Real Estate Trending Up, Up, Up

By Josie Tummillo

IMC Student

Following a dip in the number of homes and condos going on the market during the worst of the pandemic, the current real estate market seems to only be going in one direction: up.

As prices continue to rise, active listings are sometimes available for only a few hours before going under contract. In short, the real estate market is booming and appears poised to sustain this growth for the rest of this year.

According to the monthly sales reports some listings are going under contract after only 12 hours on the market. In December, 44 condos were sold, with an average selling price of $242,719.

In addition, the residential market was equally hot with 33 houses sold with an average selling price of $378,847.

Bailee Dexter, the marketing director at eal estate agency Cannon Cleary McGraw, said, “With low inventory and low interest rates, owners are getting top dollar per square foot and in many cases multiple offers over list price.”

Agency founding partner Mark Cleary said, “With the largest incoming freshman class in Ole Miss history, the projections of the US Census report for Lafayette County, along with historically low interest rates, the Oxford real estate market is in high demand and in an upward trajectory with no end in sight.”

Added Dexter, “Developments are popping up left and right, providing parents of students an opportunity to purchase rather than rent. We’ve had a lot of people visit their kids in college and decide that this is where they’ll retire.”