Greater Baton Rouge MLS Monthly Sales Prices - Entire MLS Area Coverage and All Home Types
1/1/2018 to 6/30/2020
Median Sold Price $190,000 to $215,000 = +13%
Median Sold Price Per Sq.Ft. $114 to $123 = +8%
Average Sales Price $214,819 to $245,427 = +14%
Just in 2020
Median Sold Price $195,000 to $215,000 = +10%
Median Sold Price Per Sq.Ft. $115 to $123 = +7%
Average Sales Price $228,092 to $245,427 = +7.6%
NOTE: Median sales prices are closer to reality, most common, and most reliable.
Why the run-up in 2020 Baton Rouge home sales prices?
Once COVID-19 was realized in March 2020, this immediately removed a certain portion of active MLS listings off the market, which drastically reduced the number of available listings and created an extreme low inventory situation. So, low inventory into 2020 has caused a run-up in home sales prices. HOWEVER, at least in the under $250,000 range, this run-up also generally includes HIGH seller paid concessions of $6,000 to sometimes $10,000 to help a buyer afford to buy the home. So, a small portion of these prices are artificial
2 VIDEO UPDATES ARE HERE:
Baton Rouge housing market booming with business, “Homes selling in hours”
Here's how I explained this situation in yesterday's post Westminister Estates Denham Springs Home Prices 2020
"NOTE: These sales prices above are OVER INFLATED or ARTIFICIAL because they contain seller paid concessions from $1,000 to $6,000. When a seller pays a buyer's closing cost, at the closing table, the seller does not receive the actual sales price. The seller of the $180,000 sale with $6,000 in seller paid concessions (seller paid buyer's closing cost) actually received $174,000 at the closing table. The seller of the $154,500 sale with $5,500 in seller paid concessions (seller paid buyer's closing cost) actually received $149,000 at the closing table, NOT $154,500. However, GBRAR MLS chooses to report the sales prices as $180,000 and $154,500 instead of what the seller actually received at the closing table, $174,000, and $149,000."
Source: GBRAR MLS All Home Types from 1/1/2018 to 6/30/2020