When it comes to buying a home in Lafayette, Louisiana, the market is on the verge of breaking records. The city’s median listing price is $370K and its median sale price is on track to break that record, too. In fact, the average price for a Lafayette home is projected to top $269,600 by 2022.
Lafayette’s housing market is on pace to break the record
The housing market in Lafayette is on a downward spiral, and it could get even worse before it improves. New supply is hitting the market at a time when demand is low and prices are already struggling. This added supply puts additional pressure on prices and creates a downward cycle as larger inventories try to eat into the shrinking pie.
In Lafayette, homes are on pace to break the record for most days on the market. Home values decreased 3.6% last year, and are expected to drop another 2.1% this year. This means that a $200,000 home in Lafayette could be worth $190,000 at the end of the year. The average time a home spends on the market is now two and a half months, which is higher than the national average. In addition, apartment vacancy rates have increased from 4.1% in 2014 to 10.9% this year.
Several factors have contributed to this high growth. First of all, new home listings have increased 5.9% in September on a seasonally adjusted basis. As a result, the housing market is more competitive. The number of homes coming on the market has increased for the past three months. New listings also helped the market to see its biggest increase since November 2015. Those factors have contributed to a 32.9% increase in pending sales, which has increased the number of homes sold this year. This is a good sign for buyers, who are less concerned about the price of a house than they once were.
Lafayette’s median listing price is $370K
The median listing price for a Lafayette home is $370K, up from $340K last year. The median rental listing price in the city is $2,130, which has remained steady since 2016. Sale prices for one-to-four-family homes have increased by about seven percent, while those for Lafayette-Bergen homes have increased by 20 percent. The median household income is 61 percent above the ALICE threshold, while 42 percent of the population lives below it. And 18 percent of the city’s residents live in poverty.
Lafayette’s median sale price is on pace to break the record
Lafayette, California, home values are on the rise. According to Zillow, Lafayette’s median sale price is on pace to break its record for October, setting a new high for the city. Last year, Lafayette’s median sale price was $1.7M. That is down from more than $1.8M the year before, but on pace to surpass the previous record set in 2014. Last month, Lafayette’s median sale price was $1.3M. That means that homes in Lafayette, CA sold for their asking price, beating the national median of $1.3M.
While Lafayette’s median sale price continues to climb, the median days on market are falling. The number of homes listed is lower than a year ago, but Lafayette homes are selling at a faster rate. The median days on market is 92 days, compared to the average of 119 days in the country. The median price of a home in Lafayette is 10% higher than the national average, and homes are spending 11 fewer days on the market than last year.
While September 2021 saw a seasonal easing in the housing market, Lafayette’s median sale price is already on track to break the record in September 2022. The median price of a home in the parish is expected to exceed $384,800 for September 2022. However, sales are still behind last year, due to rising interest rates and low inventory. Despite the slowdown, Lafayette’s median sale price was up 11.6% from April 2022 and is on track to break the record in September.
Lafayette’s average sale price in 2022 is above $269,600
In Lafayette, Louisiana, the average sale price of a home has risen to over $269,600, and the total dollar volume of home sales is above $170 million. However, home sales are still running behind last year’s pace, likely due to rising interest rates and a lack of inventory. There were 435 home sales in May, with the average sale price topping $177,000 – an increase of 11% from April.
While Lafayette’s average sale price in 2022 will be above $269,600, housing inventory has decreased. There are fewer 2 bedroom homes for sale, and the average price for a three-bedroom home is $429,000. The average sale price of a five-bedroom home is over $275,000, with a median sale price of $341,300.
The booming real estate market in Acadiana has fueled increased home prices. According to Market Scope Consulting, 27.2% of Lafayette Parish homes sold for over $300,000 – up from 20.6% the year prior. Demand for homes in Acadiana is outpacing supply, and prices are likely to remain high until the market balances itself.