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Home Values Declining in Mississippi Amid Coronavirus Crisis
See how the housing market is doing in the Magnolia State during COVID-19.
Current home values in Mississippi
Home values have been declining throughout Mississippi and are down -0.8% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $265,164, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Mississippi: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $265,164 home at 3.33% would give a typical Mississippi homebuyer a monthly payment of $933, assuming a 20% down payment.
How the Mississippi housing market stacks up
Older Mississippi couple can enjoy time near the river and still be close to a big city
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Mississippi, they're predicted to rise 3.4%.
Homes right now are going on the market in Mississippi at a median price of $98 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Mississippi home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $127,248 |
| 2019 | $128,250 |
| 2018 | $121,875 |
| 2017 | $115,425 |
| 2016 | $110,525 |
| 2015 | $103,558 |
| 2014 | $97,875 |
| 2013 | $100,875 |
| 2012 | $103,833 |
| 2011 | $109,867 |
| 2010 | $115,267 |
| 2009 | $109,800 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Mississippi is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $245,179 |
| 2019 | $192,500 |
| 2018 | $187,500 |
| 2017 | $175,000 |
| 2016 | $167,500 |
| 2015 | $160,000 |
| 2014 | $150,000 |
| 2013 | $152,500 |
| 2012 | $157,500 |
| 2011 | $157,500 |
| 2010 | $165,000 |
| 2009 | $162,500 |
*2020 price average through March 31, 2020.
