Mississippi condo trends in 2022
Choose the perfect moving experience by putting your trust in
the capable hands of Spyder Moving + Storage
Usually, the homebuyers are first of all interested in the property price. And, it is well known that single-family homes are more expensive. And that is the case in all parts of the US, not only in Mississippi. So, a lot of buyers are deciding to invest in condos. That being said, maybe you intend to purchase a condo. If so, you should know that the price also depends on location. Therefore, don’t be surprised that Mississippi condos located alongside the Gulf Coast are more expensive. At the same time, the square foot of the inland condos is cheaper. Assessing the Mississippi condo trends in 2022, we can see that the structure of buyers has changed. According to moving companies in Mississippi, most of their clients are Millennials.
Oceanfront Mississippi condos vs inland condos in 2022
The oceanfront real estate is more expensive than inland one. And, that is not only due to view. The more realistic reason is the higher demand. Condos are usually smaller. And they are more densely packed than houses. So, the condo owners need just a short walk to reach various amenities. And, in the first place, such luxury amenities are making people move to the Mississippi Gulf Coast. So, living in a condo, you will have beaches, boardwalks, restaurants, shopping malls, etc. at hand.
On the other hand, the inland condos are usually located close to the city centers. And again, you will have the possibility to reach many places on foot. This further means that you won’t need a car. So, you will not be spending on fuel and car maintenance. And you will not need to worry about the parking lot or a garage. However, you will have to use some kind of transportation to reach the closest beach.
Condo owners have fewer maintenance costs than homeowners
As a condo owner, you will have fewer maintenance costs to pay. And, they will mainly depend on the number of amenities that are available to you. The community’s homeowners association (HOA) is collecting those funds. And they take care of the building and amenities maintenance. Also, in case you need some repair inside your apartment, the association will help you.
On the other hand, as a homeowner, you will be responsible for maintenance. You will have to fix everything inside the house. But, you will also have to take care of the exterior. And about your yard. Besides, not only maintenance costs will add up quickly. To keep your house in good order, you will have to invest a lot of physical work too. So, investing in a condo may look like a much better option. So, you may decide to move from the house. And purchase one of the nice oceanfront condos. If so, you can hire reliable packers and movers, to help you prepare for the move.
Mississippi condo market trends in 2022
To better understand Mississippi condo market trends in 2022, we should start with pandemic times. And, we should give a short overview of how the market was changing. So, let us see the real estate trends:
At the beginning of the pandemic, the demand for ownership rose. According to experts, this was due to health and safety concerns, since they were the main drivers in that period. And many buyers wanted to move into condo apartments. The thing is that they had access to many amenities.
Many buyers were taking advantage of low mortgage rates
Already in Q1 of 2020, the residential real estate market declined by about 33%. And this was the case in the entire US, including Mississippi. So, the mortgage interest rates decreased. As a result, about 54% took advantage of the low mortgage rates to purchase. And, this was an excellent possibility for many renters to become homeowners.
In 2021, we could see a steep rise in home prices
So, by the end of 2021, the growth of the hose prices was 10.5%. The reason for this change in the Mississippi condo trends in 2022 was to equal the prices to those before the pandemic. Many are of opinion that this rise was due to a rise in row materials. For example, we can see how lumber prices were affected by the pandemic. From April 2020 to February 2021, the board feet increased by 169%. And, we all know that lumber is needed for house construction.
One of the latest Mississippi condo trends in 2022 is that the buyers’ structure has changed
Nowadays, the biggest group buying condos in Mississippi are Millennials. And, they are not confined just to Texas. The buyers’ structure has changed all over the US. And, this is what the dominant buying force looks like:
- Millennials – 45%
- Gen Xers – 37%
- Baby Boomers – 17%
Most of the people from this category are looking to buy an apartment in the condominium which is located in the Gulf of Mexico. And, a lot of them are interested especially in buying in Biloxi MS. The median listing home price in Olive Branch, MS was $379,000. The city is one of Mississippi’s most known cities. Besides having beautiful beaches, it is also a seat of Harrison County. The city also has an interesting and rich history. At one point in time, it used to be a resort for illegal gambling, Bootleg Whiskey, and great music. So, in case you manage to get a nice condo, contact the movers Biloxi MS. That way, you will ensure fast and safe relocation.
People showed a tendency of moving to cheaper areas
As a result of the pandemic, many people started working from home. And, we can see that the pandemic changes our ways of working. So, not being attached to a certain place, many people moved to cheaper areas. Moving to Mississippi, they could secure cheap and large condos, a lot of amenities, and a nice climate. And, many of them have even established their own home offices.
Rise of mortgage interest rates in 2022
Since interest rates decreased during the pandemic time, they have to go back to the regular levels. Besides, the US Federal Reserve decided to temporarily increase short-term interest rates. This measure was introduced in order to stabilize inflations. And, the economy as a whole. But, using the loan to purchase an affordable Mississippi condo, you can already feel this increase.
