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July 25, 2024

Lafayette, LA - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Lafayette's housing market is seeing lots of changes¹. For instance, in June 2024, things like the average price of homes and how long they stay unsold showed significant patterns. The value of a home was around $274.9K in April 2023. This was a drop of about 7.8% from the previous year¹.

In contrast, the asking price for homes was about $279,900². This gives us more insight into how homes are being sold. They help us understand the latest trends, important for those looking to buy a home or invest here.

The demand for homes in Lafayette is strong, thanks to the city's economy and cultural scene¹. Homes typically sold after 45 days on the market. This indicates the usual speed of sales in the area. While there are more homes for sale now, fewer are under contract. This shows that the market is changing¹.

Those thinking about buying property in Lafayette should watch the market closely. Making timely decisions could lead to great investment opportunities.

Areas like River Ranch, downtown Lafayette, and Broadmoor are very popular². They show the variety of home prices, from the most expensive at $1,250,000 to more affordable options. Lafayette's real estate scene offers helpful information for those interested in buying or investing here.

For more detailed information, take a look at the full report ¹. It covers all the important statistics and trends in the market.

Key Takeaways

Lafayette housing market median home value in April 2023 was $274.9K¹.
The median price for homes listed was $279,900 in June 2024².
Average days on market for a home was 45 days¹.
Popular neighborhoods include River Ranch, downtown Lafayette, and Broadmoor².
Demand remains high due to Lafayette’s strong economy and cultural offerings¹.

Current Real Estate Market in Lafayette

The Lafayette real estate scene is currently a mixed bag for buyers and sellers. It offers some great opportunities but also poses some challenges. Factors like market hotness, inventory levels, and median listing prices all play a part. Knowing these aspects can help people make smarter choices.

Market Hotness

The Lafayette market is somewhat competitive, with a score of 11.1. This score comes from things like demand from buyers and how long homes stay for sale. It shows that the market's condition can change a lot.

Inventory Levels

In Lafayette, there are now 882 homes up for sale. This is a 35.28% jump from last year. It means there are more homes to choose from. In places like Carencro, LA, the homes for sale went up by 5.9% between May and June 2024³. Homes there stay on the market for about 30 days³.

This rise in available homes points to good chances for investors to find something they like.

Median Listing Price

As for prices, the average house in Lafayette costs about $300,000 now. This is a slight rise from last month but down 6.98% from last year. Meanwhile, Carencro's homes have an average price of $221,435 as of June 2024³. There, prices vary a lot, from $210K to $3M. On average, houses sell for about $180 per square foot⁴. Recently sold homes went for $150 per square foot on average⁴.

To get more info on property values and trends, check out The Robert J Fischer Team. They offer details on different housing options and the current state of the market.

Home Prices in Lafayette, LA

Learning about home prices in Lafayette, LA, offers useful insights. We'll look at the median sale price and price per square foot. This gives a full picture of property values.

Median Sale Price

The median sale price in Lafayette is expected to hit $215,000 by May 31, 2024. This shows a healthy market for buyers and sellers. Keeping up with Lafayette's property values is vital for buyers and investors. For a detailed look, check the full report here ².

Price Per Square Foot

Right now, the cost per square foot in Lafayette is $165. There's a slight monthly drop of 0.54% and a yearly fall of 6.45%⁵. This info is key for assessing investments and market trends.

It helps buyers figure out what they're getting for their money. It also shows if the market is good for long-term investments.

Staying updated on average home prices and property values in Lafayette is crucial. By knowing these numbers, people can make smarter real estate choices. It helps in understanding the Lafayette housing market's complexity.

Lafayette Housing Market Forecast

To predict Lafayette’s housing market next year, we look at many aspects. Real estate prices and how many homes are available matter. Understanding these points helps figure out where the market might go.

1-Year Market Forecast

Lafayette’s housing market forecast shows a median sale to list ratio of 0.981 by May 31, 2024⁵. This means most homes sell very close to their listed price. The market is expected to grow slowly, showing it’s strong and in demand.

Factors Impacting Forecast

Many things shape Lafayette’s housing market. Inventory trends are key. By June 2024, active listings are up by 35.28% from last year, and new listings increased by 9.55%⁵. More homes on the market meet the growing demand.

