Understanding and keeping up with real estate market trends in your area can mean the difference of thousands of dollars. It's pertinent for both buyers and sellers to have a grasp of their city and state's trends in order to have a favorable sale or an affordable purchase. Mississippi real estate trends can vary regionally so read on to find out more about the state's market trends in 2019.
2019 Real Estate Market Forecast for Mississippi
Recent predictions show that the housing market for 2019 will favor sellers. Inventory throughout Mississippi is in short supply meaning buyers have limited options and will most likely have to outbid other buyers in order to secure their dream home. In 2018, home prices rose by a whopping 9.5% and are expected to continue to rise throughout 2019 another 5.7%.
Since 2013, home prices in Mississippi have been increasing. Compared to the US housing market, Mississippi is two points above average for 2018 growth and is predicted to slightly exceed the average in 2019. The cost of living in Mississippi is one of the lowest in the country, so home buyers are able to extend their budget knowing that day to day costs won't break the bank.
When is the Best Time to Sell a House in Mississippi during 2019?
Depending on the region, your home can sell for well above the asking price, if you time it right. Lucky for sellers throughout Mississippi, 2019 is a great year for sellers. Mississippi isn't restricted by drastically changing seasons, harsh winters, or boom and bust job markets.
Mississippi is a combination of agrarian land, coastal towns, and medium-size cities. Mississippi's cities are on the rise and becoming increasingly popular places to raise families, however they don't foster the highly competitive, out priced markets that Boise, Denver, and Chattanooga have seen in recent years.
Still, if you're looking for the optimal time to sell your home you can bet that late spring through summer will get you the most favorable sale price. Houses are snatched up quickly in the summer and prices remain steady which will entice buyers to get out, tour, and make veritable offers on your home.
Homes saw a quick turnover during 2018's summer months June through August. The home value index evened out after July but began climbing again in the fall of 2018. It has not tapered off since, meaning that summer 2019 could be the best time in the past decade to sell your Mississippi home.
When Is the Best Time to Buy a House in Mississippi in 2019?
Purchasing a home is as dependent on the timing in your life as it is on anything else. The need or a desire for a new house must line up with your personal and professional needs in order for the purchase to be beneficial and financially feasible.
Mississippi has a steadily growing housing market with average home prices increasing incrementally, instead of fluctuating spikes and dips. As a buyer, you can count your lucky stars for this. Other buyers aren't flocking there, driving real estate prices up and inciting bidding wars just to snag up what limited real estate is still available, but people are still moving to Mississippi.
Population growth in Mississippi has remained relatively consistent — its numbers minorly ebbing and flowing each year. In recent years, Mississippi's total population has seen almost no increase because the state has taken extreme measures to cut down the number of teen pregnancy through outreach and education. At first glance, Mississippi may look like it's at a standstill growthwise but these numbers can be misleading.
While data doesn't specifically highlight the best time to buy a home in Mississippi, you'll be safe purchasing a home during the fall and winter months. Houses tend to linger longer on the market, making buyers more inclined to accept a lower offer, negotiate on renovations and repairs, and cover additional closing costs. They'll be looking to sell, close, and move before the holiday season rolls around so you have more negotiating power during October through December.
No matter if you're buying or selling a home in Mississippi, it's vital to partner with a knowledgeable, local real estate agent. This agent will have real-time information about the current city's housing market trends, marketing expertise that will cast your home in the best light and reach a variety of buyers, and will be able to direct you towards the home and neighborhood of your dreams.
Clever Partner Agents are standing by to help you buy or sell a home in Mississippi. For a flat fee, these local Partner Agents make the buying and selling process a breeze while saving you money on commissions. Call Clever today for a no-obligation consultation.