Jackson Market Report – February 2024

Buyer activity picked up in January, with the holiday season behind us.  Here are the top things to know about the Jackson area real estate market right now:

Days on Market have Decreased

In January, the median days on market for sold homes in Jackson decreased once again to 13. This is a decrease of 3 days from the median of 16 we had in December of last year. This downward trend in the number of days listings are taking to sell, is positive news for sellers. In the current market, sellers who have a strategic pricing and marketing plan are still in the best position to maximize the return on their investment in their homes.

Number of Properties Sold has Increased

Jackson had 19 closed home sales in January, which is an increase over the 17 that were sold in December and tied with November’s sales. Although sales had slowed down over the holiday season, the new year seems to be off to a promising start. There is an opportunity for properly positioned homes to stand out among the competition to attract motivated buyers looking to purchase right now.

Median Sale Price has Increased

The median sale price for January 2024 in Jackson increased to $261k. This was a significant increase over the $208k median from December, but still down significantly from the 12 month high of $350k we saw in November 2023. As it stands right now, November’s median was an outlier and not an indication of an emerging trend. This new median brings us closer to the median prices we saw throughout most of 2023. I will continue to follow the direction these numbers trend going forward. It’s important for sellers to keep informed of these shifts and have a strategic marketing plan to maximize their sale price and sell in the fewest days possible.

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.