Rising Real Estate: Biloxi Property Value Appreciates Amidst Market Fluctuations

Biloxi’s real estate market shows dynamic growth and consumer confidence, with property values rising from $271,000 to $290,000 within a year, despite some price fluctuations.

authorWritten by Manuel MartinezApr 9, 2024

Overview of Biloxi’s Real Estate Market Trends

In Biloxi, Mississippi, house price were around the $271,000 mark in April 2023, but reached $290,000 in the winter months of November and December. This peak reflects the market’s dynamism and consumer confidence, despite a brief dip to $278,000 in March 2024 that suggests a natural ebb and flow in property valuations.

Biloxi Mississippi real estate report April 2024 - sales prices
Biloxi Mississippi real estate report April 2024 – sales prices

Sale prices in Biloxi also unveil a tale of fluctuation, captivating onlookers with a December high of $243,100, which starkly contrasts the summer low of $207,202 in July. Interestingly, the price by square foot hovers with measured stability at about $127, only slightly descending to $121 in the autumnal month of October 2023. This demonstrates a level of resilience in property desirability, independent of the property size.

In terms of market volume, Biloxi’s for-sale properties oscillate gently between 112 and 160 listings, suggesting a balanced influx and outflow in market inventory. Parallelly, the properties sold count reveals its own variance, peaking at 392 transactions in the bustling month of October 2023 and descending to a quieter 309 sales as March 2024’s data is counted.

Comparative Analysis with Nearby Cities

Looking beyond Biloxi, nearby cities dance to their own rhythm. D’Iberville sees a striking ascension in average property values, starting at $277,394 and culminating in a robust $354,420 by March 2024, despite a hiccup in October 2023 when figures dipped to $234,900. Gulfport embraces steadiness, with property values see-sawing modestly between $215,000 and $229,933, with December heralding the annual pinnacle.

Ocean Springs, akin to its Biloxi neighbor, boasts an upward trajectory in values, launching at $315,000 and achieving its zenith at $289,500 in January 2024 before slightly descending to $269,900. Contrastingly, Perkinston presents a fascinating narrative with its pronounced volatility, where values soar to $300,000 in February 2024, plummeting from an August 2023 low of $160,000.

Current Real Estate Values and Volumes in Biloxi and Nearby Cities

As of March 2024, Biloxi stands firm with an average property value of $278,000, a commendable per square foot value of $144, and a solid 149 properties on the listing board. Sale prices reflect an average of $234,178, affirmatively backed by a square foot value of $127, while 309 properties find their new owners.

Observing the nearby cities, D’Iberville tops the chart with an impressive average property value of $354,420 and a per square foot value of $138. Here, homes change hands at an average sale price of $319,070, maintaining a bustling activity with 125 properties sold. Gulfport, on the other hand, displays an affordable average property value of $215,000, with the per square foot value landing at $128, an average sale price of $196,794, and vigorous sales activity seen in 581 properties exchanging hands.

Ocean Springs’ market exudes an upscale vibe with an average value of $269,900 and holding the highest per square foot value of $148 among the cities discussed. Sales data conveys a strong sale price average of $254,425 and an accomplished per square foot sale value of $160, attracting 267 transactions. Diverging from this path, Perkinston reflects a more boutique market, encompassing 15 properties for sale, valued on average at $274,900, and a bounteous per square foot value of $159. Sale prices dwell at an average of $240,778, with a per square foot value noticeably lower at $121, as 76 properties find their new proprietors.

In sum, Biloxi’s real estate market, alongside its neighbors, presents a spectrum of opportunities and behavioral patterns. Each city has a tale to tell through its values and transactional engagements—narratives that potential buyers and sellers would benefit from heeding closely as they make their foray into the world of property ownership and investment.

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