Welcome to the Jackson 2023 Mid-Year Report.
The first half of 2023 continues to be a story of limited inventory, increased home prices, and national real estate trends remain a hot topic. While it continues to be a seller’s market in the Madison County area, we are seeing a very slight increase in concessions for buyers and number of days on market for sales. So goes the law of supply and demand: with buyers taking more time to find the perfect property as a result of increased interest rates, the days on market begin to lengthen. This increase in days then generates a slight increase in inventory.
National Association of Realtors (NAR) is reporting that total housing inventory nationally was up 3.8% at the end of May, but down 6.1% from one year ago. Unsold inventory sits at a 3-month supply at the current sales pace, up from 2.9 months in April, and 2.6 months in May 2022. In the Jackson hub city area, we have seen a 36% decrease in single family home sales for the first half of the year compared to the same period in 2022 — with a 6% increase in average home sale prices.
As trusted professional advisors at Nest Realty Jackson, we strive to instill market knowledge in our clients so they feel confident knowing they made the best decision for themselves and their families.
Please find the downloadable PDF version of our full Jackson area Mid-Year Report here: Jackson_MYR_2023