Mississippi Housing Market Overview - November 2024
The Mississippi housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $259,800, reflecting a modest year-over-year increase of 0.4%. This slight rise indicates a relatively stable market in terms of pricing, despite broader economic fluctuations.
In contrast, the Median List Price has seen a more pronounced increase of 1.3% year-over-year, reaching $267,900. This suggests that sellers are optimistic about the market's potential, possibly anticipating higher demand or improved economic conditions. The median Price Per Square Foot has surged by 9.7% to $141, indicating a significant appreciation in property value on a per-square-foot basis, which could be attributed to limited supply or increased demand for quality housing.
Sales activity shows a mixed picture. The number of Homes Sold has increased by 1.8% year-over-year, totaling 1,440 units. However, Pending Sales have decreased by 1.4%, suggesting a potential slowdown in future transactions. New Listings have dropped by 8.8%, indicating a tightening supply, while inventory has risen by 3.9% to 6,347 units, providing more options for buyers but also reflecting a slower market absorption rate.
The Months of Supply, a critical indicator of market balance, has increased by 10.0% to 4.4 months. This rise suggests a shift towards a more balanced market, moving away from the seller's market conditions that have prevailed in recent years. The Median Days on Market have also increased by 5.0% to 44 days, indicating that homes are taking slightly longer to sell.
In terms of pricing dynamics, the average sale to list ratio has improved by 1.2% to 97.0%, suggesting that sellers are achieving closer to their asking prices. However, the percentage of Homes Sold above list price has decreased by 3.2% to 8.5%, indicating a reduction in competitive bidding scenarios. Price Drops have increased by 2.4% to 22.4%, reflecting some adjustments in seller expectations.
The percentage of homes going off the market within two weeks has decreased by 1.8% to 22.6%, suggesting a slight cooling in the urgency of transactions. This could be indicative of buyers taking more time to make decisions or a broader market adjustment.
Overall, the Mississippi housing market in November 2024 exhibits a blend of stability and adjustment. While prices per square foot have seen significant growth, other indicators such as Pending Sales and New Listings suggest a cautious outlook. The increase in inventory and Months of Supply points towards a more balanced market, offering opportunities for both buyers and sellers to navigate the evolving landscape.
