Jackson Market Report – May 2024

Can you believe May is halfway over already? We’re entering into graduation season, and schools will be out for summer vacation before we know it.

Our homes serve us well over the years, but as life changes, you might decide it’s time to move. The idea of moving into the home that fits your lifestyle now sounds appealing. But first, you know you want to maximize your sale price.

You’ve put too much into your home over the years to leave money on the table. As you consider selling, you deserve insight and guidance from an expert in your local market. Here are the top things to know about the Jackson area real estate market right now:

Days on Market have Decreased

In April, median days on market for sold homes decreased by 5 to 43 days. Even with this moderate decrease, homes are taking much longer to sell overall than we’ve seen in recent years. As the pace of sales has slowed down, it is becoming increasingly important for sellers to have the right strategy in place to prepare, price, and position their home in order to attract buyers’ attention and sell quickly.

Number of Properties Sold has Increased

There were 37 closed sales in April, up just 2 from 35 closed the month before. During this same time period, we saw the total number of available properties increase by 15.  With the increase in new listings increasing at a faster pace than the increase in sales, we’re seeing a shift toward a more balanced market. In the current market, sellers should focus on making sure they’re working with a professional that knows the local market and will ensure their home is positioned in a way that reaches and appeals to as many potential buyers as possible.

Median Sale Price has Increased

Along with the increase in sold properties, we also saw an increase in the median sale price. In April, the median sale price in Jackson increased to $295k from $290k in March. Even so, this sale price was only 95% of the median original list price for the same time, showing that sellers are still accepting offers below their asking price in order to make the deal work. It’s important for sellers to work with an agent who is monitoring these shifts, so they can set the right price from the start and maximize sales price while minimizing days on market.

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.