Rising House Prices and Declining Inventories Still Define Mid-Mississippi | MS Business Journal






Now is the perfect time for homeowners in central Mississippi to sell their homes.

Single family homes are selling more and more. And there are fewer and fewer on the market, which drives up the price.

But the bad news is, if you’re planning to buy in this 10-county region, you might be faced with the same factors that prompted you to sell.

This trend has been progressing for about ten years, just like at the national level.

Central Mississippi’s inventory in March fell 62.5% to 811 homes from 2,148 a year earlier, according to the Central Mississippi Multiple Listing Service.

Nationally, inventory was down 52% from the same month in 2020, Realtor.com reported.

The median selling price in the 10-county area rose 10.8% to $ 215,000, while the national figure rose 15.6% to $ 370,000, according to both reporting groups.

Homes in the center of the region’s three counties – Hinds, Madison and Rankin – are slightly higher than the region total at $ 220,817, up 11.4% from March 2020.

Inventory continues to decline – 1.3 months in total and 1.2 months in the big three.

The number of homes has fallen 62.5% and 62.2%, respectively, in the past year, according to CMMLS.

The total number of sellable homes in March for the 10-county area fell to 811 a year earlier and 701 in the main counties, from 2,148 and 1,870, respectively, twelve months earlier.

Realtor.com said in a recent report: “Whether prices continue to rise will depend on two opposing forces: existing owners, wealthy in equity, able to provide larger down payments than [in] years past, and first-time homebuyers feel affordable again [optimism] as listing prices and mortgage rates continue to rise in unison. “

Mississippi is not alone in the region. In the key inventory measure, the major southern metropolitan areas fell 59.6% in March, according to Realtor.com


Source link

About Robert Valdivia

Robert Valdivia

Check Also

Housing rules ‘make interest rate hikes scarier’

New rules for the real estate market mean that interest rate increases will now have …

Leave a Reply

Your email address will not be published. Required fields are marked *