January Market Updates for Madison & Gibson County
Every month, I expect there to be some kind of change in this crazy market – more inventory, things slowing down – something. But so far, every month… I’ve been wrong. January marks another month of low inventory, a fast moving market, and yes.. that’s right… we need houses. (I feel like a broken record here, so forgive me.)
In Jackson and Madison County, we are seeing the average days on the market at 32 days, which is down 52% in Jackson from January 2020 and down 49% in Madison County. We are down slightly on the amount of homes sold for January: 87 for Jackson (down 1%) and 103 for Madison County (also down 1%). This is no surprise, because we are way low on inventory: In Jackson, we only had 60 new homes to market in January (down 50% from 2020) and in Madison County, we only had 72 new homes to market (down 49%.) Because of this, we are seeing an increase in the median price: In Jackson, the median price is up 28% to $187,500, and in Madison County as a whole we are up 29% also to $187,500.
What do these numbers mean?! Well, despite being 50% down in homes put on the market in January, we stayed almost consistent (1% difference) with the amount of homes sold. This means that despite the low inventory, buyers are snatching up almost everything that is put on the market. This is causing median prices to rise for Jackson and Madison County, meaning it’s a great time to list.
In Medina and Gibson County, things don’t look quite so cut and dry, although the bottom line is still a lack of inventory. We are seeing average days on the market at 43 in Medina (down 24% from 2020) and 57 in Gibson County (up 1%). In terms of homes sold, in Medina there were 10 houses sold (down 23%) and in Gibson County there were 46 homes sold (up 31%). There were also a lot less homes put on the market, with 8 new homes to market in Medina (down 27%) and 41 new homes in market in Gibson County (down 43%). The median prices are the most confusing number, at $172,450 (down 14%) in Medina and at $157,450 in Gibson County (down 8%), though this has more to do with the homes that were put on the market and their values.
Now that I’ve given you the numbers, let me share from my perspective: There is nearly nothing available on the market in Medina right now. I have three qualified buyers who have been waiting for a home to come available in Medina for months now, and there is nearly nothing available for them. I have been scouting homes like crazy, without much success. If you are a seller in Medina – for one, contact me – now is your time. There is nearly no competition, which allows you to ask more, and there are many pre-qualified buyers ready to jump on the next thing that comes available. If you are simply curious about what it might look like to sell right now, or what homes would be available for you to move into, text me at 731-697-8558 – I’m happy to talk through options with you. For more information on selling, see my “getting in the market” page.
For my buyers: This does not make for a hopeless situation for you. I am still helping people get into homes that meet all their needs, and I’ve still got plenty of happy customers. It is just taking a little bit longer. But, with the interest rates as low as they are right now, it’s still a great time to buy. However, as buyers, you have to be ready to move: Make sure that you are prequalified (see my list of recommended lenders) and know what you are looking for. Be ready to make some last minute plans to go see a showing, and if you would be truly sad to lose out on a house, do not hesitate. Things are going pending crazy quick, so if you think you might be interested, let’s get in right away. For more details on the home buying process, see my detailed line of events for buyers.
At any point, if you have any questions about buying or selling, please don’t hesitate to reach out. 731-697-8558 is my cell, and you can reach me at the office at 731-668-1777. My email is kimberly@kimberlyevans.com. Let’s talk!
