Most of you know we are in a strong sellers market. You hear it on the news and from your friends, but what does it mean if you are a homebuyer or seller in the Central MS marketplace?
Let's talk numbers.
The statistics are provided by Central MS Realtors on a weekly basis. We will discuss the sales, active listings, etc., for June 18-24, 2021.
In this graphic, Hinds County (Jackson, Byram, Terry, Clinton) had 47 closed sales with a median sales price of $215,000. Madison County (Madison, Ridgeland, Canton, etc) had 39 closings with a median sales price of $285,000. Rankin County, which includes Pearl, Brandon, Flowood, Florence, and others, came in strong with 57 closed sales and a median sales price of $217,500.
Now look at the list to sales price ratios. Hinds County homes sold at a 99.6% list to closed ratio. That means for a list price of $200,00, the property sold for $199,200. Madison homes sold at 98.27%, and Rankin County homes sold at 100% of the list price. Inventory is extremely low in all three counties.
This is the difference in a buyers vs sellers market. In a buyers market, there is a lot of inventory, few buyers, longer time on the market, and you'll see price reductions. In a sellers market, the inventory is very low, homes sell quickly, usually with multiple offers, at list price or above.
This is great news if you are a seller. It means more buyers are competing for your home, which can drive the price up through multiple offers and a shorter time on the market.
If you are a buyer, interest rates are phenominally low, but you'll need a savvy agent to help you navigate the market and structure a competitive offer so you can "win" the house.
Do you have questions about the real estate market in Central MS? Feel free to contact me. I'm happy to answer your real estate questions.