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 couple overlooking river
XinXinXing / Shutterstock
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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."