Baton Rouge-area home sales were up 32.9% in January compared to one year ago.
The local housing market continues its hot streak despite the coronavirus pandemic and the related economic recession. Low interest rates and widespread work-from-home situations for many professional jobs have prompted interest in new homes.
There were 860 homes sold in metro Baton Rouge during January, according to figures released this week by the Greater Baton Rouge Association of Realtors' Multiple Listing Service. That compares with 647 Multiple Listing Service sales in the nine-parish region during January 2020.
East Baton Rouge Parish, which accounts for the largest part of the local housing market, saw sales increase by 25% to 427 sales from 341 sales a year ago. Ascension Parish home sales jumped by 24.5% over the year to 147 sales from 118. Livingston Parish home sales grew by 19.6% to 183 units from 153 last year.
Home prices were up over the year. The median sale price for a home in metro Baton Rouge was $220,000, a 13.2% increase. That means half the homes sold for below that price, half for above that price.
The number of homes sold in metro Baton Rouge during 2020 topped even the numbers posted in 2005, when Hurricane Katrina caused a rush on hous…
The median sale price for a home in East Baton Rouge Parish was $225,000; Ascension Parish, $241,350; and Livingston Parish, $203,000. Last year, median home sales in East Baton Rouge and Livingston were below $200,000.
Pending sales, an indicator of future activity, increased by 19.6% to 1,051 in January. New listings were down 16.8% to 1,082.
There were 2,385 homes for sale in metro Baton Rouge during January, a 43% decrease from the year before. The supply dropped to 2.2 months. Six months is considered a healthy supply of homes. The number of days a house was on the market before it sold was 62.
Despite the coronavirus pandemic crimping home sales for two months, the number of houses sold in metro Baton Rouge during 2020 was 14.4% high…
A price squeeze on construction materials such as lumber and other products due to shortages and increased demand for new residential homes over the past year has contributed to less supply of new homes.