We all know it is a strong sellers market. Rates are great, homes are selling like hotcakes, and buyers are throwing money at sellers hand over fist.
Inventory nationwide is low, and that is true in Central MS as well. I reviewed our local Multiple Listing Service (MLS) this morning and was inspired to share this data.
Let's talk statistics.
Rankin County, MS includes the cities of Brandon, Flowood, Pearl, Richland, Florence, Pelahatchie and Puckett. 158 homes are currently available for sale and priced between $98,000 to $4 million. The median price for sale is $388,000. The number of homes priced below $500,000 is 120. Homes priced between $500k to $700k is 32. Homes priced under $250,000? 29 properties for the entire county. 312 properties are "pending closing", while 496 homes have closed in the First Quarter of 2022.
Rankin County, MS Closed Sales, First Quarter 2022
As of this morning, Madison County MS, which includes Ridgeland, Madison, Canton and Flora, had 139 listings, ranging in price from $65,000 (a true fixer-upper) to $2.9 million dollars. 67 of these homes are priced below $500,000; 21 properties are between $500K - $700K; the rest are over $700,000. 200 homes are "pending closing" in Madison today, while 340 properties have closed year to date (First Quarter).
Madison County, MS Closed Sales, First Quarter 2022
Homes are closing on AVERAGE at 100%, but that doesn't mean you can offer full list price and win the home. Many homes are closing well over list price, as you can see in the charts above.
When you compare the available homes currently for sale with the number of pending sales and closed sales, you'll see that there is virtually no inventory, an extreme shortage of homes for sale, and homes selling in multiple offer situations.
If you are buying or selling ANYWHERE, you must have a strategy. There are ways to position your home for sale to maximize your profits, and there are ways to make your offer to purchase attractive to stand out against all others. In this strong sellers market, with high demand and low inventory, you need a qualified, experienced Realtor more than ever. Do not attempt to go it alone. You need a Realtor's guidance and advice now more than ever, whether buying OR selling.