New Iberia, LA metro housing market

What this means

• Valuation. Prices are 13% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are up 2.2% over the past year (U.S.: +1.2%), but still 13% below their 2022-23 peak.
• Supply. Listings are 30% below the 2017-19 norm: still a tight market.
• Negotiating. Buyer leverage is high (80/100; U.S.: 54): homes sell for about 4.4% below their final list price; 28% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 22% of the median household income (U.S.: 35%); it takes about $42k a year to keep the payment at 30% of gross pay. That includes about $2,822 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $287/mo less than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $399 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from hurricanes. Check insurance costs before buying.
• Outlook. Leaning up: likely −6% to +9% over the next 12 months (72% chance of a rise).

Next 12 months

Leaning up

Prices are more likely to rise than fall over the next year. Likely change: −5.6% to +9.3% (80% range; middle estimate +3.3%), chance of a rise 72%, of a 5%+ drop 11%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Counties in New Iberia, LA metro