Jackson, Mississippi, has a lively real estate market that catches the eye of buyers, sellers, and investors. It showcases a mix of current property values and future trends. Homes here have a median sale price of $120,000, lower than the US average1. On average, properties stay on the market for 33 days before they're sold1.
The appreciation rate in Jackson is worth noting. Since 2013, its market value rose by 30.44%. This equals an annual increase of 2.69%, which is among the lowest in the country1. Recently, there was a growth of 1.33% in a quarter and 1.72% annually1. This suggests the market is becoming stable and offers unique opportunities.
Knowing about Jackson's real estate trends is key to making good decisions. Experts think the market might slightly improve by mid-year, with changes expected by April 20251. It's important to get advice from pros, as the market constantly changes. Also, think about the Severe Wind Factor® risk, which affects insurance and homeowners' choices.
Key Takeaways
- The median sale price of homes in Jackson is $120,000, significantly lower than the national average1.
- Homes typically sell after 33 days on the market1.
- Jackson's total appreciation rate since 2013 is 30.44%, with an annualized rate of 2.69%1.
- Home values have increased by 1.33% in the latest quarter and 1.72% in the last year1.
- Market forecasts predict modest changes by mid-year and a potential dip by April 20251.
- The Severe Wind Factor® risk is a significant consideration for homeowners in Jackson.
With this knowledge, people looking at the Jackson, MS housing market should keep up with the latest statistics. Consulting with professionals is also key to successfully navigating this changing market.
Current Housing Prices in Jackson, MS
The Jackson real estate market offers affordability with steady growth. This draws a wide range of buyers. The Jackson MS median home prices have traditionally been below the national average. This shows Jackson's cost advantage.
Median List Price
As of June 2024, homes in Jackson have a median list price of $110,000. This is down from $129,900 the year before. The 15.3% drop makes it a great time for buyers to invest1. The city's median sale price is about $120,000. This is much less than the national median, underscoring Jackson's low costs1.
Home Prices by Bedroom Count
In Jackson, home values change based on how many bedrooms they have. It's vital for buyers to know this when looking to buy. Two-bedroom homes are usually cheaper. This helps first-time buyers get into the market. In comparison, bedroom count housing prices Jackson show a market in balance1.
There's a decrease in housing prices lately. This creates a market driven by various elements. These include how long homes stay on the market and their price growth. Buyers and sellers must think about these factors in today's market1.
Trends in Jackson, MS Real Estate
Recent years have seen big changes in Jackson, MS, real estate. It's vital to know these trends for anyone looking to invest or buy there.
Market Trends Over the Past Year
In Jackson, MS, real estate has been up and down this past year. As of May 2024, 691 homes were for sale. The median list price was $130,000, a slight rise of 2.1% since January 20242. Single-family homes are most common, making up over 65% of the market3.
Yet, 17.38% of homes are empty, which impacts prices3. Also, property value appreciation dropped by 18.4% in one year, posing challenges for investors2.
Future Market Predictions
The outlook for Jackson's housing market is mixed for next year. Median sale prices might be around $117,000. The sale to list price ratio could be close to 0.9562. Moreover, home values have jumped by over 26% in the last year. This hints at strong growth potential in Jackson's real estate3.
Investors and buyers should watch these factors closely. They are key due to Jackson’s recent rate drops and economic signs. For more info, the city's real estate details can be seen at this link3.
Exploring these insights helps make wise choices in Jackson's real estate scene.
Impact of Severe Weather on Jackson’s Real Estate
In Jackson, MS, severe weather, especially high winds, hits the real estate market hard. Over 71,000 properties face the risk of severe wind damage today. Experts say this problem will only get worse in the next 30 years.
Severe Wind Factor® Risk
Jackson, MS, is at high risk from powerful windstorms. This is a big problem for people looking to buy or sell homes. The Severe Wind Factor® Jackson MS shows us how serious the risk is. Right now, the worst storms can have winds up to 113 mph. By 2054, those winds could reach 123 mph4. This means insurance and city plans need to change. We need to make buildings stronger and keep everyone safe4.
