Lafayette is a city in the state of Louisiana; one of the main features of the city is that it is a retail hub for other towns surrounding the city. It is home to a large mall, various manufacturing businesses, and small business companies. Another important attribute is that it is one of the main tourist areas because of it’s superb Cajun and creole cuisine, and cultural aspects that surround the area.
Regarding the Lafayette housing market; there is a significant gap between the highest echelon of housing prices, and the average housing prices on the current market. Lafayette real estate listings do show houses on the market for over 7 million dollars. However, this is for more of a mansion style house on the outskirts of Lafayette. The average Lafayette real estate market is for those who are working within the city, but choose to live outside of it or within the border.
There are more single-family houses on the market regarding these particular areas. The average Lafayette real estate listing for this area is around $150,000 to $200,000. However, because of the foreclosures, the housing median price is expected to be significantly lower. Overall, it is important to keep in mind that economic hardships have fallen on all businesses, including the real estate market, and because of this, it is harder for people to get credit to buy houses. This cycle of low housing prices, and further increase in foreclosures is causing an even higher gap regarding the real estate market.
