It is a seller’s market in Oxford, MS.
That means there are fewer homes than buyers, even during this typically slower time of year, so higher demand can mean higher prices. In some cases buyers are scrambling and often competing for the same house which means the seller gets the price they want. There are exceptions based on a house that is definitely overpriced in its neighborhood. Mostly, and unfortunately, this overpricing is done by the for-sale-by-owner crowd because these sellers don’t have the advantage of a professional’s pricing strategy. But once in a while the overpricing is done by the buyer who doesn’t quite trust his or her agent. Consequently the house sits for a while waiting to be sold. Since Mississippi is a non-disclosure state, selling prices are kept as private information. Popular on line, national real estate websites do not have this information. The local Oxford real estate professional does have that information and the statistics to help their sellers price homes appropriately.
For the seller, even if you know the overall uptick of housing sales prices for the general area, the individual neighborhoods may have their own statistics. A popular neighborhood may increase in sales value quicker than an older, stable neighborhood. Homes that need extensive interior updating (new kitchen, bath) may find themselves accepting a lower price than their neighboring homes which are updated. Your real estate professional can guide you through that process.
Oxford sees housing price upticks differently in each housing category: condos, single-family homes, land and commercial. Condos might be super popular at a particular time of year; single-family homes might show their uptick during another time. And land seems to be at a premium at any time.
The following chart shows a sample of the uptick in housing for just the years 2015-2016 in the entire Lafayette County area but it is not the whole story. This includes houses in both the county school district and Oxford school district and does not include condos. Twenty-sixteen was an interesting year in real estate and the stats for 2017 aren’t in yet. So please don’t think you can sell your house at 14% higher than you purchased it just by looking this chart. You really need the whole story which could be a 5-year trend analysis by school district or by housing type or, in some cases, simply a neighbor comparative analysis for the past 6-12 months. If you are interested in condos, this chart doesn’t apply. So reach out to your real estate professional that you trust, or me if you don’t have one, for more information so you can price your home appropriately before trying to sell it. There can be nothing worse than having your house sit for a while on the market and then have a price reduction. Buyers may wonder what’s wrong with it.
|Year||Average List Price||Average Selling Price||Average Sold/List Percentage||Average Price Per Square Foot||Average Number of Days on the Market|
Oxford, Mississippi, Real Estate Trend in Single-Family Home Sales
Source: North Central Mississippi Board of Realtors® MLS
Includes single-family homes exclusive to Lafayette County and both Lafayette and Oxford School Districts
© 2017 Market Trends in Oxford MS All Rights Reserved
Information Herein Deemed Reliable but Not Guaranteed
If your property is currently listed with another real estate broker, please disregard this notice. It is not our intention to solicit the listings of other brokers.
Eileen Saunders, SRES(c) REALTOR with Tommy Morgan Realtors 2092 Old Taylor Road Oxford, MS 38655 662-404-0816/662-234-5344 firstname.lastname@example.org Equal Housing