The economy also plays a big role. Stable jobs and economic conditions boost people's ability to buy homes. In January 2025, the starting prices in Lafayette were at 175175. They could reach 184710 by September 2025⁶.

Changes in who lives in the area are important too. People want good schools for their kids, which makes certain areas more popular. Lafayette's weather, near the Gulf of Mexico, also influences where people choose to live housing market trends Lafayette ⁵.

Understanding these details helps buyers and investors make smart choices in Lafayette’s housing market. It's about knowing what affects market trends.

Inventory Analysis in Lafayette, LA

Lafayette's real estate scene is changing. We're diving into active, new, and pending listings for a full market view.

Active Listings

By June 30, 2024, Lafayette could have 572 active listings. This shows a strong market ⁷. It means more choices for buyers and a competitive scene for realtors.

New Listings

We expect 155 new properties in Lafayette by the end of June 2024⁷. This highlights a market that's always offering something new. Buyers and investors will find fresh picks, keeping the market lively.

Pending Listings

There are 392 homes waiting for sales to close, a tiny dip from before⁷. This minor decrease might show buyers are being careful. Yet, lots of deals are still happening, showing active interest.

This deep dive into Lafayette's listings shows a vibrant market. It's packed with action for buyers, sellers, and investors. For deeper insights, check the forecast⁷.

Sales Trends and Statistics in Lafayette

Lafayette's property sales are booming, with high sales values and numerous deals. In April 2024, sales hit about $97,542,932, showing the market's strength⁸. This big number comes from more sales, reaching 272 in that month. That's a jump of 40.93% from the year before⁸.

Total Sales Values

Lafayette's real estate numbers for April 2024 are impressive. They show the property market is lucrative⁸. The rise in total sales values tells us demand and property prices are up. This boosts investor confidence.

Number of Sales

April 2024 saw 272 real estate deals in Lafayette, marking a 40.93% increase from last year⁸. This points to a bustling market and rising buyer interest.

Days on Market

Properties in Lafayette don't stay up for sale long. By June 30, 2024, they're on the market for only 18 days on average⁸. Quick sales show strong demand and market competitiveness.

Neighborhood Insights and Comparisons in Lafayette

It's key to know the dynamics of Lafayette's popular neighborhoods if you want to understand its housing market. By doing this, you don't just enjoy the local charm. You also see clearly where the best investment chances are by comparing property prices.

Hot Neighborhoods

Lafayette has a few neighborhoods that everyone loves because they're in great spots, have wonderful community features, and are in high demand. Places like River Ranch, Downtown, and Freetown-Port Rico are top choices. They pull in a mix of people, from young workers to families, all wanting what these neighborhoods offer.

Market trends reveal homes here sell fast and for top dollar. That tells us how much people want to live there.

Price Comparison Across Neighborhoods

When you look at how much homes cost in different parts of Lafayette, the differences stand out. For example, River Ranch homes are pricey but offer luxury and a great spot. Meanwhile, Freetown-Port Rico is more wallet-friendly but still has a lively community vibe.

The value of homes in Lafayette can change a lot depending on the area. Some parts see prices go up quickly, while others are more about steady, long-term gains. A recent market report shows Lafayette's real estate market slightly dipped in sales compared to 2022 but is still on track with the trends from before COVID, back in 2017⁹.

Impact of Weather and Natural Disasters in Lafayette

Understanding the Lafayette climate impact on real estate is vital for homeowners and investors. Lafayette, like the rest of Louisiana, faces severe weather risks. It is the state most hit by costly natural disasters since 1980, with damage reaching about $290 billion¹⁰. This makes it essential to think about property insurance in Lafayette carefully.

Extreme Wind Factor® Risk

Lafayette is at high risk for extreme winds, with gusts possibly reaching 172 mph. This could happen in a rare windstorm in the next 30 years¹⁰. Such wind events can heavily damage properties. This shows the need for strong insurance policies to cover potential losses.

