Picayune, MS

There are many factors influencing real estate trends in the Picayune, MS metropolitan statistical area (MSA). The most significant drivers of the housing market are population growth, job creation, and interest rates.

Population growth in the MSA has been strong in recent years, averaging 1.4% annually from 2010 to 2018. This has led to increased demand for housing, which has put upward pressure on prices. Job creation has also been robust in the MSA, with the number of jobs increasing by an average of 2.6% per year from 2010 to 2018. This has helped to support population growth and also increased demand for housing. Interest rates have remained low by historical standards, which has made financing a purchase more affordable and further boosted demand for housing.

As a result of these trends, prices for both new and existing homes have risen steadily in recent years. The median sales price for a new home in the MSA was $234,900 in 2018, up from $212,400 in 2016 (a 10% increase). The median sales price for an existing home was $175,000 in 2018, up from $160,000 in 2016 (an 8% increase). These trends are expected to continue in 2019 and beyond as population growth and job creation remain strong and interest rates stay low by historical standards.