When you choose to invest in real estate to develop an additional income stream by renting or selling properties, you don’t want to risk making the wrong move. Do your research before buying an investment property. Even though some experts deem Mississippi a real estate investment heaven, you must learn about its markets before pulling the trigger.
Don’t know which housing markets are your best bet? Here are the top five markets you should consider when investing in real estate in The Magnolia State.
Jackson is one of the most sought-after housing markets by Mississippi real estate investors. The biggest advantage of this market is its versatility. Investors can pick and choose between residential and commercial investments.
The median listing for homes in the Jackson Metro area is $209,900 while the median home value is $145,000. Last year, this housing market experienced a home value appreciation rate of 10.4%. Experts forecast a rise in home value of 3.9% in 2019.
When it comes to rents, the median rent price is $1,250 a bit over the state median of $1,200 making Jackson properties a great way to develop steady cash flow. If you’re considering selling your investment properties, you should keep in mind that Jackson Metro properties stay in the market 115 days on average. The Jackson market leans more toward the seller’s side, so it may be a great option for investors looking to make a quick sale.
2. New Albany
New Albany is a Mississippi housing market that has been appreciating in value consistently. In 2018, it experienced a rise in home value of 10.4%. A 3.6% home value appreciation rate is forecasted within the next year.
The median home value of properties in this market is $170,700, while the median listing price is $202,418. The median rent price in this market is $921, which is below the state median. This market may be your best option if you’re looking for investments to sell instead of keeping them in your real estate portfolio.
Last year, the Gulfport housing market experienced a 15.2% rise in value, while a home value appreciation of 5.5% is forecasted within the next year. The impressive home value appreciation rates make it an ideal housing market for any Mississippi real estate investor.
The median home value in Gulfport is $132,700 while the median listing price is $172,000. Gulfport houses stay in the market around 102 days.
The median rent list price is $995, which is higher than the New Albany median but below the Jackson Metro median rate. This market leans toward the seller’s side making it a great market for investors looking to sell their properties for the best price.
While the Saltillo market isn’t as big as the Jackson Metro area, its proximity to Tupelo attracts home buyers looking for small town living with access to a large metro area. Saltillo home values appreciated 4.4% last year while experts forecast a 2.3% rise in value within the next year.
The median home value for Saltillo homes is $167,000 while the median listing price is $204,825. The median rent price is $1,200, which matches the state median. While Saltillo’s median home value isn’t as impressive as other Mississippi markets, its location makes it a great investment.
The Hattiesburg market is one of the least expensive on our list. The median home value in this market is $149,600, while the median listing price is $199,000. Last year, the Hattiesburg housing market experienced a 2.9% rise in value and it’s expected to rise 2.1% within the next year.
The median rent price in this market is $1,065 below the state median. While the rent median isn’t as attractive as other Mississippi markets, it can give you more value for the money since Hattiesburg properties are less expensive than other markets. This housing market is leaning toward the buyer’s side which makes it ideal to make real estate investments to develop steady cash flow by renting instead of selling your investment property.
If you’re an investor looking to break into the Mississippi market or scale your investment portfolio, you should consider consulting with an expert local real estate agent. A local realtor such as one of our Clever Partner Agents can provide insight into the best housing markets in The Magnolia State for your investment purpose. A Partner Agent can boost your portfolio value by helping you buy the right properties in the best Mississippi real estate investment markets.