Mississippi
Housing Market
The landscape of the housing market in Mississippi constantly evolves with shifting home prices and demand. Houzeo’s housing market report tracks these changes in supply and demand across Mississippi. Our data offers real-time insights to help you make informed decisions.
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MigrationMississippi Housing Market Overview
House prices in Mississippi have increased by 9.4% YoY as of January 2025, reflecting a strong demand for homes in the state. The consistent growth in home prices indicates the strength of the housing market. The median home price in Mississippi is currently $251,100. The number of homes sold has decreased by 3.4% YoY.
The market’s competitiveness can be gauged by median days on the market. Homes in Mississippi now spend 66 days on the market before going under contract, up by 14 days from last year. These metrics highlight the current pace of the housing market in Mississippi, and provide insight into its affordability and buyer engagement.
What Does It Mean for Home Buyers and Sellers?
The market’s competitiveness can be gauged by median days on the market. Homes in Mississippi now spend 66 days on the market before going under contract, up by 14 days from last year. These metrics highlight the current pace of the housing market in Mississippi, and provide insight into its affordability and buyer engagement.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: You have negotiation power thanks to the extended median days on the market. Despite the rise in home prices, you still have plenty of housing options to choose from. The slowdown in home sales also gives you room for better deals. So, whether you're looking for a family home in Jackson or a cozy bachelor pad in Gulfport, the current Mississippi market holds a lot of opportunities for you.
- If You're a Seller: If You’re a Seller: You can still make a profit, but the market can be challenging. With a 3.4% drop in home sales and longer median days on the market, you may need to adjust your expectations. Be prepared to offer concessions or price adjustments to attract buyers. Furthermore, selling now may help you avoid any future declines in home prices.
Median Sale Price
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Mississippi Housing Supply
The housing market in Mississippi is matching buyer demand with an increase in inventory. The number of homes for sale in the state has increased by 10.6% YoY, with 8,208 homes currently on the market. The number of newly listed homes also rose by 10.1% YoY, totaling 2,025 new listings. The market remains balanced with 6 months of supply, indicating neither an overwhelming advantage for buyers nor sellers at this time. More months of supply typically favor buyers, since they offer more room for negotiation.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: You reap the benefits of the increased inventory in Mississippi. The growing number of homes for sale gives you more options and could help stabilize home prices. This market shift may also give you more negotiating power as competition slows down.
- If You're a Seller: This may not be the best time to sell your house. With inventory on the climb, buyer demand could drop and result in fewer offers. If you do want to make a sale, ensure that your home stands out with effective staging and marketing.
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Mississippi Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. In January 2025, 10.1% of homes in Mississippi sold for more than the list price, down slightly from the previous year. This decline suggests that buyer competition is easing, and there may be more supply available for buyers to choose from.
On the other hand, 23.6% of MS homes saw price drops in January 2025, an increase from 22% this time last year. The 96.4% sale-to-list price indicates that sellers are receiving slightly less than their asking prices, pointing to a market with less urgency and more flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
On the other hand, 23.6% of MS homes saw price drops in January 2025, an increase from 22% this time last year. The 96.4% sale-to-list price indicates that sellers are receiving slightly less than their asking prices, pointing to a market with less urgency and more flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The Mississippi housing market shows a shift in your favor, giving you more negotiating power. With 23.6% of homes seeing price drops — up by 1.5 points YoY — you are unlikely to encounter much competition, making this a great time to find a favorable deal.
- If You're a Seller: You may need patience as only 10.1% of MS homes are selling above the list price. If you wait until spring or summer, when demand typically rises, you may see more competitive bidding. Right now, the Mississippi market favors buyers with more options and flexibility.
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Seller’s Market
Buyer: Supply exceeds demand, and homes stay listed on the market for longer, pushing sellers to offer concessions.
Is it a Buyer's or Seller's Market in Mississippi?
As of January 2025, the Mississippi housing market leans towards home buyers due to increased inventory and extended days on the market. With a YoY increase of 10.6% in homes for sale and 23.6% of homes with price drops, buyers have a great deal of leverage at the moment.
However, rising home prices may still challenge buyers' purchasing power, especially if mortgage rates remain elevated. The increase in new listings could attract more buyers, but overall, market trends suggest that buyers currently have the advantage in Mississippi. However, market conditions can vary by region and should be assessed locally.
Mississippi Housing Market Insights
Real estate in MS is currently experiencing a mix of trends. Home prices have risen by 9.4% year-over-year, reflecting ongoing demand. At the same time, the number of homes sold has decreased by 3.4%, suggesting some cooling in buyer activity. The increase in the number of homes for sale by 10.6% year-over-year means more inventory options for buyers. It also indicates that sellers are adjusting to the slower pace in the market.
