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Baton Rouge real estate boom: increasing population means increase in demand

Baton Rouge real estate boom: increasing population means increase in demand
Photo provided by staff.

POSTED: Thursday, November 21, 2013 - 6:30pm

UPDATED: Tuesday, February 4, 2014 - 5:21pm

Home prices are going up but the number of homes being sold is rising too! Realtors have seen one of the biggest booms ever in East Baton Rouge over the past three years.

As the population in Baton Rouge continues to grow, so does the demand for housing. Bossier City native Sherri Lee, saw huge potential and dove right in.

"Very exciting have my own business and I feel like there is great opportunity here so were thrilled to be here" said Lee.

This boom means something big for our real estate market.

"Number one that gives us a really healthy economy and a healthy economy helps drive our real estate market," said Pat Wattem who is the President of the Baton Rouge Association of Realtors.

Pat Wattem says the 30 percent increase over the past three years is quite amazing.

"This is like huge. It is really big for us because an increase of 5 or 10 percent would be a lot."

With more demand, comes fewer inventories which will eventually put some pressure on prices but right now, Wattem says there is no problem selling homes.

"We love the house the builder we were fortunate but there are a lot of beautiful homes here."

Because the real estate market is booming they are finding that more and more people are seeking their real estate license so they can get into the field and make some money.

"With this many buyers out there is always a need for more realtors," noted Wattem.

Two interesting things Wattem is witnessing as well are that more single women are buying and so are renters, which she says is a sign things are changing here in south Louisiana.

"Over the long haul, real estate is one of the best investments you can have.”

Baton Rouge did not see as much of a decline in real estate over the years as did other cities in the nation. Despite that, the Baton Rouge economy is proving we have great potential for the future.

 

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Skeptics and critics of the real estate industry have intensified their stance against home ownership, a cornerstone of the American Dream. USA Today website quoted Robert Shiller, co-founder of the real estate tracking Case-Shiller Index, as saying that people buy houses for security or lifestyle reasons. Another economist in the same piece found that a house only yields a 6 percent return on average.

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