August 2022 Housing Market Update

 

This is one of my FAVORITE times of the year! We are able to watch young people get back into the swing of things by securing their future via education and it's always great to see the first day of school pictures. Many people try to stick to the tradition of taking off from work for the first day of school or going in a little later than normal to see their young scholars set off to start the school year. Some even take that first day in slight celebration with a good brunch or lunch date! With those things in mind, nothing is better than securing YOUR family a new home or a fresh start in life by purchasing a new home! Let's get right into our August Market Update...

Number of Homes Available for Sale Comparision     

This is the point of time where we REALLY can see that the graph shows that the impact of the market shift is starting to take shape in the real estate realm. The number of homes for sale has completely been impacted by rising interest rates and more cautious buyers who are looking at how price increases in other areas of their day-to-day lives will impact their home purchasing abilities. I said a few months ago that I felt that the impact of the shifting market would take about two years to finally show a balance of sort and that timeline may hasten as more and more houses stay on the market longer than they have over the last two years!

 

Months Supply of Homes for Sale

 

We're nearly at the two-month mark of inventory which is a welcomed sign for buyers as the market tends to start to slow down about this time of the year anyway. There are many more options for buyers to choose from and sellers are finding themselves in a position to have to loosen up a bit on their demands in contract negotiations. Many of the people who are generally in the buying frenzy from the end of the school year to the beginning of the next school year have settled in and are already locked into a contract or their new home! Sellers are going to have to start giving into buyer demands to help with rising costs of closing and higher interest rates by helping buyers on the financial side to complete their transactions. There are still going to be homes that are properly priced, and that have a high demand with multiple contracts offered on them. Those sellers are going to be fewer and fewer as the market becomes much more inviting for buyers to have multiple homes to choose from!


 

Price Per Sq Ft in Each Parish

I felt that it was important for buyers who are still looking to get a VALUE in today's market to understand what they are going to expect to pay in each of the 3 major parishes in our market. As you can see, you're going to spend about the same per square foot in Ascension as you would in East Baton Rouge parish right now. You're going to spend a bit less per square foot in Livingston parish so for the buyers who are looking to POTENTIALLY get the best bang for your buck, the pricing is going to be more favorable to you out east! I also wanted to show how much this pricing per square foot has changed over the last three years! The average cost per square foot has increased by about $30 per square foot compared to just three years ago. The prices of homes have still increased over the last few months even though there are more homes for sale. There has also been about the same range of time that homes are staying on the market right now before going under contract so that is important to look at from a timing standpoint when thinking about making an offer on a home!
 

 

As always, I want to make you aware that I've created a special website section where you can view interactive charts of historical data for the Greater Baton Rouge real estate market! I'm continuously striving to raise the bar for REALTORS® by providing quality communication, and great customer service, combined with valuable information, data, and statistics for anyone who needs it! The charts and graphs in our Market Data Center are always live and updated automatically monthly. You can see the real stats for what's going on in the Greater Baton Rouge real estate market and not just take someone's word for it! You can check out the data and see what's going on in your area by clicking the button below!

If you would like to get in touch with me please feel free to text me (225) 330-7059 or you can schedule an initial consultation call HERE!

Please wear your mask and stay safe,
Rinaldi Jacobs Jr., e-PRO®, PSA
REALTOR® & Marketing eXpert
eXp Realty, LLC
2900 Westfork Dr, Ste 401
Baton Rouge, LA 70827
Office: 225-412-9982 ext 151
Direct: 225-330-7059
Rinaldi@225avenues.com
Licensed in Louisiana