Hi, I’m Donna Taylor with Living in Central MS and in today’s video I’m going to share with you how our local market ended 2023 and what my predictions are for our market for 2024.
But first, I need to explain a little of the back story for those of you not familiar with the local market in Madison, MS. Historically, our prices remain fairly steady year over year, we don’t typically see big highs and lows like other parts of the country. Of course, our home prices are higher now than they were a year or two ago, but the rate of our inclines are slow and steady. Our average sales price this month is 10% higher for November of 2023, than it was in November 2022, just like everything is more expensive today. A big part of the reason that we are still seeing home prices increase here in Madison is because we still have an inventory shortage. The number of sold listings YTD for this year is down 21% compared to last year. Less people are moving around, up/down, like they do in a “normal” year. I think that inventory shortage will continue for us here into next year because there are still MANY MANY people here that are sitting on sub 3% interest rates and aren’t willing to give those up yet. Once these 7% interest rates start to become the “norm” again like they were when I bought my first house back in 2006, I think we’ll start to see our inventory balance out. Take a look at this graph of interest rates over the last 30 years. You’ll see the rates stayed below 5% for 12 years, in 2022 the rates started to climb to over 5%, and will average around 7% for this year, and we still have an inventory shortage here locally. But, I think interest rates will start to hover where they are currently instead of falling or rising and, so I think we will see our home prices start to flatten out finally and stay steady where they are today. We are finally starting to see sellers give some small concessions, and I think that will continue into next year. If rates do start to fall, I think we will see a lot of buyers here that have been sitting on the fence start to move around and that will cause our home prices to rise again. If you’re on the fence about buying in our local market because you aren’t sure where prices are going, I’m betting they stay right around where they are today. I’ll try to remember to do a video this time next year to see if I’m right.
If you’re thinking of moving to Mississippi, be sure and check out our website www.taylorgroupms.com, it has all MLS listings in Central MS and is updated every 10 minutes. Whether you're buying or selling, our team is here to help every step of the way. Contact us today to get started.
Taylor Realty Group
601-613-9100
