Greater Baton Rouge 2020 Home Sales Prices Double-Digit Gain

By
Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

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 

covid-19-baton-rouge-home-listings


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 posWestminister 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

Comments (2)

The Woodland Companies of Alaska
Woodland Management Service - Wasilla, AK
Alaska Forest Land Experts!

Thanks for the update on this community, all the best to you as you get many of these properties listed and sold.

Tracy

 

Aug 13, 2020 08:23 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you have enjoyed a very productive summer.

Take care, be safe and have an outstanding September.

Sep 04, 2020 05:38 AM

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