Here's a glance at Central MS real estate statistics for last week. Inventory remains low as the sellers market continues. Sales prices ticked up from last week and homes are selling at 98-100% of list price.
Inventory (overall supply) is up slightly but we are a long way from reaching a neutral market.
What constitutes a sellers market? A sellers market is defined as a shortage of available homes, thus prices remain high and homes sell quickly. You'll see a buyers market when homes are plentiful. It's the basic law of supply and demand.
WHAT DOES IT ALL MEAN?
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 questions.
Subscribe to CommentsComment