Hey Lafayette homeowners, it’s J. Ray, your favorite real estate agent, bringing you the latest update on the Lafayette real estate market for October 2024. Whether you’re buying or selling, the numbers are shifting, and I’m here to break down what they mean for you.
Homes Sold and Market Trends
In September 2024, we saw 255 homes sold, marking a slight 3.5% decrease from September 2023. This dip in sales volume isn’t alarming, but it does suggest that the market is cooling compared to the high levels we’ve experienced over the past few years.
What’s important to note is that homes are sitting on the market longer than last year. The average days on the market have increased to 60 days, which is 27.7% longer than September 2023. This means that buyers have a bit more time to weigh their options, and sellers should focus on effective pricing and presentation to ensure quicker sales.
Home Prices: On the Rise
Despite fewer homes being sold, the average sale price for September 2024 was $282,033, which represents a 5.3% increase from September 2023. More impressively, this is a 31.6% increase from the pre-pandemic market in September 2019. Home values in Lafayette continue to grow, making it a great time for homeowners looking to sell to capitalize on increased equity.
Inventory and Active Listings
The current inventory stands at 1,183 active listings, reflecting a 24% increase from September 2023. More inventory means more options for buyers, which can help drive competition between sellers. However, it’s worth noting that today’s inventory is still 25.4% lower than what we saw in September 2019, meaning we’re still operating in a relatively tight market.
What This Means for Buyers
For buyers, this could be the window of opportunity you’ve been waiting for. With more homes available and interest rates trending lower, the market is offering you the chance to secure a great deal before prices climb any further. But don’t wait too long—inventory is still below historical norms, and competition remains strong.
What This Means for Sellers
If you’re thinking of selling, now is still a great time. However, with homes staying on the market longer and inventory levels rising, it’s crucial to price your home correctly and have a strong marketing strategy in place. A competitive listing price, combined with professional marketing, can help your home stand out in a market with more listings.
Ready to Make a Move?
Whether you’re a buyer or a seller, the Lafayette market offers opportunities, but you need the right strategy to navigate it successfully. If you’re ready to buy or sell a home, or if you have any questions about the market, give me a call at 337-230-0664. Let’s make your real estate goals a reality!
Until next month, I’m J. Ray, your favorite real estate agent, here to guide you through Lafayette’s dynamic market.