Jackson-area home prices fall 3.3% in June, with houses for sale in high demand

Jackson-area home prices fall 3.3% in June, with houses for sale in high demand

Roger Pettingell Sarasota Real Estate

A typical Hinds County home listed for $144,500 in June, down 3.3% from the previous month’s $149,500, an analysis of data from Realtor.com shows.

The median list home price in June was down about 18.8% from June 2021. Hinds County’s median home was 1,666 square feet for a listed price of $91 per square foot.

The Hinds County market was busy, with a median 45 days on market. A month earlier, homes had a median 37 days on market. The market added 204 new home listings in June, compared with the 192 added in June 2021. The market ended the month with some 343 listings of homes for sale.

The median home prices issued by Realtor.com may exclude much, or even most, of a market’s homes. The price and volume represent only homes that are single-family homes, condominums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.

Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.

What were Jackson-area home prices in June? Here’s a county-by-county breakdown

Rankin County’s home prices fell 5.8%, to a median $357,950, from a month earlier. The typical house was on the market for 42 days, from 36 days a month earlier. The typical 2,206-square-foot house had a list price of $167 per square foot.

Madison County’s home prices fell 12.4%, to a median $547,500, from a month earlier. The typical house was on the market for 32 days, from 35 days a month earlier. The typical 2,963-square-foot house had a list price of $177 per square foot.

Bolivar County’s home prices fell 1.2%, to a median $160,000, from a month earlier. The typical house was on the market for 59 days, from 70 days a month earlier. The typical 1,930-square-foot house had a list price of $88 per square foot.

Across metro Jackson, median home prices fell to $285,000, down 1.6% from a month earlier. The median home had 2,099 square feet, at a list price of $128 per square foot.

Across all of Mississippi, median home prices were $269,900, rising 0.1% from a month earlier. The median Mississippi home for sale had 2,025 square feet at list price of $128 per square foot.

Across the United States, median home prices were $450,000, up 0.7% from a month earlier. The median American home for sale had 1,887 square feet, listed at $228 per square foot.

The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes listed are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.

Central Mississippi Realtor Rick Henson of McIntosh and Associates said, in his opinion, business appears to be in similar standing as a the last few months.

“The market is slowing a little because of rising interest rates,” Henson said. “But we still have a shortage of homes. Inventory has not returned to normal since before COVID status.”

Henson also said foreclosures don’t appear to be any higher or lower than at any other time recently.

Clarion Ledger reporter Ross Reily contributed to this story. Reily can be reached by email at rreily@gannett.com. You can follow him on Twitter @GreenOkra1.

The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the Realtor.com residential listings database.. The story was written by Mike Stucka and Sean Lahman.


Leave a Reply

Your email address will not be published.