Hey Lafayette homeowners! It’s J. Ray, your favorite real estate agent, back with your September real estate market update. Let’s dive into what’s been happening and what it means for both buyers and sellers in Lafayette Parish.
For Buyers: Great news if you’re in the market to buy a home! New listings have surged by 6.79%, providing you with more options to find your dream home. Even better, interest rates are on a downward trend, making homeownership even more affordable. If you’re considering new construction, there’s been an impressive 22.97% increase in new builds, so you’ve got plenty of choices in the latest developments.
For Sellers: The market continues to favor sellers with stable and slightly rising home values. The year-to-date average sale price in Lafayette is $290,495, reflecting a 0.87% increase from last year. Demand remains strong, as closed sales saw a 6.06% boost in August. With interest rates trending downward, buyer demand is expected to rise even more, which is fantastic news if you’re looking to sell.
However, homes are staying on the market a little longer, averaging 64 days before selling. To ensure your home attracts buyers quickly, make sure it’s priced right and presented well. With more new construction homes coming onto the market, it’s essential to stand out from the crowd.
The Bottom Line: Whether you’re a buyer or a seller, the Lafayette market is in a strong position. Buyers have more inventory, lower rates, and steady home prices, while sellers continue to benefit from increasing home values and solid buyer demand. As always, I’m here to help you navigate these opportunities and make the best decision for your real estate needs.
Stay tuned for more tips and updates, and until next month, from J. Ray, your favorite real estate agent!