What the latest area housing market numbers are showing

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residential
CUSTOM MARKET: For higher-end homes, like those in The Preserve at Harveston, buyers are choosing custom-built houses over spec builds. (Collin Richie)

The Capital Region housing market saw year-over-year declines in pending sales and new listings during November, while the time on market until sale and month’s supply of inventory increased, according to the latest report from the Greater Baton Rouge Association of Realtors.

Some 786 residential home deals closed in November, 8.4% more than in November 2023. For the year, 9,538 deals have closed through the end of November, down 1.3% from over the same time last year.

Meanwhile, there were 855 new listings last month, down from 938 the previous year.

The report provides statistics from the three largest housing markets in the region: Ascension, East Baton Rouge and Livingston parishes. Across the three parishes:

  • New listings decreased 8.8% to 855.
  • Pending sales decreased 9% to 608.
  • Closed sales increased 8.4% to 786.
  • The percentage of list price received remained steady at 97.6%.
  • Days on the market until sale increased 10.6% to 73.
  • Inventory of homes for sale increased 9.2% to 4,073.
  • Months’ supply of inventory increased 11.6% to 4.8.
  • The median sales price dropped 0.6% to $249,9000.

Looking at the three parishes, Ascension saw an increase in the median sales price, rising 21.9% to $323,103 in November compared to $265,000 in November 2023. Prices rose less than 1% in Livingston Parish to $238,515, while prices in East Baton Rouge Parish declined 3.6% to $260,408.