Weekly Lafayette Real Estate Market Update: A Closer Look at July Trends

Listing Trends

Over the past month, the number of new listings has remained relatively steady. We’ve seen weekly numbers of 52, 53, 39, and 51. The drop to 39 was likely due to the Fourth of July holiday, which often sees a dip in activity. Overall, listings are holding steady at around 52 per week, indicating a consistent flow of new properties coming onto the market.

Homes Sold

The number of homes sold each week has also shown some variation but has generally stayed within a certain range. Last week, we saw 35 homes sold, with previous weeks recording 48, 36, and 39. There was a noticeable spike at 48, but the average tends to hover around the mid to high 30s. This suggests a stable market with a steady demand for homes.

Under Contract

Houses going under contract—where buyers have committed to purchase—also tell an interesting story. The most recent data shows 21 homes under contract, following numbers of 29, 21, and a peak of 36 at the start of July. The high of 36 reflects the end-of-June rush, possibly driven by buyers and investors looking to finalize deals before the month closed.

Total Active Listings

One of the most notable figures is the total number of active listings, which spiked to 181 this past week. This is possibly the highest count we’ve seen this year, or at least close to it. Last week, we had 162 active listings, with previous counts of 145 and 167. The rise to 181 is a positive sign, indicating more options for buyers. However, it’s important to note that a balanced market in Tippecanoe County would have around 300 homes for sale. Despite the increase, we’re still in a seller’s market, with demand outstripping supply.

What Does This Mean for You?

For Sellers: It’s still a strong seller’s market. With fewer homes available than needed, sellers can expect to receive competitive offers. While you can’t set any price and expect it to sell, you can anticipate getting a fair market value for your property. It’s crucial, though, to price your home accurately to avoid it lingering on the market.

For Buyers: The market remains competitive, especially for first-time homebuyers or those looking at the lower end of the market. Limited inventory means that homes often receive multiple offers, making it challenging to secure a property. Persistence is key—don’t be discouraged if you have to bid on several homes before finding success. At the higher end of the market (homes over $500,000), there’s a slight cooling trend, with properties staying on the market longer. This segment has seen substantial price increases, leading buyers to carefully consider their options.

Looking Ahead

As we move into August, we might see a slight uptick in listings, but with school starting soon, the market could cool down a bit. The current peak at 181 active listings is promising, especially compared to the lows of 80 or 90 during winter months. While we’re still far from the balanced market figure of 300, the upward trend is encouraging.