What you need to know about the state of Lafayette’s housing market.
Have you heard about a real estate crash in the news? While I don’t believe Lafayette’s market will crash anytime soon, it’s true that things have slowed down a little bit. Today I want to look at the latest numbers and see what they have to say about the future of our housing market.
Inventory is down year-over-year, but the number of homes sold is up slightly. However, this doesn’t mean that prices are about to freefall. The median home price increased 18.3% year-over-year, and the average price rose by 14.6%. Experts don’t expect prices to fall; however, they won’t increase at the breakneck pace they were before. Instead, prices should rise at a steady, sustainable rate.
Our crazy market may end soon, but it isn’t over just yet.
Sales of existing homes fell 2.4% in April to their lowest levels in almost two years. This is the third consecutive month sales have decreased, and it’s likely a result of increased mortgage rates and rising prices. According to Laurance Yun, the head economist at the National Association of Realtors, we’re likely heading back to pre-pandemic levels of market activity, so sales will likely decrease until we reach those levels.
Our crazy market may end soon, but it isn’t over just yet. The median home price increased to $391,200 in April. Homes are still selling quickly too. They aren’t flying off the MLS in a day or two like they were before, but our market is still very strong for sellers.
If you have questions about today’s topic or anything else related to real estate, please call or email me. I am always willing to help!