Desoto County, MS – 1/3/2024 – Tracy Kirkley, a trusted real estate professional in Desoto County, Mississippi, has released an insightful and comprehensive analysis of the 2023 housing market, providing valuable insights for both buyers and sellers in the region.
General Home Sales Dynamics
Tracy’s report highlights the year’s dynamic shifts. The total homes sold decreased 21%, from 3,368 in 2022 to 2,664 in 2023, while the average selling price saw a slight increase to $335,933, and the cost per square foot rose 4% to $153. The average days on the market before selling increased from 17 to 43 days, indicating a more deliberate pace in the market.
Existing Homes vs. New Construction
The analysis dives deep into the specifics of existing homes and new construction. In 2023, existing homes saw a 2.8% increase in the average price per square foot to $147/sf, with an increased market duration to 27 days (vs 13 days in 2022). New constructions, while fewer in sales, saw a 5.7% price escalation to an average of $166/sf, reflecting the quality and demand in this sector. In both 2022 and 2023, new construction sales made up 32% of all sales.
Closing Costs Contributions
A notable trend in 2023 is the increased participation of sellers in buyers’ closing costs, particularly in new construction, where, in December 2023, 68% of builders contributed an average of $9,757. In existing home sales, 54% of sellers contributed an average of $7678 to buyers’ closing costs. This shift is indicative of the market’s adjustments to higher interest rates and buyer affordability challenges.
Understanding the Market Shifts
The report interprets these changes as a market shift towards a more tempered pace, with a slight increase in average sold prices but fewer overall sales and extended market times. The rise in seller contributions towards closing costs is seen as a strategy to encourage quicker sales or offset higher
Influence of Interest Rates on the 2023 Market
The impact of fluctuating interest rates throughout 2023 is evident in the reduced number of sales and increased seller contributions. Tracy notes the initial volatility of mortgage rates, followed by a steady rise, which affected buyer affordability and market dynamics.
Recent Trends and Future Predictions
As 2023 closed, mortgage rates began to decline, signaling potential for increased affordability and buyer activity in 2024. Tracy predicts that if inflation continues to decelerate and the Federal Reserve lowers rates, the Desoto County market could see a resurgence in buyer activity and potential price escalations.
Navigating the 2024 Market
Tracy advises potential buyers and sellers to stay informed and prepared for these shifts. For buyers, the upcoming months may present a more favorable opportunity, while sellers might benefit from the anticipated rise in buyer activity.
For a personalized approach and deeper understanding of how these trends could impact your real estate decisions, contact Tracy Kirkley directly at 901-210-8045, Crye-Leike 662-895-8300, or via email at firstname.lastname@example.org.
About Tracy Kirkley:
Tracy Kirkley is 22-year real estate veteran and a top-producing agent in Desoto County, known for her in-depth market knowledge and commitment to providing exceptional service. With years of experience and a keen eye for market trends, Tracy is dedicated to helping her clients navigate the ever-evolving
real estate landscape.
For further information, please contact:
Phone: 901-210-8045 / 662-895-8300