March 6th 2022, Brandon MS – Recently we published a monthly update of home sales and values for our zip code, via Zillow (see pic below). This brought up some questions about the market, including the average days on market (DOM). Everyone knows it’s currently a seller’s market, particularly here in Brandon and Rankin County. The market here is enhanced by nice weather, a growing population, great schools, low mortgage rates, very low crime rate (Brandon has been rated as the 2nd safest city in the state over the years), and a relatively low cost of living.
NOTE: Zillow graphic is for 39042, which may include some in Rankin County, outside Brandon city limits.
We did some research and consulted a local agent, and obtained some more detailed information about the market (information retrieved from MLS).
Some interesting stats are in this chart. This is relative to homes inside the city limits of Brandon currently. As such, this is a fluid chart, as the numbers change literally daily. The few houses here that are under $200,000 may have a current average of 10 days on the market, but looking deeper you’ll see that houses under $200k with no repairs or foundation issues have an average DOM of just 1 day. The average DOM for homes $200k to $300k is just 1 day. This essentially means that homes below $300k with no major repairs or foundation issues have an average DOM of only 1 day… and likely with multiple offers coming in. Looking at houses from $300k to $400k, the current average days on market is 23 days, but that number is skewed due to 1 home being on the market for 74 days and 8 are new construction (many not completed). Remove the 74-day house and the average DOM is different. Obviously, as the asking price climbs to $400k to $600k, the market is a little more limited and homes may take a little longer to sell. The market for $500k houses is simply more niche than $200k homes.
Brandon still has some areas available for development, which is good for the area. More houses means more property tax revenue, more available income in our economy, and more people to enjoy the amenities and commerce of the area.