Before buying or selling a home, many people start off by asking themselves what the real estate market is like right now? They want to make sure that they don’t overspend, or undersell their home. They want a fair market value when they buy or sell their home. So today, in this post right here, I am going to give a market update for those of you that are looking to buy or sell in the Baton Rouge, Louisiana market.
Staying up to date on the current real estate market trends can give you the slight advantage when it comes to buying or selling a home. Also, hiring the right real estate agent that also knows the current real estate market well, will also help you in getting a fair market value for your property.
- As of May 2023, home prices in Baton Rouge has increased 1.8% compared to May of 2022
- Homes are staying on the market almost 3.5% longer as compared to last year
- Median sale price in Baton Rouge is $250k
- Almost 40% of homes SOLD BELOW LIST PRICE!!
Now you might be looking at this data and wondering what does this mean? Home prices keep going up, interest rates are still insane, and it seems that nobody can catch a break. While it may seem that nothing is going right in the housing market, I will say that there is hope. Homes are staying on the market longer. They are no longer selling as fast as they were, so if the seller’s are impatient, they may take lower offers. Which leads right into what I’m going to say next, that almost 40% of homes sold below list price! I think this is a direct correlation from houses being on the market much longer that they then begin to be sold below their list price. This is great news for buyers, because you might look at a $300k house and not be able to afford it, but talk the sellers down and get it for much less and much more affordable.
If you’re the type of person that needs a “sign”, then let this be that sign. If I was sitting on the sidelines waiting to jump in at the perfect time to buy a home, I would 100% look to jump in now. This data to me sounds very positive as a buyer, and it should be for you as well. This could be the “deal” that many of us try to sit and wait on for the perfect time.
Always be looking for a deal, because deals are out there.
The information that I pulled is from a Redfin Housing Market update found here: https://www.redfin.com/city/1336/LA/Baton-Rouge/housing-market
I suggest you check out the Redfin post as well because it has some pretty cool information. For example, Los Angeles is ranked #3 on the Inbound Baton Rouge search from March 2023-May 2023. This is simply people who live in Los Angeles that are searching homes in Baton Rouge who may consider packing up and relocating here to Baton Rouge.
Hope y’all have enjoyed this post as much as I have! Until next time, stay safe, and have a wonderful Fourth of July weekend!
Alexander Kroening- REALTOR 