Despite the rise in inventory, the market remains balanced with an average of 6 months of supply, which doesn’t overtly favor buyers or sellers. The fact that only 10.1% of homes sold above list price, combined with a 96.4% sale-to-list price ratio, suggests that buyers have more room to negotiate. However, the rise in price drops (23.7%, compared to 22% last year) shows that sellers are more willing to make adjustments in order to attract buyers. Mississippi’s housing market leans in favor of buyers at the moment. Looking ahead, it’s expected to continue evolving with ongoing shifts in buyer demand, housing supply, and pricing.
Despite the rise in inventory, the market remains balanced with an average of 6 months of supply, which doesn’t overtly favor buyers or sellers. The fact that only 10.1% of homes sold above list price, combined with a 96.4% sale-to-list price ratio, suggests that buyers have more room to negotiate. However, the rise in price drops (23.7%, compared to 22% last year) shows that sellers are more willing to make adjustments in order to attract buyers. Mississippi’s housing market leans in favor of buyers at the moment. Looking ahead, it’s expected to continue evolving with ongoing shifts in buyer demand, housing supply, and pricing.
Nationwide Migration Trends
Last year, Mississipians moved out to relocate to states like California and Maryland. Over 61,833 people relocated from the state to California and Alabama. There is also a conspicuous inbound trend, with DC gaining almost 64,610 new residents in 2023-24. The new residents primarily came from Alabama.
The average cost of living in Mississippi is 14.7% lower than the national average. The economic incentives, natural beauty, rich cultural heritage, and low cost of living drive migration to the state. There are plenty of affordable places to live in the state, like Jackson and Greenville, where median prices are below $100K.
The average cost of living in Mississippi is 14.7% lower than the national average. The economic incentives, natural beauty, rich cultural heritage, and low cost of living drive migration to the state. There are plenty of affordable places to live in the state, like Jackson and Greenville, where median prices are below $100K.
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Frequently Asked Questions
Will the housing market crash in Mississippi in 2025?
According to Mississippi housing market forecasts, it’s very unlikely that the market will crash in 2025. In fact, prices are projected to experience sustained growth through the year.
Are home prices dropping in Mississippi?
No, the value of Mississippi houses aren't dropping drastically, but they show varied local trends. Statewide prices rose 9.4% year over year in January 2025, and markets like Lyman and Richland saw significant gains. Experts predict that as inventory increases, price growth may moderate in certain regions, though overall home prices are not expected to drop significantly in the near future.
Where can you buy cheap property in Mississippi?
If you choose to move to Mississippi from expensive places like New York or California, you will save at least 40% to 60% on housing costs. Jackson ($95K) and Biloxi ($285K) are among the most affordable housing markets in the state. You can check the cheapest places to live in Mississippi before you make an investment.
Should I wait for some time before buying houses in Mississippi?
As a buyer, you can get a fair deal now, thanks to increased inventory and price drops. The average home price in Mississippi is $251,100. If you’re buying a house in Mississippi, you should first get pre-approved for a mortgage. You will also need to budget for a down payment of at least 10%
How can I list my home for sale in Mississippi?
You can list your home for sale with a Flat Fee MLS Mississippi listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Mississippi?
The average mortgage rate for buyers in real estate in MS fluctuates between 6.25% and 7.25%. When you apply for a mortgage, always check your credit score and the current interest rates with lenders
How does the Mississippi housing market compare to the national market?
The Mississippi housing market is currently outperforming the national market, with higher price growth and demand due to factors like inbound migration and favorable tax conditions. Moreover, the cost of living in Mississippi is 14.7% lower than the US average.
Is now a good time to buy or sell a home in Mississippi?
Check the current trends in housing prices and inventory in your city. Sellers can benefit from high demand and rising prices. However, if mortgage rates are stable with more than six months of supply, it’s the best time to buy a house in Mississippi.
How have home prices changed in Mississippi over the past years?
The average median price of homes in Mississippi have continued to rise over the past years, driven by high demand and low inventory. Prices in Mississippi have increased at an annual rate of 9.4%, with some regions seeing double-digit percentage growth. You can check your home’s fair market value with our free home value estimator to know where you stand.
What are the Mississippi housing market predictions for 2025?
The housing market in Mississippi is expected to stabilize in 2025, with steady price growth and rising mortgage rates. However, housing inventory is projected to increase enough to eventually stabilize the price growth
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