Projected Wind Likelihood Over Time
Soon, Jackson will see more intense and frequent windstorms. This means the housing industry has to change. Building stronger homes and updating rules are steps we need to take. It's also important to make sure people know how to stay safe4. To learn more about how weather and building rules are linked, read the full report here.
Due to changing windstorm patterns, we must act now to protect Jackson's real estate. The Severe Wind Factor® Jackson MS warns us of these growing risks. We need to plan and act to keep our homes and businesses safe.
Housing Supply and Availability in Jackson, MS
The number of homes for sale in Jackson, MS, has been changing a lot lately. This section talks about Jackson's available houses. It looks at the number of homes for sale and their number of bedrooms.
Number of Homes For Sale
Right now, there are 807 homes for sale in Jackson. This is a big jump from before5. It's good news for people wanting to buy in Jackson MS. Sales have even doubled compared to last year. This shows more people are interested in living here5.
Status of Listings by Bedroom Count
When we look at homes for sale by how many bedrooms they have, we see some trends. Homes with 1 to 4 bedrooms are more popular now. But, there are fewer homes with 5 or more bedrooms available. It seems like big houses aren't as popular in Jackson, MS6.
This change in Jackson's housing market is something buyers and investors should watch. The market offers many choices. Yet, people are opting for smaller houses more often. This is shaping the type of homes you can find in Jackson MS6.
Days on Market for Homes in Jackson, MS
In Jackson, MS, home listings are spending less time on the market than before. From June 2023 to June 2024, there was a 29.4% drop in how long homes stayed listed. Homes went from being on the market for 148 days to just 104 days.
This shows that the Jackson real estate market is getting quicker. This could mean more people want to buy homes there. Or that homes are being sold more efficiently.
In Jackson, properties only take about 33 days to sell from when they're first listed. This suggests a competitive environment1. Homes are even hitting pending sales status in just 20 days, showing active buyer interest1.
By May 2024, the time homes spent listed in Jackson dropped to 57 days. That's 22% less than in January 2024. It's clear that homes are selling faster now than before2.
The sale-to-list ratio in Jackson has reached 01. This means homes are selling closer to their asking prices. It's a good sign for those wanting to learn about the area's market.
The decrease in how long homes are listed in Jackson points to a lively market. It's good news for both buyers and sellers.
Jackson, MS Real Estate Market Overview
The overview of Jackson MS real estate talks about the housing market trends. A home in Jackson costs about $120,000 on average. This is much cheaper than many other places, making it great for first-time buyers or those scaling down1. Homes in Jackson sell fairly quickly too, usually in 33 days1. This speed shows the market is a bit competitive despite slower growth in home values.
Home values in Jackson went up by 1.33% recently1. Yet, this is less than the national increase and the rise seen across the state1. But over years, since 2013, Jackson's homes have increased in value by 30.44%. That's an annual increase rate of 2.69%, making it a top city for low appreciation rates1. Also, the median sale price of $71,333 shows how budget-friendly Jackson is1.
In a wider look at the Jackson housing market snapshot, the area’s home values rose 26.2% last year3. And they've gone up 50% in the past five years3. Currently, homes are listed at about $139,000 with an area price of $90 per square foot3. Also, Jackson's MSA shows a 37.1% boost in home prices over five years and a 1.0% monthly increase3. Living in Jackson costs 4% less than the national average, which is attractive for business, jobs, education, and retirement3.
Zillow thinks home values might slightly grow by 0.5% soon, then by 0.3%, but might dip by 2.2% by April 20251. Still, the market looks stable, good for buying or selling. The median sale-to-list ratio of 0.951 and homes going pending in 20 days show a balanced growth1. The Jackson MSA's GDP is growing too, now over $24 billion with a 2.4% growth in the last decade3.
