually received $367,500 at the closing table. Appraisers subtract the $7,500 from the $375,000 sales price for cash equivalency as instructed by GSEs (Fanne Mae, Freddie Mac, FHA, USDA, VA). I said this say, these are slightly inflated home sold prices.

From 6/1/2022 to 12/01/2023 Greater Baton Rouge Association of REALTORS ROAM MLS, Fairhill at BH experienced 18 sales from $312,000 to $385,000 (under contract in 2023) and from $164 to $212 per sqft. 2023 included 10 sales from $312,000 to $385,000 and from $164 to 197 per sqft.

The chart below shows a 4.2 percent increase in median sold prices from $358,750 to $373,875. However, an important note here is the spread of living area sizes sold were from 1,753 sqft to 2,195 sqft, a 442 sqft variance. To help explain the increase from $358,750 to $373,875, this could have also resulted from larger homes selling in the latest 3 to 6-month periods. This is the case because from 6/2/2023 to 12/01/2023, home sizes sold were 2,195sf, 1,860sf, 2,090sf, 1,904sf, 2067sf and 2046sf. Therefore, the actual increase for all homes in Fairhill at BH may not have been 4.2%. The median sold prices for each of the specified date ranges are as follows:

06/01/2022 to 12/01/2022: $358,750
12/02/2022 to 02/28/2023: $312,000
03/01/2023 to 06/01/2023: $343,000
06/02/2023 to 08/31/2023: $373,000
09/01/2023 to 12/01/2023: $373,875

The median sold price per sqft is stable at a rounded $182. The median sold price per square foot (SQFT) for each of the specified date ranges are as follows:

06/01/2022 to 12/01/2022: $182.19
12/02/2022 to 02/28/2023: $163.95
03/01/2023 to 06/01/2023: $177.24
06/02/2023 to 08/31/2023: $184.93
09/01/2023 to 12/01/2023: $181.81

Older Home Prices vs Newer Home Prices, any difference? Have the older 21-30-year-old homes selling for less than newer homes? 

Fairhill at BBH was developed in 1995-1995 through 2008. The older homes are generally more traditional Ranch and Acadian styles vs the later and more popular French and Contemporary styles. In 2023, four 21-30 year old homes sold from $312,000 to $375,000 and $163,95 per sqft to $183.28 per sqft before seller paid concessions are deducted. Median sold prices of this set was $340,000 and $177 per sqft. However, In 2023, 6 11-15 and 16-20 year old homes sold (under contract in 2023) from $358,000 to $385,000 and $175,40 per sqft to $193.58 per sqft before seller paid concessions are deducted. Median sold prices of this set were $376,375 and $183 per sqft. Therefore, the older 21-30 year old homes sections DO sell for less than younger homes sections.

Data Source: Based on the available data from the Local Market Update provided by the Greater Baton Rouge Association of REALTORS® ROAM MLS.

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