R
eal estate expert Bill Bacque, with over 53 years of experience in the housing industry, joins Discover Lafayette to discuss local real estate trends. As a retired consultant and former employee of Van Eaton & Romero (later acquired by Latter & Blum), Bill shares his data-driven insights on how the market has evolved.
The overall trend in average sales price over the last 50 years is up, but there have been periods where prices dropped only to recover later. During the "Covid years" from 2018 to 2021, home sales surged by 43% in Lafayette Parish, driven by families seeking more space and historically low interest rates. However, this boom corrected quickly, with a 34% drop in sales from 2021 to 2024, returning to 2018 levels.
Bill notes that the average price of a home rose significantly during COVID, increasing $50,000 in four years, but has since stabilized with only a 2.6% increase from 2022 to 2025. He clarifies that this average includes both upper and lower income properties, new construction sales, and existing sales.
Affordability is a major issue affecting today's buyers, with rising home prices and higher interest rates eroding purchasing power. The average age for first-time homebuyers has increased to 38-39 years old, compared to 22 when Bill bought his first home for under $10,000 in 1973.
Homeowners insurance is now a significant wildcard, with buyers facing added costs of ownership. The design of homes is also evolving, with people seeking dedicated workspaces and more efficient use of square footage. However, affordability challenges persist, with homes under $150,000 making up only 12.3% of sales compared to 24% in 2018.
Bill highlights the importance of personal branding in real estate, as technology has reshaped the profession. He also addresses the shortage of available homes, particularly in affordable price points, and notes that many Baby Boomers are choosing to "age in place," reducing inventory.
In conclusion, Bill emphasizes that real estate is primarily about satisfying a need for a place to live, rather than just an investment. He leaves us with a reminder to revisit old assumptions and consider innovative solutions, such as 50-year mortgages, to address growing affordability challenges.
