Mississippi’s economy has been on a rollercoaster for the past several years. After plunging into a recession with the rest of the country in 2008, things started looking better at the beginning of 2010 – before sinking again in the second half of the year. After a flat 2011, economists around the Magnolia State declared that Mississippi was once again in a recession in 2012.
So, what does all of this up and down mean for the state’s housing market?
The homes for sale in Mississippi will not be able to thrive until the Magnolia State gets a handle on its jobs market. Mississippi ended 2012 with an unemployment rate of 8.6%. Not only is that above the national average, but it’s slowly rising. So, until the people around Mississippi feel more comfortable about the future of their paychecks, realtors around Mississippi won’t feel comfortable about the future of the state’s housing market.
With so many Mississippi residents out of work, it should come as no surprise that the Magnolia State has one of the highest foreclosure rates in the country. All of the foreclosed homes give buyers some great deals to choose from, but they’re also dragging down sales prices all over the state.
For example, in Jackson, the median list price was $86,000 at the beginning of 2013. That’s almost 4% lower than it was at the beginning of 2012. In Gulfport, the median list price was $122,500 at the beginning of 2013. At the beginning of 2012, it was 4% higher.
The most dramatic decrease, however, has been seen in Tupelo, where the median list price was just under $125,000 at the start of 2013. That’s an 11% drop since the beginning of 2012! However, Tupelo also sits in Mississippi’s northeast region – the same area that has seen the worst of the unemployment problems. As of December 2012, this part of the state had a 9.6% unemployment rate – the first time it had been under 10% since 2008.
Interestingly, though, Mississippi’s economy is getting a much-needed boost from the housing market recovery in other states. The Magnolia State is major nationwide supplier of timber – something that will be in high-demand as residential construction takes off during 2013. And, Tupelo is a major furniture hub for the entire country. So, when people go to furnish their new homes this year, many of them will be buying things made in Tupelo to do it!
Now, if some of that success would just extend to Mississippi’s own housing market, then everyone would be happy!
Living in Mississippi
Are you searching for a place to live where you can experience the stunning foothills of the Appalachians and still be close to the sparkling waters of the Gulf of Mexico? Then Mississippi may be the perfect place for you!
The name “Mississippi” is taken from the famous Mississippi River, which flows along the state’s western boundary. Mississippi’s nickname, “The Magnolia State” comes from its pretty white state flower, the magnolia.
While Mississippi is comprised almost entirely of lowlands, Woodall Mountain, located in the Cumberland Mountains, reaches 806 feet above sea level. The lowest point in the state is at the Gulf Coast. The state is heavily-forested, even though the Mississippi Delta area was cleared of trees in the 1800s for the cultivation of cotton.
Because of its location in the south and its proximity to the Gulf of Mexico, Mississippi experiences long, hot summers and short, mild winters.
Before you head off to Mississippi, let’s go over some of its fast facts:
- What is the population of Mississippi?
- The population of Mississippi is 2,984,926
- What is the capital of Mississippi?
- The capital of Mississippi is Jackson
- What is the largest city in Mississippi?
- The largest city is Jackson
Today, the Mississippi economy mainly depends on manufacturing, agriculture, fishing, mining, and casinos – so there is a wide array of job opportunities for residents. Cotton, soybean, corn, and rice farming are still present, and so are beef cattle and chicken farming.
Aquaculture also plays a big part in the Mississippi economy, as the state is known for its baitfish, crawfish, and oysters. Because of its proximity to the gulf, shrimping is prevalent here, too.
If you like the great outdoors, you’ll be happy to hear that Mississippi’s climate lends itself to plenty of outdoor activities. From fishing Mississippi’s waterways and hunting in the wilderness, to camping in state parks and biking the trails, there is something exciting for everyone here.
History buffs will enjoy Vicksburg National Military Park, which features a 16-mile tour road with numerous museums and exhibits. The park boasts 1,340 monuments as well as a restored Union gunboat.
If you enjoy the nightlife, Mississippi is chock full of casinos located on both the Mississippi River and on the Gulf Coast. That way, you can have fun anytime of the day or night!