Hurricane and Tornado Risks

Lafayette has a big risk of hurricanes and tornadoes, endangering over 52,287 properties¹⁰. In 2022, the U.S. saw 18 weather disasters costing $165 billion¹⁰. That year, there were 1,331 tornadoes, with March hitting a record 293 – the most since 1950¹⁰. Knowing these risks helps us understand the weather dangers in Lafayette.

Insurance Considerations

Given Lafayette's severe weather risks, choosing the right property insurance is crucial. In 2022, Louisiana faced strong tornadoes in March and December. This highlights the need for comprehensive insurance¹⁰. In 2017, insurers paid a record $135 billion for storm damages worldwide¹¹. It's wise to seek advice from licensed professionals to get the right coverage. They can help based on your property's location and type. This way, you can protect your property from natural disaster effects¹¹.

Examining Market Seasonality in Lafayette

Seasonal trends in the Lafayette housing market are crucial for deciding the best times for buyers and sellers. The market changes a lot throughout the year. This affects how many houses are available, their prices, and how many are sold. It gives people looking to invest a strategic chance. The median home sale price in Lafayette went up 14% from last year to $359,750. This is almost the highest it has ever been¹². Homes prices generally hit their highest during specific seasons in Lafayette.

Also, the prices for homes just put on the market were 12% higher than last year¹². This shows how the time of year can really change home prices.

In the busiest seasons, lots of people want to buy homes in Lafayette. This can lead to lots of offers on homes. Some homes even sell for more than their asking price for 39 weeks in a row¹². About 31% of homes get an offer within a week of being put up for sale. This shows how much the season can drive demand¹².

But during the slower seasons, fewer people are looking to buy. This slows down how fast homes are sold. It changes how the market works overall.

Pending home sales in Lafayette went up by 4% from last year. This matches up with how the market goes up and down with the seasons¹². This data shows how important timing is in real estate. Homes in Lafayette now sell in about 26 days. That's much faster than the 48 days it took in 2019. It's another way the season affects how quickly homes are sold¹².

The number of homes for sale dropped a lot too. It went down 25% from 2020 and 43% from 2019, hitting a record low¹². This makes it hard for buyers to find options. It can also make prices go up when a lot of people want to buy. So, knowing and using the seasonal trends in Lafayette's housing market can really help with deciding when to buy or sell.

Notable Developments and New Projects in Lafayette

In recent years, Lafayette, Louisiana, has seen a lot of new projects. These are creating more opportunities for people who want to invest or live there, including new construction Lafayette ventures. There are also exciting real estate development Lafayette chances for everyone.

Lafayette's luxury homes have designs inspired by famous architects like Frank Lloyd Wright and Richard Meier¹³. Homes built by John C. Williams, John F. Robinson, and Randy Wiggins show off great craftsmanship¹³. They mix classic and modern looks, showing the quality and innovation in Lafayette's luxury real estate¹³.

Right now, Lafayette's housing market is growing. For example, in April 2024, Louisiana had 15,307 homes for sale, up by 14.4% from last year¹⁴. New listings also went up by 8.2%, and more homes are being sold for lower prices than before¹⁴.

Lafayette's top-notch real estate includes various designs, from simple to elaborate¹³. As the city grows, it's important to work with experienced real estate agents to find the best opportunities¹³.

Lafayette is a lively city with a diverse real estate market. Homes are priced between $150,000 and $450,000, making it an affordable place to live near big cities like Baton Rouge and New Orleans¹⁴. This is drawing more people to become part of this thriving area.

Investment Opportunities in Lafayette

Lafayette, Louisiana's real estate market, is ripe with investment opportunities. Its range of properties attracts investors. Factors like appreciation rates and rents offer insight into market health. A steady appreciation rate makes Lafayette a good choice for investments⁹.

Lafayette's growing population is pulling in real estate investors⁹. With about 126,185 people in the city and almost 500,000 in the metro area, there's a big market. This growth is perfect for renters and longer-term investments, keeping away from places without growth¹⁵.

It's smart to look at property taxes before investing in Lafayette⁹. Low taxes mean better returns. It's also key to understand rent prices, which helps figure out when you'll start making back your money. Lafayette's median rent shows a strong rental market⁹.

