Mississippi real estate market in 2022:
Forecasts + Trends By Francine Marsolek
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ississippi is a town known for good blue music tones and catfish availability. Green Ville, Jackson, and South haven, a small town where residents enjoy the place. It has a sub-tropical climate that boosts its agriculture economy all year round Mississippi is among the most affordable places in the U.S., Just like any other state, prices are set higher daily. Mississippi is a seller market; thus, home prices are higher. Recently, there have been high inventory levels and many buyers in the market. The U. S housing economy saw people over from cities with a higher cost of living to more affordable cities. Covid 19 pandemic also led people to buy more homes and is thus a reason for the increase in home prices. Low mortgage interest rates are a reason for many buyers to get into the market.
MISSISSIPPI MEDIAN HOME PRICE Today the median price of a home is $161,160 as opposed to the $129,000 that was the home price before the pandemic. In the last twenty-four months, Mississippi has had a 24.7% increment in rent. However, in the U, S housing economy, the local home value is still less than the national home value, which is $344,400, with a 35% increase. The median home price in Mississippi will continue appreciating, although not at the high rate seen in the last two years. MISSISSIPPI MEDIAN RENT PRICES High home prices are evident in home ownership and the rental market. Due to the high inventory levels, rental charges today are higher than last year. High rents affect renters because they sometimes cannot move into home ownership. Today the median rent is $1005, and as long as there are more people in the market, landlords AUGUST 2022 | 91
