Hey there, Donna Taylor with Living in Central MS here today to share with you how the market for Madison MS is looking as we wind down Summer 2023….and let me tell you, don’t believe the national news!!
As we all know…the last year with high interest rates really slowed things down around the country, and if you watch the news, you surely hear all about the gloom and doom pending for the housing market. But like I said in my last market update back 7 months ago…our market here in Madison was not going to slow down and boy was I right! stay tuned as I go thru the details so you can understand how our local market is….it’s so important for you to understand if you’re thinking of buying or selling in Central MS before the end of this year!
Going on at least 3 years now… we are still in a seller’s market. Recently, we have started seeing multiple offers here again, not quite as bad as it was 18 months ago, but 2 of our agents wrote offers this week (one in Madison and the other in Brandon) and both were multiple offer scenarios. Of course, both of these homes were right around our $300k average price, which makes it much more competitive, but it’s a sign that we are in no way slowing down soon! So, like I said we are still in a sellers market …this term gets thrown around a bit, but one of the metrics we use to determine whether or not we’re in a buyer or sellers market is the absorption rate. Experts say that most markets need a 5 month supply to be balanced. Anything less that that is a seller’s market. Well today, as we close out July 2023, we are at just under a 3 month supply, which is up about 6 months from the start of the year. However, We are nowhere near a balanced market.
A 2nd indicator is the Sold to List Ratio. This tells us how the final sold price compared to the original list price. This is actually up from the start of this year . Remember when everyone was saying prices would be going down?? Well, that’s certainly not the case here. Back in January of this year, sellers in Madison were getting 94% of their original list and today, they are getting 96% This one honestly surprised me, because I did buy into the belief that our prices would be coming down, but that isn’t the case…YET! I do think they will start to soften some, but I think it will take longer than anyone dreamed! The average list price Madison this month was $347k, which is actually pretty flat with the same time last year. I think we will continue to see prices stay steady thru the end of the year and then slowly soften in 2024. There were 1165 homes sold in Madison last month, which is down by about 400 homes compared to this time last year. So, bottom line is we are still very short on inventory, which if you look at our 3rd and final metric to show how our local market is going, which is Days on Market. July 2023 Days on Market was 41 days for the average…there must be some serious outliers there…if you look at the median Days on Market, it’s actually only 13 days, which is what I feel is more accurate. Seems like anything under $400k is going under contract within 48 hours!…
So, on that same note, if you’re thinking about selling this fall, listen to your agent’s advice on pricing. We see what’s happening in the market faster than anyone else! We see what’s happening when you overprice your house and we see how pricing it right is still getting you multiple offers!
And, in case this is one of the first You Tube videos of mine that you’re watching and you want to see what makes Madison MS so great, be sure to check out the video I did about why Madison is consistently rated as one of the top cities to live! In that video I go into detail describing why Madison gets an A rating on NICHE.com for our schools, safety, and all the things that make a city a great place to live.
If you’re thinking about moving to Madison, check out our website at www.taylorgroupms.com, it has all the local MLS listings that is updated every 10 minutes, and sign up for daily email alerts. If you're looking for a home for sale in Madison, MS...you don't want to miss this!
