Is Lafayette, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lafayette is a neutral's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Lafayette was a Seller's Market.

Key Takeaway

Lafayette is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Lafayette, TN

How much do homes in Lafayette, TN cost?

Median Sold Price

$269,911

$171/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$15,911(+6.3%)

Key Takeaway

Homes in Lafayette have sold for 6.3% more than they did a year ago.

Summary: The median home sold price in Lafayette was $269,911 in May 2024, up 6.3% from last year, and the median price per square foot was $171.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $62.5K$152.5K
+144.0%
2 $157.5K$162.5K
+3.2%
3 $269K$270K
0.4%
4 $314.9K$354.9K
+12.7%
5+ $232.5K$406K
+74.6%

Summary: Lafayette housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 144%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 74.6%.

Housing Supply in Lafayette, TN

How many homes are available in Lafayette, TN?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7797+26.0%

Summary: The Lafayette real estate market had 97 homes for sale in May 2024, a 26.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 54
-20.0%
3 6080
+33.3%
4 1112
+9.1%
5+ 11
0.0%

Summary: The Lafayette housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1114+27.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lafayette, you may be able to get a good deal. 78.6% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in Lafayette in May 2024, up by 27.3% month-over-month. Of the 14 sold homes, 79% were sold under asking, 14% were sold at asking, and 7% were sold over asking.

Days on Market for Lafayette, TN

How long does it take to sell a home in Lafayette, TN?

Average Sale Time

May 2023May 2024CHANGE
41 Days59 Days+43.6%

Summary: Homes in Lafayette had an average of 59 days on market in May 2024, up by 43.6% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lafayette are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 14 homes were sold in Lafayette; 50% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Lafayette, TN

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