Metropolitan Statistical Area (MSA):
There is no doubt that the real estate market in the Gulfport-Biloxi-Pascagoula, MS metropolitan statistical area (MSA) is booming. The combination of a strong economy and low interest rates are fueling this growth, and there are no signs of it slowing down anytime soon.
One of the most notable trends in the MSA is the rise in home prices. According to Zillow, the median home value in Gulfport is $144,700, which is a 7.4% increase from last year. Biloxi isn't far behind with a median home value of $142,200, and Pascagoula rounds out the top three with a median home value of $131,600.
Another trend that is worth mentioning is the decrease in inventory levels. This has caused bidding wars for properties to become more common, and as a result, prices have been pushed even higher.
If you're thinking about buying a home in the MSA, now is definitely a good time to do so. Prices are on the rise and there is no end in sight for this trend. However, be prepared to compete with other buyers as inventory levels are low and competition is high.
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