As a Baton Rouge Home Appraiser, I’ve prepared an in-depth analysis of the East Baton Rouge Parish housing market based on the December 2023 metrics. This summary will provide you with a comprehensive understanding of the market trends and dynamics:

1. Increased Market Inventory:
   • This increase indicates a more vibrant market with more options for potential buyers.
   • The market experienced a notable influx in listings, with new listings increasing by 20.1% year-over-year. Specifically, the number rose from 289 in December 2022 to 347 in December 2023.
2. Sales Dynamics:
   • Closed sales saw a downturn, with a 21.5% decrease, moving from 362 homes sold in December 2022 to 284 in December 2023.
   • The reduction in closed sales could suggest a market cooling or buyers becoming more selective.
3. Pricing Trends:
   • This steady rise in price points towards a market that maintains its value, possibly driven by consistent demand and the quality of available properties.
   • The median sales price exhibited growth, albeit moderate. It rose by 4.3% from $252,450 in December 2022 to $263,320 in December 2023.
4. Negotiation Leverage:
   • Sellers received a slightly lower percentage of their asking price, with the figures dipping by 1.1% from 97.6% in December 2022 to 96.5% in December 2023.
   • This subtle shift suggests buyers may be negotiating more aggressively or the market is adjusting to more balanced conditions.
5. Time on Market:
   • Homes took longer to sell, with the days on market until sale increasing by 26.0%, from 50 days in December 2022 to 63 days in December 2023.
   • The extended time on the market might indicate buyers taking longer to commit or a mismatch between property offerings and buyer expectations.
6. Inventory and Supply:
   • The inventory of homes for sale rose by 20.5%, from 1,251 homes in December 2022 to 1,508 in December 2023, providing more choices for prospective buyers.
   • Months supply of inventory significantly increased by 46.2%, from 2.6 months to 3.8 months, indicating a shift towards a market more favorable to buyers.

Conclusion:

The East Baton Rouge Parish housing market in December 2023 showed signs of adjustment with an increased number of listings and a more extensive inventory, coupled with a slowdown in sales and longer selling periods. Prices continued to grow, albeit at a slower pace, suggesting a market that still holds its value. These dynamics indicate a market that is becoming more balanced, providing opportunities for both buyers and sellers, but also hinting at the need for strategic pricing and marketing to achieve successful sales. As a home appraiser, I would recommend buyers and sellers alike to consider these trends closely when making decisions in this evolving market landscape.

East Baton Rouge Parish December 2023 Housing Market Update PDF

Further summary of the data for East Baton Rouge Louisiana December 2023 home sales

• More houses were up for sale:
  • In December 2023, there were more houses listed for sale compared to December 2022. The number went up by 20.1% from 289 to 347 houses.
• Fewer houses were sold:
  • The number of houses that actually sold went down by 21.5% from 362 in December 2022 to 284 in December 2023.
• Prices went a little higher:
  • The median price of the houses sold was a bit higher in December 2023. It went up by 4.3% from $252,450 to $263,320.
• Sellers got a bit less than they asked:
  • In December 2023, sellers got slightly less money compared to their asking price than in December 2022. The percent of the list price received decreased by 1.1%.
• Houses took longer to sell:
  • It took longer for houses to sell in December 2023. The time increased by 26% from 50 days in December 2022 to 63 days in December 2023.
• More houses are available to buy:
  • At the end of December 2023, there were more houses available to buy than at the same time in 2022. The inventory of homes for sale went up by 20.5% from 1,251 to 1,508.
• There’s more choice for buyers:
  • At the end of December 2023, buyers had more options to choose from. The months supply of inventory, which means how many months it would take to sell all the houses available, went up by 46.2% from 2.6 months to 3.8 months.

East Baton Rouge 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.

Subscribe for email updates…