After ‘crazy frenzy,' Capital Region housing market enters a more neutral phase
Everyone who pays attention to such things knows the housing market in the Capital Region, along with most other places across the country, spent most of last year slowing down.
CALMING EFFECT: While the multiple-bid advantage experienced by sellers in mid-2022 is a thing of the past, Kendra Novak, a broker who is also president of the Greater Baton Rouge Association of Realtors, predicts a slowing market won't swing to one that favors buyers. (Don Kadair) Everyone who pays attention to such things knows the housing market in the Capital Region, along with most other places across the country, spent most of last year slowing down.
In November, closed sales in the Baton Rouge area were down about 37% compared to the previous November, while sales were down almost 14% for the year to date, according to the Greater Baton Rouge Association of Realtors.
So what does that mean for 2023? Probably not a housing crash, but when real estate agents and builders were asked about their expectations for the year, 'creativity,' 'diversification' and 'options' for consumers were the most popular buzzwords.
Kendra Novak, the local Realtor association's new president, says the 'crazy frenzy' in which homes are drawing a flurry of multiple offers, often above the asking price, appears to be over.
But does that mean buyers will have a clear-cut upper hand over sellers? Maybe not. Novak sees more of a correction in which the market is returning to normal.
Read the full story about the housing market from the latest edition of Business Report.