Mississippi Housing Market 2023 Report

Hannah Griffith
14 min read
January 13, 2023
Mississippi House prices

What’s the Mississippi Housing Market Like?

Home prices in Mississippi have appreciated 22.0% higher than the national level from last year. Looking back three years at the median price in October 2019 compared to October 2022, prices have increased 40.4% in Mississippi VS 35.8% nationwide.

 As of October 2022, the median price for a home in the state was $247,800, which is up 6.1% above last year’s median price. Comparing prices over the last three years, we can see they have decreased -2.3% from the peak of $253,600 in Jun-2022.

Sales volume has also decreased recently. In October 2022 1,211 homes were sold in the state of Mississippi, a decrease of -18.3% from the previous month.

Comparing year-over-year, we saw a decrease of -14.4% sales from October 2021, when there were 1,415 home sales.

 The number of sales peaked at 1,768 sales in Jul-2020; compared to October 2022’s numbers, we are down -31.5% in the number of homes sold from the height of sales activity of the last three years.

It is clear that the recent steep rise in mortgage rates has curved sales activity and shrunk affordability, and the result has been a drop in home prices in Mississippi.

Mississippi Housing Market

How Does The Mississippi Housing Market Compare to the National Housing Market?

The Mississippi housing market is similar to other markets because supply and demand drive housing prices. Mortgage rates also impact Mississippi in a similar way as the rest of the nation.

Mississippi’s home prices and sales numbers have begun to slow down along with the rest of the country. Differences in the regional economy of some of Mississippi’s metro areas make those markets more vulnerable and others more resilient to the current economics.

The current median price of homes in Mississippi is $247,800 compared to the national median sales price of $397,549. Over the past three years, the median price of homes in Mississippi has increased by 40.4% compared to the national average of 35.7%

Mississippi Metro Areas With The Hottest Housing Markets

The state of Mississippi has seen slightly above-average growth in housing demand in recent years. Consequently, prices had also gone up at a good pace.  There are some areas within the state that have outperformed others though.  We will look at the cities with the highest increase in the median price year over year.

The top markets with the highest appreciation rate:

  1. Bay St. Louis
  2. D'Iberville
  3. Brandon
  4. Pearl
  5. Hernando

Bay St. Louis

Bay St. Louis is the county seat of Hancock County and is located on the Gulf Coast on the west side. According to the 2010 Census, Bay St. Louis' population was 9,260. This charming seaside town has been named one of the 'Coolest Small Towns in America" by Budget Travel. This unique city embraces the history of the Coastal Mississippi region, from the friendly people to the historic buildings.

 Bay St. Louis’s home prices have been doing quite well over the last few years; in fact, Bay St. Louis topped the list of cities in Mississippi with the largest increase in prices in 2022 with an increase of 74.4% from the prior year.  For 2022, October’s median price was $382,000.

 In October of 2022, there were 20 homes sold in Bay St. Louis, down -25.8% from the same period in 2021.

The median days on the market in October 2022 was 23, which indicates a seller's market by today’s standards. Compared to October 2021, the median days on the market is down -25.8% compared to October 2022.


D'Iberville city is situated in Harrison County and had a population of 9,486 as of the 2010 Census. Most people in D'Iberville rent their homes, giving them a dense suburban feel. There is a Northgate shopping mall and several recreational facilities in Shepard State Park. Tourists and locals alike enjoy visiting the Walter Anderson Museum of Art and the Mardi Gras Museum in the area.

The D'Iberville Real Estate market is currently a very competitive market. In October 2022, there were 33 homes sold with a median price of $289,120. The median home price in D'Iberville has increased 69.6% from October of 2021, while the number of homes sold was 33, a 3.1% increase compared to the same month the year before.

The median days on the market in October 2022 was 38, and it’s down -5.0% compared to Sept 2021. 


Brandon city is in the county seat of Rankin County and part of the Jackson Metropolitan Statistical Area. The city of Brandon is the 2nd safest city to live in Mississippi. With a population of 24,088, living in Brandon provides residents with a sparse suburban feel, and most own their homes.

Brandon is considered a very competitive market right now. In October 2022, there were 25 homes sold with a median price of $289,120. The median price in Brandon was up 69.6% over October of 2021, while the number of homes sold was down -35.9% compared to the same period in 2021.

