Updated version of previous article: “Five-Year Housing Trend Oxford MS”
Buyers and sellers want to know how the real estate market is going.
“Is it a good time to make a purchase in Oxford, MS? What should I buy, a condo or a single-family home?”
“I’m ready to down-size. Is now the time to do so?”
While I cannot advise you definitely either way, I can make that decision easier for you. My latest reports are complete and ready for you to read.
Oxford Mississippi Real Estate 5-Year Trend in Sales for 2011-2015 highlights the single-family home market. It shows the average selling price for single-family homes has risen by approximately $83,000.00 and the average price per square foot is up around 33%.
The 2011-2015 Oxford Mississippi 5-Year Trend in Condo Sales report also shows us some exciting news. The demand for condos has risen greatly. The average number of days on the market has dropped by 105 days meaning these properties, both brand new and pre-owned, are getting snatched up quickly. Days on Market (DOM) basically means the number of days from listing to close, even if the property obtained an accepted offer the second day. Real estate is not taken off the market until the closing date, so this average includes cash deals, which close generally fast, and contracts with financing. Closings are currently taking up to 45 days since the new laws were enacted last year. Still, the demand for condominium properties is high. This can be attributed to the growth of enrollment at the University of Mississippi and lack of on-campus housing for upper classmen who move off campus to apartments and parent-owned condos in their Sophomore year. This trend can also be attributed to the Ole Miss football team doing well which seems to entice alumni families to invest in a second home property here in Oxford. No one knows for sure, but the statistics show a steady increase in prices and decrease in DOM.
Oxford has seen an uptick in new homes: both condos and single-family. Neighborhoods like Oxford Commons, Northpointe, Southpoint have added many new homes to our landscape. Condo communities such as Brighton Village, Musicians Quarters, 800 College Hill have given Oxford more condo options. And, the new Oxford Farms community is currently being developed for both condo and single-family living. Several rental/apartment communities have also been added to Oxford recently.
Ultimately, it is your decision to buy or to sell. If the decision is a matter of investment strategy, consult your investment professional first for some sound advice about your portfolio. Then if you want to make a move involving real estate, hire a real estate professional to help you out. If you simply want to downsize, a real estate professional can help you find the best new place to call “HOME” and help you sell your current house.
Download your copy of these reports here:
Information Herein Deemed Reliable but Not Guaranteed