A recent study by Florida Atlantic and Florida International universities shows the Baton Rouge and New Orleans metro areas are two of the least-overpriced real estate markets in the country.
As The Center Square reports, the monthly study by researchers Ken Johnson of Florida Atlantic and Eli Beracha of Florida International uses data from Zillow and other sources to score the top 100 most overpriced or underpriced metropolitan areas in the U.S.
According to the data, homes in the Baton Rouge area in April sold for 9.4% more than expected, up from March when that figure was 7.91%. That put Baton Rouge’s real estate market at No. 93 among the nation’s 100 most highly populated metro areas.
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The expected average price in Baton Rouge was $210,858, while the average price paid was $230,671.
In New Orleans, home prices were 8.97% above expectation in April, up from 8.14% in March. The Crescent City, according to the report, was the 95th least overpriced housing market nationally. In New Orleans, the average expected price was $242,448 while the average price paid was $264,185.
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The last time home prices in Louisiana’s two largest metropolitan areas were going for less than expected was on June 30, 2021. Baton Rouge-area homes were going for 1.01% less than the expected price, while those in New Orleans were selling for 0.36% less than expected.
Compare that with the most overpriced real estate market: Boise, Idaho. While historically, the average home in Boise should cost $299,202, the average buyer is paying $516,548. That is 72.64% above the area’s long-term pricing trend. Austin, Texas, was second with a 67.7% markup over historic norms. Read more about the housing report from The Center Square.
This story originally appeared in a June 7 issue of Daily Report. To keep up with Baton Rouge business and politics, subscribe to the free Daily Report e-newsletter here.