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Hey there, Lafayette homeowners! It’s J. Ray, your friendly local realtor, back with your monthly real estate update. Lately, I’ve been getting a lot of questions from clients about what’s happening in the market. With interest rates and economic changes, everyone wants to know: is the value of their home going up or down? While it’s tough to gauge month-to-month, let’s take a look at how home values compare to this time last year. The year-to-date (YTD) average home value has increased by 2%, roughly $5,000. This indicates a steady rise in home appreciation, though slightly slower than in previous years.
Now, here’s the kicker: did you know that in the years leading up to 2020, there were an average of 1,407 homes for sale? Today, there are only about 1,050 homes on the market. That’s a significant drop, meaning there’s fierce competition among buyers. If you’re thinking of selling, now’s a great time – you’ve got strong value and plenty of interested buyers. But if you’re in the market to buy, be prepared for competition. You’ll need a solid strategy to navigate potential multiple offers and understand the nuances of a competitive market.
If any of this sounds like you, don’t hesitate to reach out! Give me a call at 337-230-0664, and let’s make sure you’re making the right move.
I’m J. Ray with Keaty Real Estate, bringing you the latest scoop on Lafayette’s real estate scene. Stay tuned for more updates!