Jackson Housing Market: Trends and Forecast 2024-2025

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.

In October 2024, the median home price in Jackson was $106,000, a significant 39.5% increase from the previous year. This surge in prices, along with other factors, paints a picture of a dynamic and somewhat competitive market. Let's explore the current state of the Jackson housing market in greater detail to help you navigate it with confidence.

Jackson Housing Market Trends in 2024: A Deep Dive

Home Sales

The number of homes sold in Jackson in October 2024 experienced a decline compared to the previous year. While the market saw 134 homes sold in October 2023, that number dipped to 97 homes in October 2024, reflecting a 27.6% year-over-year decrease, according to Redfin.

This drop in sales could be attributed to several factors, including rising interest rates, limited inventory, and increasing home prices, which might be making it difficult for some buyers to enter the market.

It's important to understand that while sales are down, the market is still considered “somewhat competitive” based on the Redfin Compete Score. This means that you might still encounter multiple offers on certain homes, particularly those priced competitively and in desirable neighborhoods.

From a personal perspective, I've observed that the pace of sales has indeed slowed down compared to the peak periods of the last few years. However, this does not necessarily translate to a buyer's market in the traditional sense. Instead, it suggests a more balanced market where both buyers and sellers need to be strategic and understand the market conditions.

Home Prices

As mentioned earlier, Jackson home prices have experienced a notable surge in 2024. The median home sale price has risen to $106,000, representing a 39.5% year-over-year increase. This substantial increase can be attributed to various factors, including:

• Increased demand: Jackson has witnessed an influx of new residents, leading to increased demand for housing. This heightened demand is naturally pushing prices higher.
• Limited inventory: The available housing stock hasn't kept pace with the growing demand, leading to a scarcity of homes on the market. This limited supply further contributes to price increases.
• Low interest rates (historically): Though interest rates have risen, they were historically low in recent years. This made it more affordable for many to buy homes, which contributed to the increase in demand and resulting price increases.
• Economic factors: Jackson's economy has been relatively strong in recent years, contributing to a rise in household income and purchasing power. This allows more people to afford higher-priced homes, further fueling price growth.

The median sale price per square foot in Jackson is $71, exhibiting a 40.2% year-over-year increase. This metric provides a clearer picture of the value appreciation occurring within the Jackson housing market, and it shows that the rise in prices is not just due to the size of the homes sold.

Housing Supply

The Jackson housing market is currently facing a challenge in terms of housing supply. The number of homes available for sale has not kept pace with the rise in demand, leading to a relatively tight market.

• New Construction: The pace of new construction hasn't been able to match the rate at which demand has increased. This shortage of new housing inventory is contributing to the limited supply.
• Existing Home Sales: With fewer new homes being built, the existing home market is under more pressure, and there is not enough inventory to meet demand.
• Impact on Prices: The limited supply directly affects home prices. When demand outstrips supply, it naturally leads to higher prices, as we are seeing in Jackson.

From my experience working with clients, I've noticed that buyers are often frustrated by the limited number of homes available that meet their specific needs. This limited inventory situation is creating a more competitive environment, often resulting in multiple offers and bidding wars.

Market Trends

The Jackson housing market is displaying several key trends in 2024. Here's a summary of what I've observed:

• Rising Prices: As already discussed, home prices are on an upward trajectory, with a significant year-over-year increase.
• Decreasing Sales: The number of homes sold has decreased, although the market remains somewhat competitive.
• Increased Days on Market: The median number of days a home spends on the market has increased to 55 days, up from 52 days the previous year. This indicates that homes are taking a bit longer to sell compared to the previous year. This is likely due to the decreased demand and the slower pace of sales.
• Strong Migration Trends: The data from Redfin shows that Jackson is drawing buyers from various parts of the country, particularly from metros like Chicago, Los Angeles, and Atlanta. It is likely that those moving to Jackson are bringing new energy and demand to the local housing market.

Is Jackson a Buyer's or Seller's Housing Market?

Based on the data, the Jackson housing market in 2024 leans slightly more towards a seller's market, but with some elements of a balanced market.

While the number of homes sold has decreased, prices are still rising, and the competition for available homes is still fairly strong. Homes are still, in general, selling for above or around list price. Sellers still have the advantage in negotiating power.

However, it is not as strong a Seller's market as it was a few years ago. Buyers might not face the intense bidding wars they experienced in 2022 or 2023, which might give them a slightly improved ability to negotiate. In 2024, sellers may have to be more realistic about their asking prices and be prepared to possibly make some concessions to attract buyers. This means that the market has become more balanced.

