Like any other market, Lafayette’s real estate market has its ups and downs.
But 2018 was a banner year as more homes were sold last year that any other year.
Local real estate expert Bill Bacque broke down the average price range for home purchased by the middle class in the Hub City.
“50 percent of the homes are sold in the average of $150,000 to $299,000 range, he said.
Bacque also warns potential buyers to avoid comparing Lafayette real estate values to other cities like Houston.
“If you compare prices here with Houston, Lafayette is more expensive. There are no homestead exemptions in Texas,” Bacque said.
When it comes to current interest rates, this is a good time to look for a residential upgrade.
“Interest rates are still very low. The market accommodates a number loans available for a broad range of the populous,” said RJ Fonseca, with Standard Title.
Experts said a hot time for home purchases is right around the corner. And that’s for two reasons.
“Tax season means more cash on hand, and when summertime picks up and school is done,” said Ethan Broussard, with Keaty Real Estate.
While 2018 was a record year for home sales in Lafayette Parish, there was a 3 percent decrease in new construction sales. However, that was a 3 percent increase in volume. There was also a 3 percent increase in the average price of new construction homes sold in Lafayette.