Lafayette, Indiana is an attractive place to live because of its diverse community and top-notch quality of life. The neighborhood offers good schools, amazing amenities, a lot of nature, and more.
This is why many investors are interested in learning about the city. These real estate trends can help you get started.
Competitive Market
One of the real estate trends dominating the Lafayette market is the competitiveness. It's currently a seller's market, so there are more buyers than homes for sale.
A home seller benefits in this type of market. Homes sell faster at higher prices. In February 2024, homes stayed on the market for an average of four days only. In January 2024, the average sell time was two days.
This indicates a very competitive market. Most cities can't compare to this average sale time.
As a whole, the average home sells in 16 days for about 2% below the listing price. The hottest homes sell for more in less time.
Buyers should act quickly if they are looking for a home in the Lafayette real estate market.
High Home Prices
The seller's market means higher home prices. Compared to last year, the median home price is up by 10%.
As of February 2024, the average median home price is $242,000 or $161 per square foot. This is a $17,000 increase from January.
Two-bedroom, four-bedroom, and five or more-bedroom homes have all seen price increases recently. Only three-bedroom home prices have decreased in the last month by a little more than 8%.
You can purchase a home to rent out. Conduct a rental analysis to understand your potential ROI.
Nearby cities like Wea Township and Fairfield Township are more expensive and lead to higher prices. If you prefer a more luxurious real estate property, consider these areas.
Hot Rental Market
If you are interested in purchasing rental real estate in Lafayette, you can make a good amount of rental income. Plus, property managers can help you run your business.
In popular neighborhoods like Downtown Lafayette, Lafayette Downtown Historic District, and Lincoln, rent prices can be set higher. These are the average monthly rent payments for one-bedroom apartments in these areas:
- Downtown Lafayette: $1,719
- Lafayette Downtown Historic District: $992
- Lincoln: $799
In 2024, the average rent in Lafayette, Indiana as a whole is between $984 and $1,394. Compared to the national average, the average rent is lower, attracting more quality tenants.
Most residents rent their homes, leaving a lot of opportunities for a real estate investor.
Real Estate Trends in Lafayette, IN to Know
Lafayette, Indiana, is a great place to live and invest. These real estate trends will get you excited about the potential income to be made.
PMI Lafayette is here to help you every step of the way. With more than 20 years of experience, we know how to start an investment and maintain it.
Our certified investment partners have the knowledge and connections to streamline the process. We are known for helping seasoned investors and newbies in the local area.
Have a property in mind? Get a free rental analysis now to see how much you can make.