Buyers and sellers alike need to be knowledgeable about current market conditions to achieve their goals. Buyers should be prepared to act swiftly when they find a suitable property and have a strong pre-approval in place. Sellers should work with a realtor who understands the Jackson market and can price their homes competitively to maximize their chances of a quick sale.

Are Home Prices Dropping?

While the rate of price increases seems to be slowing down a bit, home prices in Jackson are not currently dropping. They are still experiencing growth, just not at the rapid pace of the past few years. This trend of rising home prices (albeit at a slower rate), coupled with the limited inventory, suggests that a significant price drop is unlikely in the near future.

Of course, the housing market is sensitive to various factors, including interest rates, economic conditions, and local market dynamics. As these factors change, so too could the market. However, it would take a significant economic downturn or major shifts in market conditions to cause a widespread price decline in Jackson.

Migration & Relocation Trends

One interesting aspect of the Jackson housing market is its migration patterns. Data from Redfin reveals where people are moving to and from Jackson.

Where Are People Moving to Jackson From?

Metro	Net Inflow (Aug '24 – Oct '24)
Chicago, IL	53
Los Angeles, CA	50
Atlanta, GA	43
Dallas, TX	39
Washington, DC	29

Where Are People From Jackson Moving to?

Metro	Net Outflow (Aug '24 – Oct '24)
Memphis, TN	143
Houston, TX	22
Gulfport, MS	20
Destin, FL	8
Oxford, MS	7

It's fascinating to see that Jackson is attracting residents from various parts of the country, while also seeing some individuals move out to destinations like Memphis and Houston. These migration patterns suggest that Jackson is becoming a more desirable place to live, potentially contributing to the demand and competition within the housing market.

In Conclusion

The Jackson housing market is a dynamic and somewhat competitive environment in 2024, with a few key elements shaping its current state. Prices are still rising, but the pace of increases has slowed down a bit, and the number of homes sold has fallen. Inventory is still limited, leading to a situation where the market leans slightly towards sellers.

Jackson Housing Market Forecast 2024-2025

Thinking about buying a home in Jackson, Mississippi? Or maybe you're a homeowner wondering about the future of your property value? The Jackson housing market forecast suggests a potential cooling down in the coming months. According to Zillow, home values in Jackson are expected to see a slight decline over the next year, with a projected -1.7% decrease by September 2025.

Let's dive into the specifics of what Zillow's forecast shows for the Jackson, MS housing market and see how it compares to other areas in the state.

What's Ahead for Home Prices in Jackson?

Here's a breakdown of Zillow's forecast for home value appreciation in Jackson, MS, showing the predicted percentage change in home prices:

Date	Predicted Home Value Change (%)
October 31, 2024	-0.1%
December 31, 2024	-0.8%
September 30, 2025	-1.7%

In my opinion, these numbers suggest a slight dip in home values, not a crash. It's important to remember that these are just forecasts, and the actual market can fluctuate. However, it's a good idea to consider this information if you're making major decisions regarding your home.

Comparing Jackson to Other Mississippi Housing Markets

When we look at other housing markets in Mississippi, we can get a better understanding of how Jackson's predicted performance stacks up. Here's a quick look at the forecast for a few other areas:

Region	Predicted Home Value Change (%) – Sept 2025
Gulfport, MS	-0.5%
Hattiesburg, MS	-2%
Tupelo, MS	-2.1%
Meridian, MS	-4.3%
Laurel, MS	-4.4%
Starkville, MS	-2.1%

From this data, you can see that Jackson's predicted decline is relatively moderate compared to some of the other regions in the state. Places like Meridian and Laurel show a larger projected decrease in home values.

Will Home Prices Crash in Jackson?

Based on the current data, I don't believe that a housing market crash is likely for Jackson. While the forecast indicates a decline in home prices, it's a gradual, relatively small decline. However, there's always a possibility that unforeseen events could impact the market.

Possible Jackson Housing Market Forecast for 2026 and Beyond

Predicting the housing market too far into the future is challenging. However, based on current trends and national forecasts, I'd venture to say that the Jackson housing market will likely stabilize in 2026. The market might see slight fluctuations, but it's possible that we could see a slow return to growth after the initial predicted decline.

In conclusion, the Jackson housing market forecast hints at a potential cooling-down period in the near future. While home prices are expected to decrease slightly, I don't anticipate a crash. The market seems poised to stabilize in 2026 and hopefully, experience a slow, gradual recovery. As always, it's essential to stay informed about the market and consult with local real estate professionals when making any significant decisions related to your home.

Is Jackson a Good Place to Live or Buy a House?

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.