For the month of May in the Jackson area, we are seeing nearly identical trends for both Jackson city limits and Madison County as a whole. We have fewer homes to market this year compared to 2019 (down 30% to 112 homes in Jackson and down 27% to 125 homes in the county) as well as less overall homes sold (87, down 29% in Jackson and 98, also down 29% in Madison County.) The virus is leading to homes staying on the market just a bit longer, 49 days (Jackson) and 47 days (County), up 7% and 4% from 2019. Lower inventory is leading to higher median prices, creeping up 28% in Jackson to $169,900 and 24% in Madison County to $167,400.
For those of you looking for a home, you really need to be ready to move quickly. The agents in my office and I have been seeing homes that go on the market and get multiple offers within a day of being listed, and homes are going pending faster than ever. If you are just starting to look, make sure you are prequalified through a lender. I have some excellent lenders listed on my resources page, as well as a broken down explanation of the home buying process on my purchasing tab that would be a huge resource for you.
If you are looking to sell, I’d love to meet with you to discuss how the current market trends would impact your price as well as how we could market your home in the market to move quickly. For more information on my process, check out my listing page, or visit my about page to read some reviews from my clients.
To discuss how these trends affect you specifically, give me a call at 731-697-8558 or 731-668-1777.