Baton Rouge Cities Where Median Home Prices Increased The Most In 2016
Which cities within Greater Baton Rouge have experienced the largest increases in the median price of homes sold during 2016? Well, the cities on the top 13 list are pretty diverse both in price range and location and include some declines. As the list below shows, the small town of Brusly, in West Baton Rouge Parish, is at the top of the list with the median price of homes sold for the 2016 time period coming in at $259,500, a 25.9 percent increase as compared to 2015 and based on only 23 2016 sales. Other cities on the top 13 list include St Amant 70774 +19.4%, Watson 70706 +11.2%, Geismar 70734 +7.7%, Walker 70785 +7.5%, Gonzales 70737 5.6%, Prairieville 70769 +2.7% and Central +1.2% (Central Zip Codes 70818, 70739, 70770).
Reason For Increases: Low Inventory and Large Number of Jobs Being Added
The change in median price could be largely the result of a low inventory, homes available for purchase, and lack of new home construction available. Another reason is what The Advocate reports, “The Baton Rouge area added roughly 9,000 jobs, or 2.3 percent job growth, during the first nine months of the year. The area already has surpassed the 1.9 percent projected growth for all of 2016.“
Now, before you get too excited, readers should note the chart most represents home sales prices PRE-FLOOD, which may not be a true reflection of the post-flood market to come for those cities heavily impacted by flooding – St Amant, Central, Watson, Denham Springs and some subdivisions in Baton Rouge, such as Monticello, Park Forest, O’Neal Place, etc.. In Watson’s Glenwood Estates Subdivision, the median sales price has PLUMMETED down to only $81,000 and was in the $145,000 to $166,000 range pre-flood. EXPERTS ARE PREDICTING IT WILL TAKE UP TO 2 YEARS FOR ALL OF THESE DAMAGED HOMES TO BE REPAIRED AND ABSORBED BACK INTO OUR MARKET.
2016 Sold Price Per Square Foot In 2016 Year To Date
I have also included a second table listing increases in sold prices per square foot by cities, including tabulated averages. These appear to indicate a 3.7% increase and average +$4.00/sf.
Top Ten Baton Rouge Cities For Median Home Price Increase In 2016
Top Ten Baton Rouge Cities For Median Price Per Square Foot Increase In 2016
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DATA SOURCE: GREATER BATON ROUGE ASSOCIATION OF REALTORS
Based on information from Greater Baton Rouge Assocation of REALTORS \ MLS for period 01/01/2015 to 12/31/2015 vs 01/01/2016 to 12/04/2016.