Baton Rouge has been ranked as one of the 10 markets poised to sees significant growth in third-quarter home sales by Realtor.com.
The website, operated by the National Association of Realtors, based the ranking on factors such as an increasing inventory of houses for sale, rising median home prices and a decreasing amount of time homes are staying on the market.
The median home price for a property in the Multiple Listing Service in Baton Rouge was $188,000 in June, a 4.5 percent increase over June 2013. At the same time, there were 3,630 homes listed for sale, a nearly 1.8 percent increase from the year before. And the median amount of time a home was on the market was 74 days, down from 81 the year before.
Other cities making the Realtors.com list as being in line for a strong third quarter include Albany, New York; Charlotte, North Carolina; Columbia, South Carolina; Washington, D.C.; and Portland, Oregon. The cities on the list were organized alphabetically.
“The markets where we expect significant third-quarter home sales are all very different — ranging from small to large, affordable to expensive, previously distressed to minimally affected by the downturn,” said Jonathan Smoke, chief economist for Realtor.com. “Diversification in the areas experiencing healthy real estate economies is a key indicator that the housing recovery has become more sustainable.”