The Market is Shifting, but It’s Still a Sellers’ Market

If you’ve read or watched the news lately, you’ve likely noticed more talk about the cooling off of the real estate market on the Mississippi Gulf Coast. Home sales in Gulfport, Biloxi, Ocean Springs and other coastal communities peaked during the pandemic and have remained strong through 2022. With the shifting market, you may be wondering what that means if you’re considering selling your home. 

Even though the number of available homes on the market is increasing, there is still a shortage of inventory for buyers. This means the conditions of the market still favor sellers since the inventory of homes helps determine who has the upper hand – buyers or sellers. Think of it this way:

• The market is considered a buyers’ market when there are more homes for sale than buyers looking to purchase a home. This gives buyers the advantage in negotiations since sellers are more willing to make compromises in order to sell their home. 
• A sellers’ market is the opposite with too few homes available for the number of buyers. This is the situation we’ve seen for the last several years for those selling their home in Gulfport, Biloxi, Ocean Springs and the rest of the Mississippi Gulf Coast. Buyers do what they can to compete for the limited number of homes for sale and put in offers accordingly. 
• The market is considered a neutral market when homes listed for sale is more balanced, and there are enough homes to satisfy buyer demand.

Inventory has been at near record lows for the last two years, creating a red-hot sellers market. The chart below highlights how far we still are from having enough inventory to be considered a neutral market.

What does this mean for the Mississippi Gulf Coast?
Even though the market is cooling a bit, it still presents favorable conditions for sellers. Conditions are still in your favor even though the market is cooling. Working with a real estate professional like those at Expect Realty will help you find success in selling your home in Gulfport, Biloxi, Ocean Springs or any of our coastal communities.

REALTORS® at Expect Realty are experts in the Mississippi Gulf Coast market and can assist you in pricing your home to sell quickly, even with a decrease in buyer demand. 

Bottom Line
The market may have cooled some, but it still favors sellers. If you’re ready to sell your Mississippi Gulf Coast home, call or text Expect Realty at 228.215.1861 to begin the process.