Lafayette homeowners! It’s J. Ray, your favorite real estate agent, bringing you the latest insights with our July 2024 real estate update. Let’s dive into the key trends and important information you need to know about the Lafayette housing market.
What’s Going On with the Market?
Over the past month, I’ve had numerous conversations with my clients all asking the same question: “Is the value of my house going up or down?” These are crucial questions, especially in a dynamic market like ours.
Year-to-Date Home Value Trends
While it can be challenging to determine month-over-month changes in your home’s value, we can gain valuable insights by comparing the same period last year to this year. The year-to-date (YTD) average home value has increased by 1%, which translates to about $3,244. This indicates a steady rise in home value, although the appreciation is slightly slower than the rapid growth we witnessed from 2020 to 2022.
Inventory Levels and Market Competition
Here’s an interesting fact: leading up to 2020, there were, on average, 1,448 homes for sale at any given time. As of today, there are only about 1,133 homes on the market. This significant drop in inventory means that there is fierce competition among homebuyers.
What This Means for Sellers
If you own a home and are contemplating moving, now might be an excellent time to list your property. With fewer homes available, you’ve got a strong home value and a large pool of potential buyers eager to make a purchase.
What This Means for Buyers
For those looking to buy a home, the current market conditions mean you need a well-thought-out strategy. To compete with possible multiple offers and navigate the intricacies of a competitive market, having a knowledgeable real estate agent is essential.
Expert Guidance Is Key
Whether you’re considering buying or selling, having an experienced realtor like myself on your side can make all the difference. If any of these scenarios resonate with you, please give me a call at 337-230-0664. I’d be happy to help you make the right decision for your real estate needs.
I’m J. Ray, your favorite real estate agent, and this was your June 2024 real estate update. Stay tuned for more insights and updates on Lafayette’s housing market.