Real Estate Market

Baton Rouge Real Estate Market Trends

U.S. Real Estate Overview

Note: July 2018 data below are the most recent from the National Association of Realtors

According to the most recent data from the National Association of Realtors® (July), existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors®. The West was the only major region with an increase in sales last month.

NAR Housing Snapshot July 2018Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. With last month’s decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months.

NAR's chief economist, Lawrence Yun, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”

The national median price for existing homes (all housing types) in July was $269,600, up 4.5 percent from July 2017 ($258,100). July’s price increase marks the 77th straight month of year-over-year gains.

U.S. total housing inventory by July's end decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago).

Properties typically stayed on the U.S. market for 27 days in July, up from 26 days in June but down from 30 days a year ago. Fifty-five percent of homes sold in July were on the market for less than a month.

The average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were 32 percent of sales in July, which is up from 31 percent last month but down from 33 percent year ago. 

Find the Right Coverage

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

Experience the Local Flavor With These Top Baton Rouge Restaurants

If there's one thing that Baton Rouge is known for, it's the amazing restaurants that showcase the tantalizing flavors of the South.  You'll find the best Creole and Cajun food, along with local seafood, to be found anywhere in the South. If you plan on buying a home in Baton Rouge and can't get enough Southern food, then welcome home! Here's some of the top places in Baton Rouge to find your favorite local dishes.

Louisiana Lagniappe Restaurant

Rated as one of the top restaurants in Baton Rouge, Louisiana Lagniappe Restaurant has been a staple in the Baton Rouge dining scene since 1998. You'll enjoy amazing Southern dishes and an inviting atmosphere.  Start out with tasty appetizers like Chipotle Shrimp, Fried Crab Fingers, or Blackened Shrimp, then follow up with Laguiappe favorites such as Fresh Fish en Papillote or Barbecue Shrimp.

Sammy's Grill

Sammy's offers a relaxing atmosphere to watch a game and catch some of the best gumbo in Baton Rouge. You know it has to be good, as it's a popular spot with local Baton Rouge residents. If you're in the mood for alligator, poboys, pepper jack chicken, or other Southern favorites, Sammy's is the place.

The Chimes Restaurant & Tap Room

A local favorite for over 25 years, The Chimes offers a relaxed, family friendly experience. Their local dishes include Louisiana Alligator, Crabmeat-Stuffed Mushrooms, Fried Pickles, and an outstanding selection of beer to wash down your tasty meal.

Cou-Yons Bar-B-Q

For the best BBQ in Cajun Country, Cou-Yons Bar-B-Q is the place to go in Baton Rouge. Their casual and friendly atmosphere goes perfectly with the amazing food. They offer Cajun-inspired BBQ, seafood, stuffed baked potatoes, and salads.  They call it “5-star dining in a casual setting.” It’s the perfect place for a business lunch or just getting amazing food without all the fuss.

There are many other reason to call Baton Rouge home. Join us every week on our blog for more great reasons to call Baton Rouge home.  You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Baton Rouge and the surrounding area.

 

Contact Information

Photo of Glenda Daughety Real Estate
Glenda Daughety
RE/MAX First
4750 Sherwood Common Blvd
Baton Rouge LA 70816
225-205-2672
225-291-1234
Fax: 225-612-6422

 

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Glenda Daughety & Team
RE/MAX First
Office: 225-291-1234
Cell: 225-205-2672
4750 Sherwood Common Blvd
Baton Rouge, LA 70816
Each Office Independently Owned and Operated
Licensed Realtor in the State of Louisiana by the Louisiana Real Estate Commission



Glenda Daughety Michelle Copeland Ashley Daughety
Team Leader Buyer Specialist Buyer Specialist
Stager Decorator

 

 

 

 

 

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4750 Sherwood Common Blvd
Baton Rouge, LA 70816

Office: 225-291-1234
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Glenda@GlendaDaughety.com

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