Jackson’s culture and amenities keep attracting people. Suburbs like Rankin and Madison even see more than 5% price jumps3. It shows buying a home here is still appealing, as noted on this website.
Nearby Housing Markets to Jackson, MS
When studying Jackson's real estate, it's useful to look at nearby cities like Pearl, Flowood, and Richland. This comparison helps us understand the area's housing trends and how they fit into Mississippi's wider market.
Comparison with Pearl
In comparing Jackson and Pearl, we see clear differences. Pearl's real estate is on the rise, with median sale prices increasing by 6.5% annually. Meanwhile, Jackson's home values have fallen by 18.4% over the past year1. This makes Pearl attractive to those looking for investment prospects not found in Jackson.
Comparison with Flowood
Looking at Jackson versus Flowood, Flowood shows a 4.9% rise in home prices. This is evident when comparing home prices, which range from $5,000 to $579,000 in Jackson7. Flowood might appeal to buyers wanting steady growth, unlike Jackson's fluctuating market.
Comparison with Richland
In the Richland versus Jackson comparison, Richland shows a modest 1.2% growth. In comparison, Jackson's property values have slightly risen by 1.33% recently1. Richland could provide more reliable returns for those looking at regional investments.
For a deeper look into Jackson's real estate, including properties from $5,000 to $579,000, check out Realtor.com for more information7.
Investment Opportunities in Jackson, MS
Investors looking into Jackson, MS, real estate will find many valuable opportunities. There are high-return areas and places with solid value growth, thanks to housing trends and strong job markets.
High-Return Neighborhoods
Real estate sales in Jackson have gone up by 3.4% over the last year8. Rent for three-bedroom homes has also increased, hitting $1,1008. Further, forecasts predict a 5% rise in transactions and a 3.5% increase in prices6. This points to high-return possibilities in places like Ridgeland and Flowood.
- Ridgeland: Median home price is $193,000 with a median rent of $9626.
- Flowood: Median home price is $217,400 with a median rent of $1,0326.
- Madison: Median home price is $251,500 with a median rent of $1,1126.
- Pearl: Median home price is $128,900 with a median rent of $8696.
These areas have strong rental markets and high rates of renter occupancy. They are appealing for those considering investment properties in Jackson, MS.
Long-Term Value Appreciation
Jackson, MS has seen a real estate value increase of 30.44% since 2013. The annual growth rate is 2.69%1. This ranks Jackson among the top 10% of U.S. cities for stable growth. Theatre, median home sales prices in Jackson have increased by over 13.3% year-over-year6.
The Jackson market also benefits from the 1031 exchange program. This allows investors to avoid taxes and reinvest in local properties8. With big employers in healthcare, retail, and tech, Jackson is great for long-term investments.
In summary, Jackson offers great chances for investments through areas with quick returns and long-term growth. Working with local experts helps investors find the best markets in Jackson, considering each neighborhood's unique performance.
Conclusion
Jackson, MS real estate market shows a lively and changing scene. The average sale price of a home is about $66,5009. Homes usually sell for 7% less than the asking price. This suggests buyers have some advantage due to competitive prices9.
Some homes that are in high demand may go under contract in about 20 days. This shows that properties can sell quickly9.
Looking at Jackson's housing market, it's important to note some key trends. There's a predicted growth of 0.1% by mid-20249. But, there's an expected dip of about 1.4% in early 20259. New people moving in from big cities could change what homes people want9.
This movement might affect everything from pricing to how many homes are available. It points to big changes in the market ahead9.
Understanding Jackson's property market means seeing good conditions for sellers right now. They enjoy a bit of an edge with higher prices and quick sales9. With a 2.1% increase in home listings from May to June 2024, the market is clearly active10.
For those looking to dive deeper, [New Again Houses® Jackson franchise owners] offer insights on the local trends. They aim to help the community by boosting property values and making housing more affordable.
