Getting Back to Normal
It’s been a rough few years around the world because of the global pandemic, but the housing market in Louisiana has remained strong. During the pandemic, there were low interest rates, and many companies allowed their employees to work from home. The housing market was a seller’s market, and the market could not meet the demand from the many people who needed to purchase property. Now that the pandemic is over, interest rates are rising, and there are questions as to whether the market can meet the demand now that things are going back to normal for most people.
Home prices are up 2%, which may not seem like much compared to how much other prices are going up. The median price of a single-family home is $264,400. The actual number of homes sold is down 6.5%. As of September, only 3,285 homes were sold in the state for the past year. In Baton Rouge, the median home price was $230,000, and the drop was about 25%.
A Strong Housing Market in Louisiana and Baton Rouge
However, there are signs that the housing market is still strong. House prices in Baton Rouge are up 5% as compared to last year, and Baton Rouge homes usually received two offers instead of one. That indicates a level of competition, as does the quick movement of homes once they are listed. It only takes about 22 days to sell a home in Baton Rouge, and only about 30 days to sell a home in Louisiana overall. In the state of Louisiana, about one out of every three sales had a price drop, but in Baton Rouge, about 17% of the homes sold above the list price. Most of the people moving from a home in Baton Rouge were looking to stay in the area, with 81% looking to remain in Baton Rouge. In general, Louisiana has enough houses to meet the demand within the area, with an average supply of about three months worth of houses.
Why Live In Baton Rouge?
If more people knew about what Baton Rouge is like, there would likely be many more people relocating to the area. Baton Rouge has a lot to offer, including great local food and wonderful community resources and activities. Even though it has as much to offer as a bigger city, the overall cost of living is much lower than the national average. With the lower cost of housing, it means that people can more comfortably raise their families in the area. Baton Rouge still has everything a city would offer, including live music, museums, and art galleries. Individuals and families can enjoy the 180 parks and one of the best library systems in the country.
Are you ready to sell your home in Baton Rouge? We can help. If you fear that you may be going through a foreclosure, the process will stop when we purchase your property. Do you not have the time or the resources to repair and clean the home before you put it on the market? We will still offer you cash for the property as it is. At Geaux Home Buyers, we understand that it can be stressful to sell a home even in the best of circumstances. Whether or not you have a special reason for needing to sell right away, we can still cut the process short for you. Give us a call so we can meet and look at your property. There is no pressure to sell, and we can work with your schedule for moving out.