The Housing Market in Mississippi: Prices Rise Amidst Ongoing Frenzy

The Continuing Housing Frenzy Across Mississippi Cities

Whether you’re a potential homebuyer or just a curious observer, the real estate scene in Mississippi is certainly buzzing! The coronavirus pandemic sparked a buying frenzy that still echoes in the housing market, albeit at a more measured pace. While competition remains in many areas, it’s important to look at just how things have evolved over the past year. As of September 2024, the typical home value across the United States soared to $360,999, reflecting a 2.4% increase from the previous year.

In the Magnolia State, the dynamics vary greatly from city to city. The realities of rising mortgage rates have made their mark, inducing a slight slowdown in growth and even price declines in select regions. However, for many locales in Mississippi, prices are still trending upward. Here’s a closer look at some cities where home values have experienced significant hikes over the last year.

Jackson, Mississippi

In the capital city, Jackson, the typical home value sits at $123,182, having increased by $5,048 or approximately 4.3% over the past year. Although the growth isn’t as frenetic as in some other areas, it’s clear that houses here are still highly sought after.

Hattiesburg, Mississippi

Next up is Hattiesburg, where home values have also seen a rise. Homebuyers are now looking at a typical home value of $175,438, showing a one-year increase of $5,126 (3.0%). In the longer view, Hattiesburg shows a staggering 32.4% jump over the last five years!

Starkville and Other Non-Metro Areas

Starkville follows closely with a typical home value of $178,436, up by $5,212 (3.0%) in just a year. Interestingly, several non-metro areas are also experiencing noteworthy price increases, like a staggering increase of $5,303 (6.4%) in a non-metro area, which is great news for local sellers.

Gulfport-Biloxi

Heading down to the Gulf Coast, Gulfport-Biloxi shows significant signs of growth. The typical home value there has reached $260,735, with a yearly bump of $5,355 (2.1%) and an impressive 47.2% increase over five years. The coastal charm is evidently making waves!

Tupelo and Beyond

In Tupelo, the typical home value now stands at $212,243, climbing by $5,641 (2.7%) from last September. The steady growth even reveals a 36.9% increase over five years. Not too shabby for the birthplace of Elvis!

A Broader Look at Residential Prices

In many cities across the state, homebuying fever shows no signs of cooling off completely. From Indianola, where homes appreciated by 7.9%, to Picayune, providing an increase of 6.8%, buyers and sellers alike are feeling the impact of this continuing trend.

Even as states adapt to the normalizing conditions post-pandemic, it’s clear that Mississippi housing prices are on the rise, with some areas experiencing somewhat startling increases. With limited supply pushing buyers to make quick decisions and the persistent interest in homeownership, it’s an exciting (if not challenging!) time to navigate the real estate landscape.

So whether you’re thinking of diving into the market or simply keeping an eye on how your city’s home values are shaping up, there’s a lot to keep in mind. While mortgage rates may have slowed things a bit, the housing market continues to reveal opportunities, especially for those ready to take advantage of the vibrant Mississippian charm and community.

Author: HERE Oxford