Mississippi Housing Market Analysis - August 2024

The Mississippi housing market in August 2024 presents a complex landscape with several key indicators showing varied trends. The Median Sales Price for homes in the state stands at $256,600, reflecting a slight decline of 1.9% year-over-year (YoY). Similarly, the Median List Price is $255,700, down by 1.4% YoY. Despite these decreases, the median Price Per Square Foot has risen by 2.1% to $140, indicating a nuanced shift in the market dynamics.

In terms of sales activity, the number of Homes Sold has decreased by 8.0% YoY, totaling 1,797 units. Pending Sales have also seen a significant drop of 13.6% YoY, with 1,968 transactions currently in the pipeline. New Listings have fallen by 5.6% YoY, amounting to 2,376 new properties entering the market. However, inventory levels have increased by 13.5% YoY, reaching 6,378 homes, which has contributed to a substantial 60.0% YoY rise in the Months of Supply, now at 3.5 months.

The Median Days on Market for homes in Mississippi is 46 days, up by 13.0% YoY, suggesting that properties are taking longer to sell. The average sale to list ratio remains relatively stable at 95.9%, with a marginal increase of 0.2% YoY. The percentage of Homes Sold above list price has decreased by 2.9% YoY, now at 10.2%. Additionally, the rate of Price Drops has risen by 4.7% YoY, with 28.9% of listings experiencing reductions. The percentage of homes going off-market within two weeks has declined by 8.4% YoY, currently at 25.9%.

Overall, the Mississippi housing market in August 2024 exhibits a blend of declining sales prices and increased inventory, coupled with longer selling times and a higher incidence of Price Drops. These factors suggest a cooling market, potentially offering opportunities for buyers while posing challenges for sellers.