June 2023 Housing Market Update

 

WE ARE BACK! After way too many months away, I've decided that it was time to return with a bang for our monthly market reports! It has been a challenging last year or so after my father's hospitalization and passing,
but I'm very excited to bring the sort of information and numbers that you need in your real estate journey!

I need you to understand that we are entering the part of the year that usually gets busy as far as activity in the marketplace goes. I have been watching and remain interested in how things will play out with many uncertain about the interest rates that slowed the market down tremendously from where we were last year. With that being said, the outlook for the market looks positive as we head towards a more balanced and normal real estate marketplace.


Number of Homes Available for Sale Comparision     

Typically we would have about 3500-5000 houses on the market during a normal or balance market. We're still well below that number. The interesting thing about the current market is that buyers are not as plentiful as they were about this time last year however the number of homes available for sale hasn't skyrocketed up even towards normal levels. The fact that the market is still having homes that are priced and marketed right go relatively fast shows that buyers are ready to sign an agreement on homes that they consider to be "turn-key" to where the homes don't need much as far as repairs are concerned.

 

Median Number of Days on the Market

 

I want to show how the market normally heats up during this time of the year compared to a normal year. I also wanted people to understand that it takes a bit longer to sell your home during certain months of the year compared to the spring and summer months. I don't think that this year will have the same lows as the last two years with most homes barely staying on the market for a week or two. If it was in a top-tier condition, it wouldn't last a day or so on the market in the two years past. I do believe that the homes will go fast this spring even with the interest rates seemingly volleying up and down the last few weeks. I wouldn't be surprised if many more homes are on the market as that has been the trend over the last twelve months comparing the twelve months prior.

 

Median Sales Price in Each Parish

If any of you listened to me as the pandemic kicked off and purchased a home, it's likely that you've gained about 50k in equity since the start of the pandemic in early 2020. That is remarkable since homes are showing a market average of about $255,000 as of right now. I do expect this trend to continue and home prices will rise as they historically have over time. The thing that I want people to really understand is that our market is not like many around the country. Our prices haven't historically had tremendous swings in pricing going up and down. Even after the storms of 2016 or Hurricane Katrina, our home prices were relatively stable and didn't have crazy increases or circumstances where the homes are being bought at a very large amount over the market's value at the time. In having this sort of stability, our area has been sustainable 
 

To wrap up this market report that is dedicated to my father Rinaldi Jacobs Sr., I wanted to thank all of the people who have called, texted, emailed, and messaged my family and I asking about ways to help. I have been extremely appreciative of the outreach and interest in our well-being. I can also tell you that some of the things that have given me a considerable amount of comfort are all the resolutions and words of encouragement from the Mayor-President of East Baton Rouge Parish, to the senators and members of the house of representative members, to the friends of our family. I truly am grateful and appreciative of every single one of you.

 

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