While Jackson, MS might not boast the same national name recognition as some other housing markets, it offers a unique set of trends for potential buyers. Unlike pricier metro areas, Jackson presents a more affordable option with its lower median home values.
However, the market exhibits some interesting dynamics. Keep reading to explore what makes Jackson's housing market tick, including current home values, recent trends, and what to expect when navigating this market.
So, How is the Jackson Housing Market Doing in 2024?
It is stable with increasing home prices and faster selling times. There's also an increase in number of homes sold this year compared to last year. Here are the latest trends.
Home Prices
The median sale price of a home in Jackson is $120,000 (Redfin), which is significantly lower than the national average. This makes Jackson an attractive option for first-time homebuyers or those looking to downsize. Homes in Jackson typically sell after spending 33 days on the market, indicating a somewhat competitive market.
Affordability
Jackson's housing market is known for its affordability. The median sale price of $120,000 is lower than most major metropolitan areas. This affordability makes Jackson an attractive option for those priced out of other markets. However, it's important to note that home prices can vary depending on location, size, and condition of the property.
Housing Supply
The housing supply in Jackson is keeping up with demand, which helps to maintain affordability. There is a good selection of homes available for sale, giving buyers a variety of options to choose from. This can be a plus for buyers who are looking for a specific type of home or neighborhood.
Market Trends
The Jackson housing market is currently experiencing a period of stability. Home prices are holding steady, and there is a good balance between buyers and sellers. This stability makes it a good time to buy or sell a home in Jackson.
An interesting trend to note is the migration patterns to and from Jackson. People are moving to Jackson from larger cities such as Los Angeles, Chicago, and Dallas, seeking a more affordable and relaxed lifestyle. On the other hand, some residents are leaving Jackson for Memphis, Gulfport, and Mobile.
Overall, the Jackson housing market is a good option for those looking for an affordable place to live. The market is stable, and there is a good selection of homes available for sale. If you are considering buying a home in Jackson, it is important to do your research and work with a qualified realtor to find the right home for you.
Jackson Real Estate Appreciation Over the Years
Thinking about buying a house in Jackson? Homeownership is a fantastic dream to chase, and understanding the local market is crucial for making informed decisions. Let's delve into Jackson's real estate appreciation history to see how property values have changed over time.
While Jackson's housing market hasn't witnessed the explosive growth seen in many other parts of the country, it has exhibited consistent, albeit moderate, appreciation over the past decade. Compared to the national average, Jackson's real estate market has seen a total increase of 30.44% since 2013 (neighborhoodscout), translating to an annualized rate of 2.69%. This places Jackson among the 10% of cities in the U.S. with the lowest appreciation rates.
Breaking Down the Numbers:
Here's a closer look at how Jackson's appreciation unfolded over different timeframes:
- Latest Quarter (Q3 2023 – Q4 2023): Home values in Jackson increased by 1.33%, lagging behind both the national average (5.45%) and the Mississippi state average.
- Last Year (Q4 2022 – Q4 2023): Appreciation in Jackson was slightly higher at 1.72%, but still below the national and state averages.
- Past Two Years (Q4 2021 – Q4 2023): The market saw a more significant bump of 7.84%, averaging 3.85% annually. This period offered a glimpse of potential for higher growth.
- Past Five Years (Q4 2018 – Q4 2023): Appreciation reached 29.14%, translating to a 5.25% annual average. This timeframe showed a stronger upward trend compared to the most recent years.
- Past Ten Years (Q4 2013 – Q4 2023): As mentioned earlier, the total appreciation for the past decade sits at 30.44%, with an annual average of 2.69%.
What Does This Mean for You?
Jackson's housing market offers opportunities for those seeking stability and affordability. While growth hasn't mirrored national trends, the market has shown a steady upward trajectory. This consistency can be a positive factor for long-term investors who plan to hold onto their property for many years.
Remember: Market trends can shift, so staying informed with a local realtor is key. They can provide valuable insights tailored to specific neighborhoods and property types.
The Takeaway:
Jackson's real estate market presents a unique scenario. While appreciation hasn't been meteoric, it has provided consistent growth over time. This, coupled with affordability, makes Jackson an attractive option for certain buyers. If you're considering buying a home in Jackson, do your research, connect with a local realtor, and make a decision that aligns with your long-term goals.
Predictions for the Jackson Housing Market 2024
The Jackson, Mississippi housing market has been on a rollercoaster ride lately. Home values have dipped by 18.4% in the past year, leaving many wondering: what's next for Jackson's real estate scene? Will it crash further, or is a boom on the horizon? Let's delve into the data and see what experts predict.
Current Market Snapshot
- Affordability on the Rise: The median sale price sits at $71,333, making Jackson an attractive option for first-time homebuyers and budget-conscious individuals.
- Shifting Seller-Buyer Dynamics: With a median sale-to-list ratio of 0.951, the market seems balanced. While some sellers are still fetching above asking price (10.8%), the majority (74.9%) are accepting offers closer to the listed value.
- Speeding Up: Homes are going pending in just 20 days on average, indicating a market with active buyers.
