Home » MBJ FEATURE » Central Miss. houses are a ‘sellers market’
This four-bedroom, three-bath house at 5304 Suffolk Dr. In Jackson lists for $270,000./Photo by Jack Weatherly

Central Miss. houses are a ‘sellers market’

» Some going for above listed price

By JACK WEATHERLY

Buyers are snapping up houses in central Mississippi, sometimes paying more than the listed price.

And houses are staying on the market for a shorter period, according to the Central Mississippi Realtors Association, which represents 10 counties.

The median sales price rose 5.5 percent in May, compared with a year earlier, the association reported in its monthly Market Heartbeat survey.

That price, meaning half of all prices were above it and half below it, was $201,250, compared with $190,750 in May 2019.

Houses stayed on the market five fewer days last month – 67 versus 72 in the corresponding month in 2019.

Sellers “have been showing a bit more reluctance to list their homes than is typical for this time of the year,” the report says.

New listings fell 17.4 percent from a year earlier, according to the report.

But trends are improving and as [the state] and localities continue to moderate their covid-19 policies.”

Meantime, the inventory slipped 34.6 percent to 3.2 months, compared with a year earlier.

A bright spot in the report is that pending sales, those awaiting closure, are up 33.8 percent over May 2019, said Katie Warren, president of the association for this year.

The June report will reflect those closures, Warren said in an interview.

Overall, “it’s a full-blown sellers market,” Warren said. 

Covid-19 is “going to change the way we do business,” she said. While she personally has not sold a house through a virtual showing, it does happen.

Another indicator, inventory, will “remain low,” Warren Warren predicted.

All because of the caution of so many homeowners who fear that someone will bring Covid-19 into their house.

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About Jack Weatherly