After years of record home price appreciation and lightning fast home sales, the market appears to be cooling in response to the Fed’s strategic rate hikes, but some popular homebuying hubs remain red hot, according to Forbes. As sales in other parts of the U.S. slow, markets like Jackson, Mississippi are instead seeing heightened competition and a faster pace of home purchases.
The median days on the market for a Jackson home sold in May was just seven days, down 90.9% from the May 2021 median of 77 days. Meanwhile, home sales jumped from 81 closings in May 2021 to 132 in May 2022, a year-over-year increase of 63%.
The capital of Mississippi, Jackson is watching houses fly off the shelf in its housing market. Indeed, according to WLBT news, the Jackson housing market is more competitive than ever before. In May 2019, the median days on market for a home in Jackson was 121 days; in May 2020, it was still a long time, with a median of 105 days on market. The change from May 2020 to May 2021 was already impressive: A decline of 26.7%, from 105 median days on market in May 2020 to a median of 77 days on market in May 2021. But from last May, the pace of homes going off the market picked up dramatically.
For the full list of the top 10 hottest housing markets …