FOR IMMEDIATE RELEASE
Contact: Nita Martin 
601-948-1332 ext. 12 
02/17/17
 

January 2017 Residential Real Estate Market Report 
The New Year Welcomes a Spike in Pending Sales & New Listings in the Jackson Area

 
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(Jackson, MS) In spite of mounting political frenzy, an enthusiasm for the year ahead welcomed a surge of new home buyers and sellers in the Jackson metro area last month. The Central Mississippi MLS' January Market Heartbeat reported Pending Sales were up 53.9 percent in its ten-county area. Housing Affordability increased by 7.7 percent to an index of 176 as the Median Sales Price dropped by 10.8 percent to $146,750.

Home sellers in the Central Mississippi area remained encouraged as the January Market Heartbeat reports an average of 95.4 percent of listing prices were received over an average of just 114 Days on Market.

For the Hinds, Madison and Rankin areas, New Listings increased by 11.2 percent to 635 units. The Median Sales Price for the tri-county area dropped by 10.7 percent to just $150,000. 
 
NAR President William E. Brown, a Realtor® from Alamo, California, says prospective buyers will likely see competition in their market increase even more this spring. "The prospect of higher mortgage rates and more home shoppers in coming months should be enough of an incentive for those serious about buying to start their search now," he said. "There are fewer listings on the market, but also a little less competition than what's expected this spring. Buyers may find just the home they're looking for at a good price and without the possibility of having to outbid others."

National Stats
The national median existing single-family home price in the fourth quarter of 2016 was $235,000, which is up 5.7 percent from the fourth quarter of 2015 ($222,300). The median price during the third quarter of 2016 increased 5.4 percent from the third quarter of 2015.

Regional Stats
Existing-home sales in the South increased 2.6 percent in the fourth quarter and are 5.4 percent higher than the fourth quarter of 2015. The median existing single-family home price in the South was $210,500 in the fourth quarter, 7.9 percent above a year earlier.

Here's a YTD snapshot of Hinds, Madison & Rankin Counties
County  New
Listings 
Closed Sales  Median Prices  Inventory
Units 
Months Supply 
Hinds  209 110 $110,000 951 6.3  
Madison  190 77 $198,500 781 6.1
Rankin  236 99 $155,000 727 4.3
(all figures are year-to-date) 

For more statistics throughout the Jackson Metro Area and Central Mississippi, view the CMMLS January 2017 Market Heartbeat here.   View the REALTORS' ┬« latest statistical release here.  

About Central Mississippi MLS, Inc.
Central Mississippi MLS Inc. and Central Mississippi REALTORS ┬« are 
"The Voice for Real Estate in Central Mississippi"  and represent the largest real estate association in the state of Mississippi serving more than 1,800 licensed real estate professionals across ten counties of Central Mississippi (Hinds, Madison, Rankin, Yazoo, Holmes, Attala, Leake, Scott, Simpson and Copiah).  To learn more about CMMLS, visit centralmsrealtors.org or call 601.948.1332.  
 
1 Housing affordability is measured by the percentage of the median household income that is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. An index of 165 means that the median household income was 165% of what was necessary to qualify for the median-priced home under prevailing interest rates.
 
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