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Lafayette LA Real Estate Market Update: May 2024 Insights

Lafayette homeowners, it’s J. Ray, your favorite local realtor, bringing you the latest real estate update for April 2024. Over the past month, many of my clients have asked me, “What’s going on with the market? Is the value of my house going up or down?”

Understanding Home Value Trends

While it’s challenging to determine month-over-month changes in your home’s value, we can compare the same time period last year to this year to see how home values have been affected. The year-to-date (YTD) average home value has increased by 0.6%, which translates to about $2,000. This indicates a steady, albeit slower, increase in home appreciation compared to the more significant growth we saw from 2021 to 2022.

Market Inventory and Buyer Competition

Here’s an interesting fact: in any given year leading up to 2020, there were an average of 1,448 homes for sale. Today, there are only about 1,048 homes available. This significant drop means there is a lot of competition among homebuyers. If you own a home and are thinking now might be the right time to move, you’ve got a strong value and a great buyer pool.

Advice for Homebuyers

So what does this mean if you are thinking of buying a home? It means you need a great strategy to compete with possible multiple offers and understand the ins and outs of a competitive market. Navigating this environment requires careful planning and expert guidance.

Contact J. Ray for Expert Real Estate Advice

Whether you’re looking to sell or buy, having a trusted advisor by your side can make all the difference. If any of this resonates with you, don’t hesitate to give me a call at 337-230-0664. I’d be happy to help you make the right decision and guide you through this dynamic market.

I’m J. Ray with Keaty Real Estate, and this was your April 2024 real estate update. Stay tuned for more insights and updates on Lafayette’s housing market.

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