The Baton Rouge real estate market, even with a historic inventory low, continues to set record-breaking home sales. Baton Rouge real estate has been in a year’s long seller’s market streak. More than 11,000 homes were sold in greater Baton Rouge in 2017 alone, a record high since the Hurricane Katrina migration of 2005.
Since 2013, Baton Rouge has fallen below six-months supply of inventory, which reflects a seller’s market. The greater Baton Rouge area hit a historic low of three-months supply in December 2016, before slowly rising to 3.7 months by the end of 2017. While this year has plenty of signs indicating a better year for buyers, it appears sellers in the Capital Region will continue to have the upper hand. The median sales price in 2017 for greater Baton Rouge rose to $190,000—up 1.4% from 2016, according to GBRAR. Flooded homes from 2016 may have had a small impact on this increase.
Advice for Home Buyers in The Market
If you are a buyer in this market, the most important thing to consider is choosing the right agent. You want an agent who is knowledgeable of the current market and can predict what is coming before it gets here. You may also want to consider choosing an agent who access to off market listings and proactively searches for your home. Overall, this is an exciting time for the Capital Region and now is the best time to get active in the market if buying a home is on you radar anytime soon.