Market Conditions

As of early 2024, the Jackson housing market shows a median listing price of approximately $2.9 million, with an average price per square foot of around $1,300. This marks a significant market correction from the previous year, indicating a 21.8% decrease in the median listing price. Despite this, the luxury market remains strong, driven by high demand for premium properties.

Source: Realtor.com and Zillow Economic Research

Recent Sales and Listings

The average days on market for homes in Jackson has seen a notable increase, now averaging 159 days. This suggests a slower pace of sales, likely influenced by the high price points and economic factors. However, properties that are competitively priced continue to attract buyers, with several high-profile sales recorded in recent months.

Source: Realtor.com and Zillow Economic Research

Market Trends

Despite the slowdown in transaction volume, the Jackson real estate market remains robust, with total transaction values for Q1 2024 reaching $369.9 million, a 49% increase compared to Q1 2023. This indicates a market where fewer, but higher-value properties are being sold. The inventory has also seen a slight increase, providing more options for discerning buyers.

Source: Realtor.com and Zillow Economic Research

Outlook for Buyers and Sellers

The Jackson real estate market continues to present opportunities for both buyers and sellers. Sellers with premium properties are likely to benefit from the high demand and limited supply, while buyers have a wider range of listings to choose from compared to previous years. The market dynamics suggest that both parties can find favorable conditions, especially with proper pricing and strategic marketing.

For ongoing updates and more detailed information, platforms like Zillow and Realtor.com are recommended for the latest data and trends.

Source: Realtor.com and Zillow Economic Research