The Mississippi housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has seen a modest increase of 0.7% year-over-year, reaching $252,700. This indicates a slight upward pressure on home prices, albeit at a slower pace compared to previous years.

In contrast, the Median List Price has risen by 1.7% year-over-year, now standing at $273,400. This suggests that sellers are optimistic about the market, setting higher asking prices despite the relatively modest increase in sales prices.

One notable trend is the significant rise in the median Price Per Square Foot, which has increased by 7.0% year-over-year to $144. This indicates a strong demand for space, as buyers are willing to pay more per square foot. Similarly, the Median List Price per square foot has increased by 6.4% to $152, reflecting sellers' confidence in the market's ability to absorb higher prices.

However, the number of Homes Sold has decreased by 8.6% year-over-year, with only 1,293 Homes Sold in February 2025. This decline in sales volume suggests a cooling in buyer activity, possibly due to affordability concerns or economic factors. Pending Sales have also dropped by 10.9%, indicating a potential slowdown in future transactions.

New Listings have decreased by 10.5% year-over-year, with 1,993 new properties entering the market. This reduction in New Listings could contribute to the limited inventory, which has increased by 9.8% to 6,195 homes. The rise in inventory, coupled with a significant 80.0% increase in Months of Supply to 4.8 months, suggests a shift towards a more balanced market, where supply is catching up with demand.

The Median Days on Market have increased by 12.0% to 66 days, indicating that homes are taking longer to sell. This could be a result of the increased inventory and slower buyer activity. The average sale to list ratio has improved slightly by 0.4% to 97.3%, suggesting that sellers are achieving closer to their asking prices.

The percentage of Homes Sold above list price has decreased marginally by 0.1% to 9.2%, while the rate of Price Drops has seen a slight decline of 0.3% to 23.4%. These metrics indicate a market where buyers have more negotiating power, leading to fewer bidding wars and more price adjustments.

Lastly, the percentage of homes going off the market in two weeks has decreased by 2.6% to 25.8%, further highlighting the slower pace of transactions in the current market environment.

Overall, the Mississippi housing market in February 2025 is characterized by rising prices per square foot and increased inventory, alongside a decline in sales and New Listings. These trends suggest a market in transition, with potential opportunities for both buyers and sellers as they navigate the evolving landscape.