Seller’s market in DeSoto County predicted to last into 2023
MEMPHIS, Tenn. (WMC) - It’s another year and another continuation of the wild seller’s housing market that has swept across the Mid-South.
In DeSoto County, you can barely drive down the road a few minutes without seeing a For Sale sign.
While it may seem like the supply of homes is high, the house you see is lucky to be on the market for more than a week.
“I guess you could say it’s interesting,” said Corie Haynes, Managing Broker at Burch Realty LLC.
In Southaven, home sale data shows 391 homes were sold, with another 247 sales pending, from January to April of 2022,
On average, homes are selling $5,000 over the asking price and are staying on the market less than a week.
Haynes says low supply is all but forcing prospective homeowners to move into rental homes.
“...but we’re still at very low inventory there, as well,” she said. “There’s a high, high demand for rental homes. We’ve seen a significant increase in the price of rent. Homes that were renting for $1,000, $1,100, $1,200 four or five years ago are now renting for $1,500, $1,700, $1,800 a month.”
Rough data from the city of Southaven tells us one in every 3 homes is a rental property.
It’s to the point where leaders are looking to propose a rental registry, requiring fees from property owners to pay for more code enforcement officers.
“Non-owner-occupied property has more issues with property maintenance, which affects long-term property value, the quality of neighborhoods, and also crime,” said Mayor Darren Musselwhite. “Most are good, and cities need rental property so it’s not an attack on rental property. It’s an attack on those who are bad, some of the rental property owners that are absentee.”
According to Haynes, the market is slowing, to a degree, but it will take more time to see a healthy market in DeSoto County.
“We are looking to stay on top of this crazy seller’s market for probably another year or so,” Haynes.
Haynes mentioned more potential homebuyers are widening their search beyond DeSoto County.
She says her realty firm is seeing growth in northern Marshall County and the Byhalia area, as well as Tate County in Senatobia and Coldwater, anything to make it work, she says.
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