Baton Rouge, LA Real Estate Market Report – March 2024

Baton Rouge Real Estate Market Overview

The Baton Rouge real estate landscape in early 2024 is showing a slight dip in average property values, from $240,000 in February to a marginally lower $239,000 in January, with a more noticeable decline from December’s peak of $257,400. Despite the softening values, sale prices tell a different tale, climbing from an average of $198,138 in December to a healthier $212,550 by February. This dichotomy suggests that while property values may be correcting, demand is pushing sale prices up – a dynamic that potential investors and homeowners should watch closely.

Per square foot values in Baton Rouge have seen their own fluctuations, reaching a high in September at $140 and settling lower at $136 in February. The average sale price per square foot mirrors this trajectory, with September’s high at $144 contrasted by February’s dip to an even $124. It seems September may have been a sweet spot for sellers, while buyers in February found more square footage for their buck.

As the Baton Rogue market breathes in and out, its property counts also rise and fall. Listings saw a minor decrease from 225 properties in September to 251 by February — a shift that might suggest a market contraction. Yet, sold property counts, peaking with 2,455 transactions in October, experienced a drop-off as February closed with 1,910 sales. This descending pattern in sold properties could indicate a market cooling or possibly seasonal adjustments.

The real estate scene in neighboring cities further illuminates Baton Rouge’s status. Baker, for instance, contrasts with more modest average values at $215,000 and a per square foot average of $125 for February 2024. When considering the Baton Rouge averages of $240,000 and $136 per square foot, it’s clear that Baton Rouge commands a premium. However, those premiums come with the promise of a vibrant and perhaps more desired market.

Comparative Analysis With Neighboring Cities

Drilling down into the specifics, Baton Rouge’s neighboring cities provide a wider lens through which to assess market health. In Denham Springs, property values average out at $249,500, eclipsing Baton Rouge by nearly $10,000, with an impressive per square foot value of $145, indicative of a robust market. Denham Springs also boasted an appreciable average sale price of $218,889, reaffirming strong market performance.

Greenwell Springs, meanwhile, showcased much higher property values averaging at $355,000, alongside the highest per square foot value at $153. This presents a potentially upscale market environment with an average sale price of $246,118 confirming this trend, though the lower number of transactions—just 75—could hint at a more exclusive market with less liquidity.

Pride, LA, offered no new listings to analyze in February, thus no average value to report. However, properties that did sell carried a meaty sale price of $226,269 on average, with the highest average sale price per square foot in the region at $148, making it a wholesome if enigmatic market given the lack of current listings.

Over in Addis, LA, the fresh property listings come with an average value of $294,950 and lead in per square foot value at $159, exemplifying a tight and potentially up-and-coming market. Sell-through rates, however, were quite modest with 23 properties sold and an average sale price of $245,275, maintaining a healthy middle ground in the regional context.

Examining these figures, Baton Rouge offers a balance between value and sale price, neither scraping the bottom nor touching the peaks brought forth by neighboring cities.