Metropolitan Statistical Area (MSA):
Opelousas, LA is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the housing market in the Opelousas, LA metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching an all-time high in 2006, home prices in the MSA plummeted during the housing market crash of 2008-2009. However, since bottoming out in 2009, home prices have been steadily rising, and are now back above their pre-crash levels.
One of the main drivers of this rebound in home prices has been the strong job market in the MSA. The unemployment rate in Opelousas peaked at 11.4% in 2010 but has fallen sharply since then and was down to 4.0% as of November 2018 – well below both the national average of 3.7% and the state average of 4.6%. This tight labor market has led to wage growth for workers in Opelousas, which has helped to support higher home prices.
Another factor that has contributed to rising home prices is low interest rates. Mortgage rates are currently near historic lows, making it much cheaper for buyers to finance a purchase than it was just a few years ago. This combination of strong job growth and low mortgage rates is expected to continue driving up home prices across the MSA in 2019 and beyond.