Before we look forward, let's do a quick recap! Back in 2020, the Feds made the decision to lower interest rates to a once-in-a-lifetime 2.65 percent. As a result, the strongest sellers’
2022 Real Estate Market Update
Dated: October 4 2022
Before we look forward, let's do a quick recap!
Back in 2020, the Feds made the decision to lower interest rates to a once-in-a-lifetime 2.65 percent. As a result, the strongest sellers’ market the nation has ever seen followed over the next two years. Like much of the country, the Mississippi Gulf Coast finished out 2021 strong with
appreciating home values
fewer days on market than the year before
& more homes selling than the available inventory of homes
These factors led us into 2022 as a strong Seller’s market.
Now that we are entering the last quarter of the year, many areas of the country have seen a drastic slowdown compared to the previous two years. However, here on the Mississippi Gulf Coast, our numbers are still going strong with the average price of homes sold at 13% higher than 2021 at $278,400; days on market at 32% lower, dropping from 37 days to an average of only 25 days.
With this year’s economic influences like increased interest rates and rising insurance and taxes, the buyer pool certainly feels like it is decreasing. However, this isn’t necessarily reflected in the overall stats, but since March the absorption rate of homes has been on an upward trend showing homes are taking longer to sell as the months go on in 2022.
Over the next few months, we anticipate that days on market will continue to increase and pricing will stabilize. The Mississippi Gulf Coast remains an attractive place to live with a competitive cost of living, good quality of life and a healthy supply of inventory to buy and rent. Looking at the overall trends within the local market, we aren’t expecting a future market of constant multiple offers, like earlier this year, or a certain Sellers market. Instead, we see a market that both Buyers and Sellers can equally participate in, and one that will require proper pricing, good negotiations and where knowledge about the market will be crucial to remain best positioned as the market continues to shift.
Reach out if you want to connect more about the current market or how best to go about achieving your real estate goals!
- By Roxy Condrey, Broker/Owner
Roxy and her husband, ted Condrey are the owners and managers of Rain Residential. Rain Residential is a boutique real estate company consisting of a top producing sales brokerage with over $70 ....