South Haven MS housing market trends by Edwin Engelke.

South Haven, Mississippi Housing Market Trends

By Edwin Engelke

South haven is a city in the DeSoto County of Mississippi and according to the 2010 census data, the city had a population of 48,982 people. This made the city the third largest city in the county and the second most populous suburb of Memphis.

REAL ESTATE MARKET PROFILE

To date, the city has grown population wise to about 54,648 people.

There are about 19,735 houses or apartment. According to Zillow, the median home prices in South Haven is $249,833 and according to Zillow’s analysis, the prices have actualy appreciated in value by 25.3 percent year over year. While the figure according to the local is quite expensive, it relatively fair especially given that is falls way below the national average of $375,300.

The most preferred type of home in South Haven is the single-family detached home which are so common accounting for over 78 percent of the city’s housing units. That is not to say there aren’t other housing units in the city. A walk around the beautiful city of South Haven, you will find large apartment complexes or the high rise apartments that account for 12.31 percent. There are also duplexes in the city, homes converted to apartments or smaller apartment buildings which account for 4.02 percent of the housing units in the city. There are also a few mobile homes or trailers which account for 3.3 percent of the city’s

When we look further into this housing market, you realize that owner-occupied, three and four bedroom houses in the single-family detached homes are the most preferred types of houses in South haven. About 66.80 percent are owneroccupied and 73.51 percent have either three or four bedroom which is the typical size for an American household.

APPRECIATION DATA

According to the website NeighborhoodScout. com, appreciation rate for homes in the city cumulatively over the last ten years has been 57.29%. This nationally puts the city in the top 40 percent nationwide. Annually, NeighborhoodScout estimates a growth of 4.63 percent.

In the last 12 months however, the company reports that the appreciation rate for homes in the city was 14.06 percent which is slightly above the national average. In the last quarter, homes in South haven have appreciated at 5.64 percent giving us an annualized figure of 24.53 percent which is relatively at par which what Zillow reports.

BUT HOW DOES THAT COMPARE WITH OTHER CITIES IN THE STATE?

Well, South Haven is actually doing so much better. In fact the latest annual appreciation rate is higher than 90 percent of other cities and towns in the state.

While this speaks a lot about the city of South Haven when it comes to investment decision, it is important that you keep in mind that the appreciation statistics discussed here apply to the city as a whole. If you go to individual neighborhoods, the investment potential varies and that is one most important point to bear in mind.

A PROFILE OF THE CITY

The city is a mid-sized city with 14 neighborhoods. Unlike most other cities, South Haven comprises a mix of both white collar and blue collar occupations. But in overall, the occupations prevalent in the city are sales and office workers, professionals and service providers.

The per capita income of people in South Haven as of 2018 was $28043 which is wealthy compared to the rest of Mississippi and middle income relative to the rest of the country. Taking a family of four, this amounts to annualized figure of $112,172. But it important that you note that this city comprises of a mix of both wealthy (very) and low-to-moderate income earners.