It’s time for a midyear snapshot of our Mississippi Gulf Coast market and a quick word on what to expect for the rest of 2019.
In today’s market update, we’ll look at where our market stands at the midway point of 2019 and what we can expect throughout the rest of the year.
Overall, we had a nice spring and things look good at the moment. The average list price is $170,000, and prices are appreciating overall, but not at an over-inflated rate. Inventory, meanwhile, is low but not too low, and there’s a lot of new construction happening that’s helping to stabilize it. In July and early August, we typically see a market slowdown, but I anticipate activity to pick back up later this month and into September and set us up for a strong fall season.
The average list price is $170,000, and prices are appreciating overall, but not at an over-inflated rate.
Interest rates are still below 4%, and they are expected to remain low for the next couple of months and perhaps the rest of 2019. If you’re a buyer, this makes now a great time to buy. In a broader sense, the economy is strong all across the country—the unemployment rate is low and wages are increasing. I already mentioned that there’s a lot of new residential construction happening here on the coast, but there’s also a lot of commercial construction going on.
There’s talk of a recession happening within the next 18 to 24 months, but the good news is that this won’t happen because of any sort of housing crisis.
The bottom line is this: It’s a great time to be a buyer and we’re anticipating a great fall market. If you’re thinking of selling your home and wondering whether you should list now or wait until 2020, don’t hesitate to give me a call so I can advise you on your best course of action. Remember, we just opened up our new office at 3516 Sangani Blvd., Suite G, D’iberville, Mississippi, 39540, so we’d love for you to stop by so we can take care of any other real estate needs you have.
As always, if you have any other questions about our market or know anyone else thinking of buying or selling a home, feel free to reach out to me as well. I look forward to hearing from you.