Home Values in Mississippi
The median home value in Mississippi is $155,000. Mississippi is the most affordable state for housing nationally. Jackson has faced challenges with population decline, while the Gulf Coast and Oxford markets have shown stronger growth.
What Drives Home Values in Mississippi?
Several Mississippi-specific factors influence home values beyond national trends:
- Property tax burden: At 0.65% (avg. $921/year), Mississippi's taxes are below average — a buying incentive
- Assessment methodology: Mississippi assesses residential property at 10% of true value, one of the lowest assessment ratios in the country.
- Buyer exemptions: The homestead exemption reduces the assessed value of a primary residence by $7,500 (equivalent to $75,000 of market value at the 10% ratio).
- Financing limits: Conforming loan limit is $726,200 — All Mississippi counties are at the standard conforming limit.
Closing Cost Consideration
When estimating net proceeds from a home sale, account for closing costs and transfer taxes. Sellers in Mississippi typically pay 6-8% of the sale price in total transaction costs. Mississippi has minimal transfer taxes and recording fees. Closing costs are among the lowest in the South.
Frequently Asked Questions
What is the average home value in Mississippi?
The median home value in Mississippi is $155,000. Mississippi is the most affordable state for housing nationally. Jackson has faced challenges with population decline, while the Gulf Coast and Oxford markets have shown stronger growth.
How do property taxes affect home values in Mississippi?
Mississippi's effective property tax rate is 0.65%, with an average annual bill of $921. This low tax burden is a positive for Mississippi home values — lower carrying costs increase buyer demand.
What is the conforming loan limit in Mississippi?
The conforming loan limit in Mississippi is $726,200. All Mississippi counties are at the standard conforming limit. Buyers needing loans above this require jumbo financing.
How much are closing costs when selling a home in Mississippi?
Sellers typically pay 6-8% of sale price in total transaction costs. Mississippi has minimal transfer taxes and recording fees. Closing costs are among the lowest in the South. Buyers pay an additional $2,100 in closing costs.