Market Forecast
Experts predict a period of relative stability for the Jackson housing market in the near future. While some fluctuations are always to be expected in any real estate market, significant price swings are not anticipated. Zillow forecasts a slight increase of 0.5% by the end of May, followed by a modest 0.3% rise by July.
However, a potential dip of 2.2% is expected by April 2025. This could be due to a number of factors, including national economic trends or local developments specific to the Jackson area. It's important to note that Zillow's forecast is just one prediction, and the actual market performance could deviate slightly.
Crash or Boom?
A crash seems unlikely. The market appears to be correcting itself after a period of significant price increases. The current affordability and balanced sale-to-list ratio suggest a stable market for buyers and sellers.
However, a major boom isn't necessarily on the cards either. The predicted decline in 2025 indicates a potential cool-down. This could be due to various factors, such as national economic trends or local developments.
What This Means for You
- Buyers: You have more negotiating power compared to a seller's market. The abundant inventory and quicker turnaround times offer a wider selection and potentially faster closing processes.
- Sellers: Be realistic with your pricing strategy. While some homes might still sell above asking price, the market leans towards accepting offers closer to the listed value. Highlighting the strengths of your property and considering strategic renovations to increase curb appeal could be beneficial.
Overall, the Jackson housing market appears to be entering a period of stabilization. While a slight decline is possible in the future, a significant crash is not expected. This presents a good opportunity for both buyers and sellers to navigate the market with a balanced approach.
This graph illustrates the growth of home values in the region over the past year, along with a forecast suggesting this trend will likely continue for the next year.
Is Jackson a Good Place to Live?
Deciding if Jackson, Mississippi is a good place to live involves considering various factors, including lifestyle preferences, career opportunities, cost of living, education, safety, and more. Here's an assessment to help you weigh the pros and cons.
1. Cost of Living
One of the key advantages of living in Jackson is its affordability. The cost of living is generally lower compared to many other cities in the United States, making it an attractive option, especially for budget-conscious individuals or families.
2. Employment and Economy
Jackson has a diverse economy with sectors like healthcare, manufacturing, education, and government playing significant roles. However, the city has faced challenges like a declining population and a high crime rate that can impact the overall economic landscape.
3. Education
Jackson has various educational institutions, including public and private schools, colleges, and universities. While there are options for education, it's important to research and choose schools that align with your educational goals and standards.
4. Community and Lifestyle
Jackson offers a vibrant cultural scene, with events, festivals, museums, and theaters. Additionally, the city has beautiful parks and outdoor recreational opportunities. However, the high crime rate may affect the overall sense of safety and community well-being.
5. Health and Healthcare
The city has numerous healthcare facilities and medical services, providing adequate healthcare options for residents. Access to healthcare is an important aspect when considering a place to live.
6. Overall Safety
While Jackson has a relatively high crime rate, it's important to note that safety experiences can vary by neighborhood. Researching and choosing a safe neighborhood is crucial for a better living experience.
Should You Invest in the Jackson Real Estate Market?
Investing in real estate is a significant decision, and assessing the potential of Jackson, Mississippi as a real estate investment destination requires a careful examination of various factors, including market trends, economic stability, housing demand, and potential for returns.
1. Affordability and Property Prices
One of the compelling reasons to consider Jackson for real estate investment is its affordable property prices. The cost of real estate in Jackson is notably lower than in many other parts of the United States, making it an attractive option for potential investors, especially those looking to enter the market without a substantial initial investment.
2. Rental Market and Demand
Jackson has a steady demand for rental properties. The city's affordability attracts renters, including young professionals, students, and families. Investors can capitalize on this demand by acquiring rental properties, potentially ensuring a consistent income stream. The metro area population of Jackson, Mississippi in 2022 was 431,000, a 1.17% increase from 2021. The metro area population of Jackson, Mississippi in 2021 was 426,000, a 1.43% increase from 2020.
3. Economic Diversity and Stability
The economic diversity in Jackson, with a mix of industries including healthcare, manufacturing, education, and government sectors, provides a sense of stability to the local economy. A diverse economy is generally considered beneficial for real estate investments, as it can mitigate risks associated with over-dependence on a particular industry.
4. Potential for Growth and Development
Jackson is investing in new infrastructure and development projects, which can enhance the city's appeal and potentially drive property value appreciation. These initiatives, coupled with ongoing efforts to address the crime rate and improve livability, may attract more residents and businesses, positively impacting the real estate market.
5. Neighborhood Analysis
Conducting a thorough analysis of various neighborhoods within Jackson is essential. Some neighborhoods may have higher demand, better growth prospects, or a more favorable appreciation rate. Identifying neighborhoods with potential for growth can be key to a successful real estate investment in the city.
6. Risks and Challenges
It's important to acknowledge the challenges, such as the city's high crime rate and a declining population. These factors can affect property demand and neighborhood desirability. Investors should carefully evaluate and choose neighborhoods with relatively lower crime rates and potential for growth.
Jackson, Mississippi presents investment opportunities in real estate, primarily due to its affordability, potential for growth, economic diversity, and ongoing development efforts. However, investors must conduct thorough due diligence, analyze specific neighborhoods, and consider the associated risks before making investment decisions.
