Ascension Parish Greater Baton Rouge Housing Market Report: December 2023 Summary

This report provides an analysis of key metrics comparing the performance of the housing market in Ascension Parish, Greater Baton Rouge, for the entire year and December 2023, with the same periods in 2022.

New Listings and Sales Activity:

• In December 2023, there were 63 new listings, representing a 16.0% decrease from the 75 new listings in December 2022. Year-to-date figures also reflected a downward trend, with new listings decreasing by 24.7% from 2,102 in 2022 to 1,582 in 2023.
• Pending sales in December 2023 fell to 71, marking a 22.0% decrease from December 2022. Similarly, year-to-date figures showed a 25.7% decrease in pending sales, down from 1,760 in 2022 to 1,307 in 2023.
• Closed sales in December decreased significantly by 32.6%, from 135 in December 2022 to 91 in December 2023. The year-to-date figures also indicated a substantial decrease of 31.5%, from 1,950 closed sales in 2022 to 1,336 in 2023.

Ascension Parish December 2023 Housing Market Update PDF

Pricing Trends:

• The median sales price saw an upward trend despite the decrease in sales activity. In December 2023, the median sales price was $289,000, a 2.6% increase from $281,745 in December 2022. The year-to-date median sales price also rose by 5.0%, from $285,000 in 2022 to $299,135 in 2023.
• The percentage of the list price received experienced a slight decrease, moving from 98.9% in December 2022 to 98.1% in December 2023, marking a 0.8% decrease. The year-to-date figures also showed a similar trend, with a decrease of 1.1% from 99.6% in 2022 to 98.5% in 2023.

Market Supply and Demand:

• The number of days on the market until sale increased significantly. In December 2023, homes stayed on the market for an average of 61 days compared to 41 days in December 2022, a 48.8% increase. The year-to-date figures also showed a substantial increase of 88.9%, from an average of 27 days on the market in 2022 to 51 days in 2023.
• The inventory of homes for sale decreased slightly by 3.5%, from 283 in December 2022 to 273 in December 2023.
• The months supply of inventory, which measures the number of months it would take to sell the current inventory at the current sales rate, increased by 31.6%, from 1.9 months in December 2022 to 2.5 months in December 2023, indicating a shift towards a more balanced market.

Conclusion: The Ascension Parish Greater Baton Rouge housing market in December 2023 showed signs of cooling, with decreases in new listings, pending sales, and closed sales. However, the median sales price continued to increase, suggesting that despite lower activity, property values are holding steady or increasing. The increase in days on the market and the months supply of inventory indicates a shift towards a market that is more balanced between buyers and sellers. Sellers received slightly less than the listing price compared to the previous year, aligning with the broader market trends observed in 2023.

North Ascension Parish Pre-Listing Home Appraisals

Data Source: Based on the available data from the Local Market Update for December 2023 provided by the Greater Baton Rouge Association of REALTORS® ROAM MLS.

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