The median number of days on the market for October 2022 was 7 days which is down -85.4% from October of 2021. 


Pearl city in Rankin county is located 3 miles SE of Jackson, and 160 miles N of New Orleans, Louisiana. It is conveniently located near four major highways in Mississippi: Interstates 55 and 20, U.S. Highways 80 and 49, and it offers quick access to both domestic and international locations thanks to the nearby Jackson-Evers International Airport.

Its population was 25,092 as of the 2010 census. Pearl boasts a vibrant, business-friendly environment with many career opportunities. This city offers higher education, governmental offices, retail, restaurants, hotels, and manufacturing.

The real estate market in Pearl is considered very competitive.. There were 26 homes sold in Oct 2022, with a median price of $243,000 .The median price in Pearl increased 16.0% from Oct 2021, while the number of homes sold was down -23.5% compared to the same period last year.

The median number of days on the market for Oct  2022 were 12 days which is down -77.4% to the same month in 2021.


Hernando is in DeSoto County, with a population of 14,090 as of the 2010 census. It is the second most populous county in the Memphis metropolitan area. This area's climate is hot and humid during summers and mild to cool in winters. Moreover, Hernando is full of shopping places! In addition to eateries, there are distinctive boutiques, shops, retail spaces, and more.

Hernando is currently a very competitive market. In Oct  2022, 31 homes were sold with a median price of $348,900. The median price in Hernando saw a increase of 12.6% over Oct 2021, while the number of sales was down -27.9% compared to the same month in 2021.

The median number of days on the market for Oct 2022 were 24 which is an increase of 12.6% compared to the same month last year.

Higher Mortgage Rates Could Slow Price Growth in Mississippi

How will interest rates affect the Mississippi housing market? We are already experiencing the impact of rising interest rates across the nation. Price growth in Mississippi has been flattening or on a slight decline for several months in 2022.  

As of mid-October 2022, the 30-year fixed rate mortgage is above 7% on average. That represents a 133% increase in mortgage rates in less than nine months. The Feds are on a “no holds barred” approach to curve inflation, and interest rate hikes have become the norm over the last several Fed meetings. Unfortunately, it seems that rate hikes are not done. We anticipate at least another rate increase before the year ends.

Key Market Stats for the Mississippi Housing Market:

As of the latest compiled housing report for October 2022.

 Current ValueLast YearChange YOY
Median Sales Price$247,800$233,500Up by 6.1%
Number of sales1,2111,415Down by -14.4%
Median Days On The Market2158Down by -2.3%
Number of homes available4,8725,253Down by -7.3%
Months supply of inventory31Up by 200.0%
% of homes sold above list21.2%30.2%Down by -29.8%
% of home with price drops28.4%15.4%Up by 84.4%
New Listings1,4851,434up by  3.6%

Mississippi Historic price changes & affordability

The Mississippi housing market has seen explosive appreciation for years. The last three years have been particularly favorable to homeowners as they saw their homes appreciate by 40.4% in 36 months.  

The steep rise in home prices and mortgage rates has shrunk affordability to record lows in the state. A 40.4% spike in home prices and a sharp increase in mortgage rates in the last 12 months does not spell good news for the Mississippi Real Estate market.

We know that the average person’s wages do not increase by 40.4% in three years, so we can see why affordability is a problem. The gap between rising home prices and wages keeps getting wider.

Key Takeaways

  1. The housing market is shifting, and Mississippi housing market predictions for the short term seem to point to a declining market along with many areas of the US.  Due to Mississippi’s above-average growth, some of the state’s metro areas are predicted to drop in home values.
    The next 18 to 24 months will be an adjustment, especially for home sellers and Real Estate professionals. Adjusting to a normalized market that is not heavily skewed in favor of sellers will take time.
  2. Real Estate markets are highly local and even within the same state, there will be areas that are projected to be hit hard by the market shift and others will fare better.
  3. Timing the market for buying or selling is a big gamble. If it makes sense for you to buy, go ahead and buy a home. For sellers, if you have to sell in the next 12-24 months, you may want to consider doing it sooner than later, especially if you are in an area that may be considered overvalued and has a high potential for house prices to drop.

2023 Mississippi Housing Market FAQ