Still, regardless of this increase, people are continuing to take loans. And to purchase real estate. According to some real estate agencies, the demand for condos in the Mississippi area is huge. Besides, most experts are of opinion that the interest rates will stabilize by the end of 2022.
Gardening is among the latest Mississippi condo trends in 2022
Before the pandemic outbreak, aspiring apartment owners in condo buildings were looking for a gym, pool, and parking lot. In the meanwhile, those amenities have somehow become self-explanatory according to the new Mississippi condo trends in 2022. So, the new amenity that many are looking for is a community garden. They can be created on the ground floor. Also, they can be constructed on the flat roofs of the building or even at the large terraces.
Speaking to moving companies Olive Branch MS, we could establish that this has become a new normal. Being kept at home for periods of time, many Americans want to have a garden. That is giving them a possibility to go outside, to the fresh air. And, at the same time, they will respect the governmental order of staying indoors. Besides offering “mental health”, most of the plants are purifying the air. So, they are good for the overall health of the residents. And, taking care of plants is also an excellent exercise.
Most condo owners love the sense of community and security
Some people love to be separated from the rest of the community. They love to mend their jobs, without much interaction with other people. Also, many young parents love staying in single-family houses. They consider such a surrounding much better for raising their children. That is also fine, as, during the hard times, they can go out and enjoy some fresh air in their gardens. And, they don’t have to face any limitations in case they want to have pets.
On the other hand, people having apartments in a condo building love the feeling of being surrounded by other people. They have their freedom. And their privacy. But, in case of an emergency, they can always rely on their neighbors. Or, on the homeowner association. Living in a condo apartment is also giving them a sense of security. And, most of the condos have 24/7 security guards. Also, living in a condominium, you will be safer from burglary. Or from any other type of crime.
Buying a condo apartment in Meridian MS
In case you decide to move to Median MS, you will be lucky. And, you will easily find suitable accommodation for yourself. The median home price in Meridian, MS is $245,000. Which is a very affordable price. Overall, the asking prices in Mississippi are lower than in other US states. The main reason for this is land availability. By buying the land plots cheaper, the investors can also lower the asking prices. Besides, the rental prices are 37% lower than in all other US states.
In case you love music, Median MS is the right place for you. Not only that many famous musical talents were born. Every year, you will be able to enjoy Jimmie Rodgers Festival, the country’s oldest music festival. And, bottom line, you may even get lucky. And start your musical career that you were trying for some time already. So, buying a condo apartment and hiring the help of the movers Meridian MS, could be a good start for you.
What else is good to know about 2022 Mississippi condo trends?
Before you make a real estate purchase, inform yourself about the Homeowners Associations (HOAs). Both single-family homes and condominiums may require membership with an HOA. In fact, HOA is the true owner of the land, when it comes to purchasing an apartment in a condo building. And, before the purchase, check with them about the monthly fee. The HOA fees can sometimes be very high. But, they use those fees to maintain the building amenities and services that you will enjoy. Also, the HOA is using those fees to make improvements.
In case you are satisfied with the HOA fee, and you find it reasonable, close the purchasing deal. However, considering the fee, keep in mind that the HOA will, using that fund, finance heating, hot water, cable TV, Internet, etc. that you will enjoy in your apartment.
Purchasing a condo apartment in Germantown TN
Germantown is a city in Shelby County, Tennessee. Since it is a suburb of Memphis, you will easily find a job there. And, buying a property in Germantown can be very affordable. Especially in the case when you are buying an apartment in a condominium. Since the home prices have increased in June 2022 by 14.4%, the median home price in Germantown is now about $500,000. However, check the real estate market carefully. It may turn out that the condo apartment you can get for much lower prices. And, soon you do, give a call to moving company Germantown TN.
According to real estate experts, we can expect the Mississippi condo trends in 2022 to change soon
That is actually good news for homebuyers. According to experts, the sharply rising real estate prices are slowing down. And, they expect that this Mississippi condo trend in 2022 will soon be finished. Also, they are positive that the mortgage interest rates will not increase further.
Having all this in mind, you can freely go and check for a suitable apartment for yourself in one of the Gulfport MS condos. In case you have a pet, make sure that the rules are not forbidding them. There is no single rule when it comes to pets. In some condominiums, they won’t accept them. And in the neighboring one, they can be happy to let them in. So, soon as your pets are accepted, give a call to movers Gulfport MS.
Recovery of the Mississippi real estate market
After the pandemic outbreak, the real estate market is doing well. And, despite the recent recession, the experts are optimistic. So, like all other markets, the Mississippi real estate market was also affected. But, checking the Mississippi condo trends in 2022, we can see signs of recovery. And, we hope that the disturbances are over.
Cross-State Moving Experts