How Greater Baton Rouge Housing Market Changed Since Rising Mortgage Rates in 2022
By Bill Cobb Appraiser, Greater Baton Rouge's Home Appraiser
(Accurate Valuations Group, LLC)
The market for detached single-family residential real estate in Greater Baton Rouge, LA has changed significantly in the last year. Since the start of January 2022, 30-year mortgage rates rose from 3.2% to 6.4% in January 2023. THE POINT: Home prices keep increasing because inventory in the most in demand zip codes keeps decreasing. The NAR 2023 Housing Forest for Baton Rouge forecast a 7.1% increase in 2023 home prices due to a 5.1% decline in inventory. To put the January 2023 home sales facts below into perspective, review what has happened in a typical year and in each January. These stats show 2023 could be the lowest sales year since 2013.The number of Greater Baton Rouge home sales by year from 2013 to 2023 YTD 2013 78092014 81452015 88602016 96172017 100712018...