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The Baton Rouge residential market has begun to show benefits for both buyers and sellers with increased inventory and gains in median prices.
“It’s a tough market,” says Melissa Lovett of Pivot Realty. “We’re seeing days on market are higher than what they used to be, depending on the area and the price range. Homes that were on the market for less than 30 days are now on the market for up to 60 to 90 days. That isn’t bad, but it’s not what we’re used to. It just means that the market is correcting.”
According to the latest figures from the Greater Baton Rouge Association of Realtors, inventory increased by 11% in May compared to May 2024.
Lovett notes that a lack of inventory has been a trend nationwide, as well as in Baton Rouge, which drives prices up.
“That’s something that they’re working on across the nation is increasing inventory, but that’s a problem that’s not going to be solved overnight,” Lovett says. “It’s a focus and we are seeing an increase, so that’s good.”
Tom Cook of Cook, Moore, Davenport and Associates spoke at the annual Trends seminar in May, where he outlined that the area residential real estate market is showing signs of stabilization, and 2025 will likely resemble last year.
Interest rates have also played a part in buyers being more selective about the home they choose, according to Lovett.
“Buyers have a higher monthly mortgage payment, so they don’t want to go in and have to repaint rooms or do any cosmetic changes,” she says. “They’re thinking, ‘if I’m going to have a $2,000 a month mortgage payment, I want a perfect house.’ That’s just not out there.”
She says the market is picking up partly because buyers are becoming settled with the current rates.
Lovett believes the market will steadily improve, with minimal drastic swings in either direction, through the end of the year.
