How Greater Baton Rouge Housing Market Changed Since Rising Mortgage Rates in 2022

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

baton-rouge-housing-news-headlines

The market for detached single-family residential real estate in Greater Baton Rouge, LA has changed significantly in the last year.  Since the start of January 2022, 30-year mortgage rates rose from 3.2% to 6.4% in January 2023.  

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THE POINT: Home prices keep increasing because inventory in the most in demand zip codes keeps decreasing. The NAR  2023 Housing Forest for Baton Rouge forecast a 7.1% increase in 2023 home prices due to a 5.1% decline in inventory. 

To put the January 2023 home sales facts below into perspective, review what has happened in a typical year and in each January. These stats show 2023 could be the lowest sales year since 2013.

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The number of Greater Baton Rouge home sales by year from 2013 to 2023 YTD 
2013    7809
2014    8145
2015    8860
2016    9617
2017    10071
2018    9600
2019    9922
2020    11261
2021    12337
2022    10360
2023    463

The number of Greater Baton Rouge home sales by year in January from 2013 to 2023 YTD 
2013    Jan-13    431
2014    Jan-14    472
2015    Jan-15    477
2016    Jan-16    538
2017    Jan-17    663
2018    Jan-18    552
2019    Jan-19    518
2020    Jan-20    615
2021    Jan-21    778
2022    Jan-22    758
2023    Jan-23    463

 

2023 Janaury 2023 Greater Baton Rouge House Sales Stats: 

Home sales are down 39% to only 435, down 19 months. 
Inventory is UP 74%
Months Supply of Homes for Sale UP 136% 
Pending Sales DOWN 34%
New Listings DOWN 12%
Median Listing Price UP 8% 
Median Sold Price UP 7.5% 
Median Sold Price Per SqFt UP 8.7% 
Days On Market UP 32 Days or 800%
Homes Sell Between 99% to 100% Listing Prices 
Dollar Volume PLUNGED 27%

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Home sales have declined each month since June 2021 or for 19 months straight, June 2021 to January 2023. According to the data from GBRAR MLS, the following statistics were discovered. 

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Inventory or Homes For Sale were 2,036 in January 2023 vs 1,167 in January 2022, UP 74%. The January 2023 pending sales were 612, which is DOWN 34% from the 925 in January 2022. The January 2023 median listing home price in Baton Rouge, LA was $259,800, which is up 8% year-over-year from January 2022 $240,500 (source Realtor.com). The January 2023 number of new listings was 818, which is DOWN 12% from the 930 in January 2022. The January 2023 median sold price was $267,750, which is up from 7.5% in January 2022 at $249,000. The January 2023 median sold price per square foot was $150, which is up 8.7% from $138 in January 2022. The homes in Greater Baton Rouge in January 2023 sell after a median of 36 days on the market, which is longer than 4 days in January 2022. The number of homes sold in January 2023 was only 435. which is down from 712 in January 2022, down 39%. The dollar sold volume plunged from $215,256,962 in January 2022 vs $156,860,717 in January 2023 or DOWN 27%. 

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NOTE: Greater Baton Rouge includes East Baton Rouge, West Baton Rouge, Ascension, and Livingston Parishes or Counties. Home type DSF or detached single family, excluding townhomes, condos and manufactured. 

NOTE: Some of these statistics are somewhat deceptive because inventory is still extremely low within the most in demand zip codes. I have seen an increase of listings of homes needing major repair (not in a foreclosure status). New construction demand for example, in the entire Ascension Parish, there are only 81 active listings of new construction. In Livingston Parish, there are only 118 new home active listings.  

Zip Code, # of Sales, Zip Code Area 
70726    59 Denham Springs, Livingston
70737    43 Gonzales, Ascension 
70810    37 Baton Rouge, East Baton Rouge
70769    32 Prairieville, Ascension  
70808    28 Baton Rouge, East Baton Rouge
70817    28 Baton Rouge, Shenandoah area, East Baton Rouge 
70791    20 Zachary, Top School District in State, East Baton Rouge
70816    17 Baton Rouge, East Baton Rouge
70805    16 North Baton Rouge, East Baton Rouge
70815    14 Broadmoor, Sherwood Forest, East Baton Rouge
70462    10 Springfield, Campsites, Livingston 
70814    9 North Baton Rouge (Park Forest, Monticello), East Baton Rouge
70820    9 Baton Rouge near LSU, East Baton Rouge
70706    9 Watson, North Denham Springs, Livingston 
70809    9 Baton Rouge Jefferson Terrace area, East Baton Rouge
70806    8 Baton Rouge Tara, Mid-City, East Baton Rouge
70785    8 Walker, Livingston 
70714    7 Baker, East Baton Rouge
70818    7 Central Community, East Baton Rouge
70754    6 Town of Livington, Livingston
70710    6 Addis, West Baton Rouge
70774    5 St Amant, Ascension
70802    5 Baton Rouge near downtown, East Baton Rouge
70767    5 Port Allen, West Baton Rouge 




https://www.gbrprelistingappraisals.com/ 

Data was used with permission of the Greater Baton Rouge Association of REALTORS/MLS from 1/1/2013 to 1/31/2023, extracted on 02/19/2023.

 

Comments (4)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Baton Rouge is overall olooking like a great prospect for a lot of people out there. Here’s hoping for a great sale or two or three!

Feb 19, 2023 08:07 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Bill, thanks for sharing this market update for Baton Rouge, good information!

Feb 20, 2023 05:19 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed your blog page, and I added you as a friend. I would love the follow back. read your post and welcome to the Rain! We look for more from you later on. Thanks Bill

Feb 20, 2023 09:14 AM