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Should I Sell my home in Lafayette? | July 2022 Lafayette Market Update

Should I Sell my home in Lafayette? | July 2022 Lafayette Market Update

On this month’s real estate market update, we’re bringing you nothing but facts. We’re going to share the 8 highlights about the housing market that are affecting your home’s value.

  1. Lafayette parish reported 359 homes sold last month. This is up 1.4% from the previous month and down 20.8% compared to July of 2021.
  2. The total sales volume last month was 108.1 million dollars and that’s up 0.4% over the prior month and down 11.3% year over year.
  3. 365 homes came onto the market in July and that is down 24.1% from the previous month.
  4. There were 317 homes that went pending in July. This is down 15.1% from the previous month but that represented 87% of all the new listings in July.
  5. The average amount of time a house stayed on the market in Lafayette parish was just 31 days. That’s the same from the previous month.
  6. The average sales price in July was $301,234. This is up 13.4% compared to July of last year.
  7. And the MLS reported 22% of the homes sold in July sold above list price and that is down 6% compared to July of last year. This is double the average over the last decade.
  8. So why are buyers paying over list price when interest rates are rising and sales are slowing? It’s still a Seller’s Market! And we will most likely continue to see sales above list price at least until supply outpaces demand.

We pride ourselves on being expert advisors so if you’re thinking about moving up, moving down, moving away, or you just have a real estate question, let us help you put a real estate game plan together.

If you want to stay ahead of the competition in this ever-changing market, stay tuned for more videos. Thank you for trusting us as your source for accurate, local real estate information.

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