As we head into 2023, let’s take a look to see how the real estate market (residential sales) ended in 2022:
GREATER BATON ROUGE AREA MLS
COMPARISON OF TWELVE MONTHS ACTIVITY 2022 TO 2021
Higher mortgage rates, escalation of home prices, and inflation continue to impact buyers who are considering moving forward with the purchase of a home. Unit sales fell in 2022 by just under 16% and dollar sales were down 9.8%.
The positive news, for homeowners, is the average sale price has increased to $292,433 (up 7.3%). Average days on the market remains low at 27 days. Inventory of homes on the market (2.5 months’ supply) continue to be well below what is considered a healthy balance (6 to 7 months of inventory). And, the number of residential units for sale this December vs December of 2021, has increased by 799 units.
This means that if no new homes were to be placed on the market, it would take only 2.5 months for every current listing to sell. The real estate industry considers a 6 to 8 month supply of inventory to be a healthy, balanced market. So, in general, we are still in a seller’s market.
Recently we have seen mortgage rates continue to decline, and inflation over the past couple of months is down. A continuation of these trends should be good signs for the real estate market as we move further into 2023.
Remember, these figures are for our local real estate market as a whole, and includes the entire greater Baton Rouge area. However, real estate is very local. While this report provides a positive outlook on the overall market, it is best to take a specific look at your neighborhood. If you or someone you know is interested in buying, selling, or investing in real estate, a Coldwell Banker ONE Realtor is here to review with you, in more detail, the specifics about the your neighborhood.
Coldwell Banker ONE Realtors are proud to be your trusted real estate advisors We are here to provide you the same excellent service, while meeting your specific needs.
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Coldwell Banker ONE Realtors are your local real estate experts. We service the entire greater Baton Rouge and surrounding areas, including Ascension Parish, Livingston Parish, East Feliciana Parish, West Feliciana Parish, East Baton Rouge Parish, and West Baton Rouge Parish, Iberville Parish, Point Coupee Parish, and St. Helena Parish.
Do you own a home in the greater Baton Rouge or surrounding areas? Are you looking to buy a home here? Do you just want to know more information about our local real estate market? Coldwell Banker ONE Realtors have got you covered!
5025 Bluebonnet Blvd, Baton Rouge, LA 70809
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