July 2022 Housing Market Update

 

It is STILL HOT in the Greater Baton Rouge region, not only outside but the housing market is still very busy as well. I am a bit late getting to this month's housing market update but I wanted to get it done for the people who rely on getting quality information about the real estate market and industry. I appreciate your patience with me this month but let's jump right into how the housing market has been doing!

Number of Homes Available for Sale Comparision     

The number of homes available for sale has continued to increase over the last few months getting back to the level that we were at with homes on the market last year. Even at this time last year, I knew that the housing market was in an inventory free fall since the start of the pandemic. I also am going to assume that this number will continue to go up as sellers who are looking to make a new housing start before the school year kicks off will put their houses up for sale. 

 

Months Supply of Homes for Sale

 

A similar situation with the number of homes available for sale can be seen with the inventory months on the chart above. I think that we will continue to see this number go up over the next few months but I am noticing that we are at about the same numbers that we were at about this time last year. These are both promising signs for buyers as they will have slightly more options available to get the home that they are looking for. The challenge is going to be that the interest rates are increasing and it will cause the affordability to be harder for buyers. Basically you will be able to go out looking to find home and find more options but your buying power will be less because of higher rates. Just know that the VALUE of buying at this time last year was the historically low interest rate which allowed you to buy more home as a cheaper price point long term!


 

Median Days on the Market

So we're seeing that buyers are able to have more options and homes to pick from when they are shopping for homes so does that mean that the time that they have to make a decision has increased as well? ABSOLUTELY NOT! There are only 3 days that you are going to have from the timeframe that a home is put on the market until the home is listed that it is under contract in the current market. That's even lower than the 4 or 5 day timeframe that you had around March of this year. So although the housing market may have more options available for buyers to view and choose to make an offer on, you should work EXTREMELY fast with your agent to do so because the homes are still flying right off the market as soon as they are put up for sale!
 

MY SPRING  & Summer 2022 BONUS CONTENT:

I wanted to show love during the spring season, so I made this video highlighting what I feel are the 3 biggest lies that you'll hear about the real estate industry this year! You can check out this quick video by clicking HERE!

These summer months are going to be hectic for buyers! I have a little something to make the home buying process a bit easier for you though! I have a 'Smart Homebuyers Guide' for you to read and it's FREE! Get my SHG HERE!

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