FAQ
What are the current median list prices for homes in Jackson, MS?
In June 2024, the median list price for homes in Jackson, MS was $110,000. This shows a decrease of $19,900 or 15.3% from the last year.
How do home prices vary by bedroom count in Jackson, MS?
Prices of homes in Jackson change based on how many bedrooms they have. Looking closely at the data helps understand what different buyers might afford.
What are the recent market trends in Jackson, MS real estate?
Last year, the real estate market in Jackson, MS had ups and downs. Sales prices and how many homes were for sale changed a lot.
Some homes sold for more than their asking price and some for less. This means the market is highly competitive.
What are the future market predictions for Jackson, MS real estate?
By the end of June 2024, experts think the median sale price will be about $117,000. They also predict the median sale to list price ratio to be 0.956. This info is great for planning real estate moves.
How does severe weather impact Jackson’s real estate market?
Severe weather, especially strong winds, is a big risk in Jackson, MS. It affects insurance costs and what homeowners decide because of possible damage and safety worries.
What is the projected increase in severe wind events in Jackson, MS?
In the next 30 years, severe winds in Jackson, MS are expected to get faster and more common. Now, a very rare windstorm could bring winds up to 113 mph. By 2054, winds could reach 123 mph.
How many homes are currently for sale in Jackson, MS?
From May to June 2024, more homes became available in Jackson, MS. This is good news for people looking to buy a home.
What is the current status of real estate listings by bedroom count in Jackson, MS?
Almost all types of homes listed by bedroom count in Jackson, MS are seeing more listings. However, there are fewer homes with 5+ bedrooms available now. This might show what kinds of homes buyers prefer.
How long do homes typically stay on the market in Jackson, MS?
Between June 2023 and June 2024, homes in Jackson, MS sold faster. They now stay listed for 104 days down from 148 days. This suggests a stronger demand or more efficient sales.
What are the key observations about the Jackson, MS real estate market overview?
Important points include price changes, how hurricanes affect risks, and homes selling faster. It's wise to get advice from experts as the market keeps changing.
How do Jackson, MS housing market trends compare to nearby cities like Pearl?
While Jackson's median list prices fell, Pearl saw a 6.5% rise. This shows that real estate trends can greatly differ within the same state.
What are the investment opportunities in the Jackson, MS real estate market?
Investors might find good chances for high returns in some neighborhoods. Working with local experts can spotlight areas with lots of growth potential.
Source Links
- Jackson Housing Market 2024: Current Trends and Forecast - https://www.noradarealestate.com/blog/jackson-mississippi-real-estate/
- Jackson Real Estate Market: May 2024 Stats and Trends - https://www.jacksonpropertymanagement.co/blog/jackson-real-estate-market-may-2024-stats-and-trends
- The Jackson, MS real estate market: Stats & trends for 2022 - https://learn.roofstock.com/blog/jackson-real-estate-market
- Why They Choose to Stay - https://www.wlbt.com/2022/04/06/why-they-choose-stay/
- Jackson | Real Estate and Market Trends - https://www.fortunebuilders.com/p/jackson-real-estate-and-market-trends/
- Best Neighborhoods To Invest In Jackson, MS - https://ark7.com/blog/learn/cities/best-neighborhoods-to-invest-in-jackson-ms/
- Jackson, MS Real Estate & Homes for Sale | realtor.com® - https://www.realtor.com/realestateandhomes-search/Jackson_MS
- The Current Real Estate Market Trends for Investment Properties - https://lucroyresidential.com/blog/the-current-real-estate-market-trends-for-investment-properties
- Is Now the Right Time to Sell? Understanding Jackson’s Real Estate Market - https://ericaclay.homes/blog/b/is-now-the-right-time-to-sell-understanding-jacksons-real-estate-market
- Jackson, MS Homes for Sale & Real Estate - https://www.rockethomes.com/ms/jackson
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