Mississippi Housing Market Analysis - July 2024
The Mississippi housing market in July 2024 presents a nuanced picture with varying trends across key metrics. The median sales price for homes in the state stands at $262,100, reflecting a slight decrease of 0.4% year-over-year (YoY). Similarly, the median list price has seen a more pronounced decline of 2.0% YoY, now at $263,900.
Despite these decreases in overall pricing, the median price per square foot has increased by 4.5% YoY, reaching $138. This suggests that while overall home prices are slightly down, the value per square foot has appreciated. The median list price per square foot has also risen significantly by 7.5% YoY, now at $147.
In terms of sales activity, the number of homes sold has increased by 4.7% YoY, totaling 1,880 units. However, pending sales have decreased by 4.9% YoY, with 2,094 units currently under contract. New listings have remained relatively stable with a minor decrease of 0.1% YoY, amounting to 2,263 new properties on the market.
Inventory levels have surged by 20.5% YoY, now at 6,437 homes. This increase in inventory has contributed to a significant rise in the months of supply, which is up by 40.0% YoY, now standing at 3.4 months. This indicates a shift towards a more balanced market, potentially favoring buyers.
The median days on market for homes in Mississippi is 38 days, an 8.0% increase YoY. This suggests that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has seen a marginal increase of 0.2% YoY, now at 96.5%, indicating that homes are selling very close to their listing prices.
However, the percentage of homes sold above list price has decreased by 4.6% YoY, now at 10.4%. This decline may be indicative of a cooling market where buyers have more negotiating power. Additionally, the percentage of price drops has increased by 7.3% YoY, now at 30.3%, further suggesting that sellers are adjusting their expectations in response to market conditions.
Lastly, the percentage of homes going off the market within two weeks has decreased by 10.6% YoY, now at 25.8%. This indicates that fewer homes are selling quickly, which could be a sign of reduced buyer urgency or increased inventory giving buyers more options to consider.
Overall, the Mississippi housing market in July 2024 shows a mix of declining prices and increased inventory, with homes taking longer to sell and fewer selling above list price. These trends suggest a shift towards a more balanced market, potentially offering more opportunities for buyers.
