We’re looking back at February 2024 to see what the Greater Baton Rouge housing market tells us. Remember that this is a general overview of the Baton Rouge housing market as a whole. Market conditions vary between the city’s many subsects. With that said, let’s see how February panned out!
Closed and Pending Sales
In February 2024, Greater Baton Rouge saw 626 closings, a 2.8% increase from last year. However, pending sales dropped 3.7%, leaving the area with 708 sales pending. This year-over-over drop forecasted slower growth in March.
Homes For Sale
Inventory was relatively high as there were 2,675 homes for sale in Greater Baton Rouge. Furthermore, there were 986 new listings in February, growing nearly 15% since 2023. As a result of the increased inventory, sales prices are affected.
Sales Price
The median sales price for Greater Baton Rouge was $256,622. This is a 0.5% decrease from the previous month. The decline is likely due to there being too few buyers in the market.
Conclusion
February 2024 demonstrated favorable conditions for buyers in the Greater Baton Rouge housing market. Sellers may be encouraged to compromise to stand out within the market. Consider working with a realtor who understands your needs when negotiating an offer.
Navigating the changing market with confidence. Our agents work hand-in-hand with clients, ensuring they understand each step of the process. Call (225) 448-2850 or send us a message to speak with a Smart Move agent. Contact us today and step into your future with confidence!