Jackson Market Report – April 2024

We’ve made it through the first few months of 2024 and spring is officially here. Real estate sales typically pick up this time of year, and I feel this year will be no exception.

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 Increased

In March, the median days on market for sold homes here in Jackson was 48. This was triple the 16 day median we experienced just the month before in February. With days on market increasing this significantly, it is more important than ever for sellers to have a strategic plan in place to properly prepare, price, and position their home for sale, placing them in the best position to maximize the return on their investment in their homes.

Number of Properties Sold has Increased

In February, there were only 17 closed homes sales in Jackson. However, in March, we saw this number more than double to 35. This can be credited, at least in part, to an increase in buyers entering the marketplace as we typically see in the spring. It’s also important to note that despite the increase in sales, the number of new listings coming on the market remained nearly flat. If sales continue to trend upward and new listings don’t do the same, we could see competition increase again in our marketplace as it already has in some markets. I believe that in our current market condition, 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

Along with the increase in sold properties, we also saw an increase in the median sale price. In March, the median sale price in Jackson increased to $290k from $286k in February. It is important to note, however, that the median original list price for the same period was $315k. This means that overall, properties sold for just 92% of their original list price. Taking into consideration the amount of time many of these homes had been on the market prior to selling (based on the increased days on market), the discounted sale prices are not surprising. It’s important for sellers to take these shifts into account and adjust their marketing plan in order 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.

Yes, real estate transactions can be complicated. But they don’t have to feel that way. When we work together, I use a proven system to get you from consultation to closing without unnecessary stress & worry. You deserve an agent who thoroughly understands your unique needs and can confidently guide you seamlessly through your real estate transaction—so you can focus on living your life!