River Ranch and Brookshire Gardens areas have fancy houses and cultural spots¹⁵. With median prices from the $500s to the $700s, they offer great real estate chances in Lafayette. These spots are wins for investors.

Having a variety of jobs in Lafayette means the economy is strong⁹. A low jobless rate keeps the rental market solid, vital for investments that last a while⁹.

Good schools and high incomes in Lafayette boost rental demand⁹. They let landlords ask for higher rents. The University of Louisiana at Lafayette keeps the rental market busy, pulling in people and ensuring solid investment returns¹⁵.

Investing in Lafayette real estate means watching out for natural disasters⁹. Choosing safer areas protects your investment and keeps insurance rates in check.

Conclusion

The real estate market summary Lafayette shows a complex picture. It has changing home prices, different levels of available homes, and important market trends. Lafayette's housing scene has changed a lot. Key indicators like the median sale price reflect trends seen nationwide. Also, the median home value in the U.S. dropped slightly after June 2021¹⁶.This was the first decline since 2012. But, Lafayette has its own special factors. For example, active listings and pending sales show how it's different from broader trends.

Looking at the Lafinance is important when you buy a house in Lafayette. It helps protect your money from problems like false signatures and unknown heirs. That shows why it's crucial to check titles carefully¹⁷. Also, experts think the number of homes for sale will go back to normal by the end of 2024. This is key information for anyone wanting to buy or invest in Lafayette¹⁶.

Furthermore, Lafayette's property market is strong and able to change. Predictions show prices might go up differently in various areas. Reviews of upcoming projects and major changes in Lafayette give a full view. This helps people make smart choices in Lafayette's shifting property scene. Whether you're new to this or have experience, this summary gives you what you need to know to do well in Lafayette's property world.

FAQ

What is the market hotness in Lafayette, LA?

Lafayette, LA, has a market hotness score of 11.1. This means it's moderately competitive for real estate. The score shows how much interest buyers have and how active the market is.

How many active listings are currently available in Lafayette?

As of June 2024, Lafayette is home to 882 active listings. That's a 35.28% increase from last year.

What is the median listing price for homes in Lafayette, LA?

The median listing price in Lafayette is $300,000 now. It went up by 1.01% from last month but dropped by 6.98% from last year.

What is the median sale price for homes in Lafayette, LA?

The forecasted median sale price in Lafayette is $215,000 by May 31, 2024. This price follows current trends and future predictions.

What is the current price per square foot for homes in Lafayette?

The price per square foot now in Lafayette is $165. It has seen a small monthly decrease of 0.54% and a yearly decrease of 6.45%.

What is the 1-year forecast for Lafayette's real estate market?

The median sale to list ratio in Lafayette is expected to be 0.981 by May 31, 2024. This considers inventory trends and pricing changes.

What are the anticipated inventory levels in Lafayette by mid-2024?

By June 2024, we expect 572 active listings. There should be about 155 new and 392 pending listings. This indicates a slight drop from previous months.

How has the number of sales and sales values changed in Lafayette?

April 2024 saw sales values hit $97,542,932 across 272 sales. There's been a significant 40.93% increase from the year before.

What is the median number of days on market for homes in Lafayette?

By June 30, 2024, homes in Lafayette typically spend 18 days on market. This suggests fast sales.

Which neighborhoods in Lafayette are considered 'hot' and how do prices compare?

Hot neighborhoods in Lafayette differ in price and demand. The overall market shows varied competitiveness and value across areas.

What environmental risks affect properties in Lafayette, LA?

Lafayette deals with serious environmental risks. These include extremely powerful winds and hurricane and tornado threats to over 52,287 properties. It's crucial to have good insurance.

How do seasonal trends influence Lafayette's real estate market?

Seasonal trends strongly affect Lafayette's real estate. These changes in inventory, prices, and sales impact the best times to buy or sell during the year.

What new developments and projects are influencing the Lafayette real estate market?

Lafayette is seeing lots of new developments and projects. These upgrades to the city's infrastructure. They also offer new investment opportunities to boost the real estate market.

What investment opportunities are available in Lafayette's real estate LN?

Lafayette has many real estate investment options. Both residential and commercial. Smart market analysis and predictions help investors find good deals.