Mississippi Real Estate Market Trends & Analysis

The Mississippi real estate market has been impacted by the same inventory crisis facing the rest of the country. While improving economic conditions and attractive mortgage rates have spurred more prospective buyers to participate in the market, there simply aren’t enough available properties for sale. As a result, prices have increased steadily since 2014.

Despite nearly six consecutive years of appreciation, however, real estate in Mississippi is still considered to be very affordable. With a median home value well below the national average, more people can afford to buy a house in Mississippi. Not only that, but there’s reason to suspect Mississippi real estate will appreciate at a faster rate than the national average—albeit modestly.

Mississippi Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Title Companies, Lenders, Real Estate Agents, Attorneys
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 2 - 3 months
Notice of Sale: Trustee
Redemption Period: None

Taxes

Income Tax: 3% - 5%
Corporate Tax: 3 - 5%
Sales Tax: 7.00%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.52%
Property Taxes by County: http://www.tax-rates.org/mississippi/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,560.00
Transfer Fee: No Fees
Origination Fee: $1,931.00

Overview

  • Median Home Value: $129,300
  • 1-Year Appreciation Rate: +5.0%
  • Median Home Value (1-Year Forecast): +2.3%
  • Median Rent Price: $1,135
  • Price-To-Rent Ratio: 9.49
  • Average Days On Market: 71
  • Unemployment Rate: 5.2% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 2,986,530 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $42,009 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 13.87%
  • Foreclosure Rate: 1 in every 4,166

Mississippi Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Lien State
  • Interest Rate:18% (=1.5% per month)
  • Redemption Period:2 Years