Jackson Real Estate Weekly Update

As mortgage rates rise in concert with Fed rate hikes this month, fears over the price of the US housing market to tens of millions of potential buyers continue to mount.

The interest rate for a 30-year fixed rate mortgage is around 6%.

And not only is it getting more expensive to borrow money, but most real estate investors and builders said they don’t expect house prices to fall significantly, but rather rise at a slower pace.

There are signs this week, however, that the real estate market is shifting ever so slightly towards the buyer. Data from May shows homebuilders have begun to lower prices for newly built homes as demand cools.

Home sales in May were down 8.6% year over year, according to the National Association of Realtors. This is the fourth consecutive month of decline in activity. May also saw the median home price break $400,000 for the first time in history.

“We’re not going to see distressed sales, but we could see a drop in prices if the economy is so badly hit that buyers just can’t afford the high prices that sellers want,” he said this week. Redfin’s chief economist in response to the release of housing data from May.

To help you stay up to date on the market, ZeroDown has compiled a weekly real estate market report for the Jackson, MS metro area using data from Redfin. The stats are from the four weeks ending June 19, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.

Konstantin L // Shutterstock

Median selling price

Jackson, MS Metro Area:
– Median selling price: $268,875
– Change over one year: +9.6%

Metros with the highest median sale price
#1. Metro San Francisco, California: $1.6 million
#2. Metro San Jose, California: $1.5 million
#3. Santa Cruz, CA metro area: $1.2 million

Subways with the lowest median sale price
#1. Davenport, IA metro area: $127,375
#2. Bay City, MI Metro Area: $136,438
#3. Cumberland Metropolitan Area, MD: $138,338

Volodymyr Kyrylyuk // Shutterstock

Median selling price per square foot

Jackson, MS Metro Area:
– Median selling price per square foot: $144
– Change over one year: +12.5%

Subways with the highest median selling price per square foot
#1. Metro San Francisco, CA: $1,111
#2. Kahului, HI metro area: $945
#3. Metro San Jose, CA: $917

Subways with the lowest median selling price per square foot
#1. Pine Bluff, AR metro area: $86
#2. Carbondale, Illinois metro area: $86
#3. Peoria, Illinois metro area: $87

scarp577 // Shutterstock

Sales/list price ratio

Jackson, MS Metro Area:
– Average ratio of sales to current price: 1.00
– Change over one year: +0.01

Metros with the highest sales/list price ratio
#1. Rochester, New York Metro Area: 1.17
#2. Buffalo, NY Metro Area: 1.11
#3. Oakland, CA metro area: 1.10

Metros with the lowest sales/list price ratio
#1. Springfield, Missouri Metro Area: 0.91
#2. Pine Bluff, AR Metro Area: 0.96
#3. Lake Charles, LA Metro Area: 0.96

ungvar // Shutterstock

Homes sold with price reductions

Jackson, MS Metro Area:
– Houses sold with price reductions: 15.3%
– Change over one year: +15.3%

Metros with most homes sold with price cuts
#1. Beaumont, Texas metro area: 25.9%
#2. Pass Grants, Metro GOLD: 25.6%
#3. The Villages, Florida Metro Area: 25.4%

Metros with the fewest homes sold with price reductions
#1. Springfield, Missouri metro area: 0.0%
#2. Elkhart Metropolitan Area, IN: 0.0%
#3. Columbia, Missouri Metro Area: 0.0%

Production at 4 p.m. // Shutterstock

Out of market in two weeks

Jackson, MS Metro Area:
– Out of market in two weeks: 63.7%
– Change over one year: +62.0%

Metros with the most homes off the market in two weeks
#1. Rochester, New York Metro Area: 87.0%
#2. Kalamazoo, Michigan metro area: 80.3%
#3. Wichita, Kansas metro area: 80.1%

Metros with the fewest homes off the market in two weeks
#1. Urban Honolulu, HI metro area: 1.6%
#2. Oshkosh, Wisconsin metro area: 3.9%
#3. Corvallis Metropolitan Area, OR: 4.0%

FOTOGRIN // Shutterstock

Months of supply

Jackson, MS Metro Area:
– Months of supply: 7.0 months
– Change over one year: -5.4 months

Metros with the most months of supply
#1. Lake Charles, LA Metro Area: 220.1 months
#2. Springfield, MO metro area: 71.1 months
#3. Joplin, MO Metro Area: 47.8 months

Metros with less months supply
#1. Greenville, North Carolina metro area: 3.6 months
#2. Wichita, Kansas Metro Area: 4.0 months
#3. Columbus, IN metro area: 4.0 months

This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.

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