The number of houses on the market in the Baton Rouge area dwindled as prices continued going up in July, according to the latest report from the Greater Baton Rouge Association of Realtors.
The Greater Baton Rouge area, which includes East Baton Rouge, Ascension and Livingston parishes, saw a 45.2% decrease in inventory in July. There was an 8% decrease in sales between July 2020 and July 2021.
Just over 1,300 sales closed in the area in July 2021 compared to 1,442 in July 2020. Pending sales decreased by 12.9% over the same period.
Meanwhile, new listings decreased slightly last month to 1,415, a 0.4% drop. The median sales price continues to rise, which could signal an increasingly competitive market for buyers. The median sales price in July was $240,000, a 7.9% increase from July 2020.
Months supply of inventory dropped for the second year in a row, down 52.9% to 1.6 months, indicating demand increasing relative to supply.
