Are you thinking of buying or selling property in Desoto County, Mississippi? The housing market is booming in the northwest corner of Mississippi, and you need to know whether the market is in your favor.
Luckily, this guide to Desoto County real estate trends and forecasts will give you all the information you need about the current market conditions in Olive Branch, Southaven, and Hernando, including house prices and whether the market is favoring buyers or sellers.
Keep reading to find out where the market is headed for next year, with information on the forecasts and predictions for DeSoto County real estate.
Real Estate Trends In DeSoto County
Before we get into the forecast and predictions for real estate in DeSoto County, let’s look at current market trends.
House Prices
The current average sale price in DeSoto County is around $300,000, up by 22.4% from last year. Houses usually stay on the market for an average of 16 days. House prices are rising, and new properties are generally worth less than $300,000. Rent is also on the rise, though not as much. Here’s a look at the market conditions for individual regions within DeSoto County.
Olive Branch
Olive Branch is seeing a similar, though a slightly higher, increase in property price, with the average sale price being around $327,000, and this figure is up by 29.4% from last year. This means that properties are increasing in value at a higher rate than other areas within DeSoto County.
Southaven
Southaven’s housing market is seeing a more balanced and steady rise in house prices, with the average sale price being $ 262,000, increasing by 14.9% since last year. The housing market is still strong in Southaven, though not growing as quickly as Olive Branch.
Hernando
Hernando’s housing prices remain strong with a steady growth as the average sale price reaches $329,000, a figure up by 24.3% from last year. Like the rest of DeSoto county, Hernando sees solid increases in housing prices.
Buyer’s Market Or Seller’s Market?
DeSoto County is currently seeing the most prominent seller’s market in decades, with realtors astonished at how many offers are being presented for each house put on the market.
Along with the rising house prices, there is currently a rise in rental costs in DeSoto County, pushing younger people towards becoming buyers and getting onto the property ladder. This means an increased demand for properties in the DeSoto area.
Since new builds constructed in the area are generally above $300K in price, there is an increased demand for less expensive properties. The competition is driving lower-priced houses to sell above asking.
In April, Alicia Teeter, a realtor for Keller Williams made a statement in an interview with Action News, stating that ‘my joke is that I can sell a house with no roof in a rainstorm right now, and it would sell with multiple offers’.
Since then, house prices have only risen as the market gets even more competitive, particularly in the booming Olive Branch area. Will the market continue to favor sellers, and will house prices continue to increase in DeSoto County throughout the next year?
Forecast For The DeSoto County Real Estate Market
One of the most widely held forecasts for the Mississippi housing market in 2022 predicts that supply and inventory will remain relatively low, and the price increase will remain robust but possibly slower than last year.
The market will likely remain a seller’s market, with the percentage increase in double digits. One of the concerns relating to the real estate market in 2022 is housing affordability.
The housing supply in America is the lowest it has been since the 1970s, and this is due to millennial homeownership, rising building prices, and starter homes being snatched off the market.
The pandemic has encouraged more remote and hybrid working models, which has increased the demand for houses in low-density and suburban areas. In addition to this, mortgage rates have become lower, increasing the number of people who can afford to purchase homes.
The competition is greater for detached single-family homes that provide more space and privacy than their semi-detached counterparts.
The forecast for 2022 predicts that the housing market is bound to curb. The market should be gentler for buyers than the previous year, making the general outlook less pessimistic for those looking to purchase property this year.
Summary
The housing market in DeSoto County has been the most significant seller’s market seen in decades and has increased in growth significantly since last year.
Home values remain in the vicinity of $250K- $300K, with most new homes adhering to this value. Home prices will start to increase less heavily in the following year, easing the current housing market’s strain on buyers.
