See how the Baton Rouge-area residential housing market fared in May

See how the Baton Rouge-area residential housing market fared in May

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Vector illustration of houses in isometric projection with For Sale sign on empty land, property parcel. Townhouses, real-estate concept.

Inflation is slowly cooling, but mortgage rates remain high as the housing market continues to see a decline in pending and closed sales, according to the latest report from the Greater Baton Rouge Association of Realtors. 

Pending sales dropped 13.8% in May year over year, while closed sales dipped 1%.

With the federal funds rate at its highest level in over two decades and the Federal Reserve’s announcement projecting only one rate cut this year, mortgage rates—and borrowers—are affected. Mortgage rates have hung around 7%.

GBRAR reports statistics from the region’s three main housing markets—Ascension, East Baton Rouge and Livingston parishes. Across the three parishes:

  • New listings increased 5.6% to 1,343.
  • Pending sales decreased 13.8% to 859.
  • Closed sales decreased 1% to 1,017.
  • The percentage of list price received decreased 0.1% to 97.8%. 
  • Days on the market until sale increased 21.1% to 69.  
  • Inventory of homes for sale increased 25.3% to 3,777.
  • Months’ supply of inventory increased 36.4% to 4.5.

The median sales price for homes in the three parishes increased 1.2% to $260,000 in May compared to a year ago but remained steady relative to last month. The median sales price was $250,000 in March, $257,000 in February and $258,000 in January. 

In comparing the three parishes, Ascension saw the biggest jump in the median sales price for homes. The median price in Ascension rose 7.5% to $335,000 in May, compared to $311,500 last year.

The median sales price in East Baton Rouge decreased by 2.7% to $265,000, while in Livingston it increased 2.3% to $242,933.

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