The Jackson housing market is experiencing a period of change. After rapid appreciation in 2021-2022, home prices are now declining due to rising interest rates, inflation, and economic concerns.
Affordability and Challenges
Despite the dip, the median home price is $136,000, notably lower than the national median, attracting budget-conscious buyers. However, challenges persist, including a high crime rate and a population decline of over 10% in a decade, impacting demand.
Potential and Positive Signals
Amid challenges, infrastructure investments and efforts to address crime indicate potential. Jackson remains affordable, and these initiatives may attract new residents and businesses, shaping a brighter future.
Tips for Navigating the Market
- Research and define your preferences.
- Act swiftly as homes sell fast.
- Collaborate with a skilled real estate agent.
- Price competitively and be open to negotiations.
- Ensure your home is well-maintained.
- Leverage a proficient real estate agent for effective marketing and selling.
Jackson Housing Market Trends – August 2023
Current Market Trends in Jackson
The Jackson housing market has seen significant changes in recent times. Here's an overview of the current trends as per data by Redfin.
- Median Sale Price: In August 2023, the median sale price for homes in Jackson was $136,000, which is a decrease of 9.67% compared to the previous year.
- Selling Time: Homes in Jackson are selling, on average, after 38 days on the market, indicating a slight increase from the previous year's 19 days.
- Number of Sales: There were 110 homes sold in August 2023, showing an increase from the 99 homes sold during the same period last year.
- Competitiveness: The Jackson housing market is moderately competitive, with homes typically selling in 36 days. The Redfin Compete Score™ rates the competitiveness of the area.
Comparison with Nearby Cities
Comparing Jackson's housing market with nearby cities provides valuable insights:
- Competitive Landscape: Jackson is relatively competitive, with homes selling about 7% below the list price and going pending in approximately 36 days.
- Sale-to-List Price: The sale-to-list price ratio for all home types in Jackson was 93.3% in 2021, reflecting a significant decrease from 80.0% in 2023.
Migration trends shed light on the movement of people into and out of Jackson:
- Inbound Migration: Inbound migration to Jackson is relatively low, with 0.06% of homebuyers searching to move into the city from outside metros.
- Outbound Migration: Many individuals are leaving Jackson, with Memphis, Gulfport, and Shreveport being popular destinations.
The Jackson housing market is experiencing shifts in median sale prices, selling times, and migration patterns. Potential buyers and sellers should closely monitor these trends to make informed decisions. Understanding the competitive landscape and how Jackson compares with nearby cities is crucial for navigating this dynamic real estate market.
Jackson Housing Market Forecast 2023-2024
Zillow's data offers insights into the current state of the Jackson housing market as of August 31, 2023, highlighting critical metrics for potential buyers and sellers.
1. Average Home Value
The average home value in Jackson stands at $71,004, reflecting a notable 18.1% decline over the past year. This decrease indicates a market adjusting and evolving.
2. Days to Pending
Homes in Jackson are typically moving to a pending status in around 25 days, illustrating a moderate pace and allowing for a thoughtful decision-making process for buyers.
3. Sale to List Ratio
The median sale to list ratio as of July 31, 2023, is 0.954, implying that homes are generally selling slightly below the listed prices, demonstrating a competitive market.
4. Sales Trends
On July 31, 2023, approximately 70.6% of sales were made under the list price, indicating the buyer-favorable nature of the market. Only 13.5% of sales were over the list price.
5. Median Days to Pending
The median time for homes to move to a pending status in Jackson is 25 days, as of August 31, 2023, reflecting a balanced pace in the market.
Are Home Prices Dropping in Jackson, Mississippi?
Yes, the data from Zillow indicates an 18.1% decrease in the average home value over the past year. This suggests a shift in the market dynamics, potentially presenting opportunities for buyers considering real estate investments in Jackson.
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.
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.
Is Jackson, Mississippi a Good Place to Invest in Real Estate?
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.
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.