November 2024 Comprehensive Real Estate Market Review: Single-Family Homes in Oxford, Mississippi
November 2024 showcased a steady and promising housing market for single-family homes in Oxford, even as seasonal changes set in. Thanks to a stable economy boosting buyer confidence, the market for homes priced at $500,000 and above, including luxury properties over $1 million, held firm despite the usual holiday slowdown. A look at November compared to October highlights important trends in pricing, inventory, and what buyers are looking for, offering valuable insights for homeowners and potential buyers alike.
Month-Over-Month Key Statistics
Median Prices and Sales Trends:
The average sale price for single-family homes surged to $638,638 in November, marking a substantial 18% increase from October’s $542,237. This growth reflects strong buyer demand for premium properties.
- High-End Markets Flourish: Subdivisions like The Grove at Grand Oaks and Wellsgate posted exceptional sales, with The Grove at Grand Oaks achieving an impressive $2.13 million sale at 118% of the list price.
- Broad Appeal: Neighborhoods such as Grand Oaks saw prices rise month-over-month, further cementing their status as coveted locations.
Inventory and Sales Volume:
The market witnessed a slight increase in transactions, with 42 homes sold in November compared to 41 in October, indicating steady interest despite the seasonal shift. However, the total sales volume climbed dramatically to $26.82 million, up from $22.23 million, thanks to higher-priced homes dominating sales.
- Luxury Dominance: High-value transactions accounted for much of this growth, with sales in neighborhoods like Wellsgate and The Lakes exceeding $1 million.
Days on Market (DOM):
The average days on market (DOM) lengthened to 109 days in November from 98 days in October, reflecting the impact of holiday schedules and buyer deliberation.
- Fast Movers: Despite this, properties in subdivisions like Tara and The Mill moved quickly, with DOMs as low as 22–25 days, underscoring pockets of urgency.
Buyer Preferences and Features:
November revealed a continued preference for:
- Spacious Homes: Buyers favored properties with expansive layouts and modern amenities, with neighborhoods like The Grove at Grand Oaks offering unparalleled luxury.
- Energy Efficiency and Upgrades: Sustainable features and high-end finishes remained top priorities, particularly in homes priced above $500,000.
Actionable Insights:
For Sellers:
- Leverage the Luxury Trend: If you own a high-end home, this is the ideal time to list, as premium properties continue to outperform.
- Market Key Features: Emphasize high-value amenities like gourmet kitchens, energy-efficient designs, and proximity to Oxford’s amenities.
For Buyers:
- Act Strategically: With rising prices and steady demand, buyers should focus on neighborhoods with proven value like Merion and Northpointe.
- Secure Financing Early: Competition for homes in the $500,000+ range remains fierce, so pre-approval can give you an edge.
The Collins Comprehensive Market Review (flipbook)
Conclusion:
November 2024 reinforced Oxford’s reputation as a desirable market for single-family homes, particularly in the luxury segment. With pricing trends pointing upward and inventory tightening, now is the time to act—whether you’re seeking elevated living or maximizing the value of your property. These trends ensure Oxford continues to attract buyers and sellers with a penchant for extraordinary living.
As the year winds down and the market heats up, the opportunity to secure or sell your dream home in Oxford has never been more compelling. Whether you’re envisioning a life of luxury in one of the city’s premier neighborhoods or planning to make a bold move as a seller, the current trends reveal one undeniable truth: timing is everything. Don’t just watch the market—seize it. Let Oxford’s extraordinary living become your reality.
Call me, today and let’s get you moving.
Rexanne Collins, REALTOR @ Epique Realty
EMAIL: RexanneSellsHomes@gmail.com
Cell: 662-586-1640
Main Off: 888-893-3537
INSTAGRAM: @RexanneCollins
FACEBOOK: RexanneCollins
EMAIL: RexanneSellsHomes.com
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