A recent study has concluded that home values in Leflore County are among the fastest-rising in Mississippi over the last five years, but two Greenwood Realtors disagree with the reported rate of growth.
The study was published by SmartAsset, a website for consumer-based financial advice, and aims to discover which areas of the country are getting the most out of their property tax dollars.
Among Mississippi counties, Leflore ranks at the top with a home value growth of 35%. It is the only county in the Mississippi Delta listed in the top 10.
Tish Goodman of Bowie Realty disagreed with the 35% figure.
“I think our prices might have gone up a little bit,” she said, citing a lack of available properties being a key reason. “We have our lowest inventory in the last three years that we’ve ever had.”
She said that housing prices are a simple matter of supply and demand. For example, industry coming into an area is “a big component because if you have people coming in, we need more housing and the prices will go up,” she said. “If we have businesses leaving, then our prices sometimes drop because we have a lot on the market.”
“Our real estate market, we’re a part of the economics of (the county),” she said. “When we have a low amount of houses open in Greenwood and Leflore, our prices go up because you have less competition. When we have more houses on the market, prices might go down a little bit.”
Pam Powers of Powers Properties also disputed the 35% rate but added that the market is improving.
“I would just say the average price selling to listing has gone up about a percent,” she said. “I would say the market is way better this year because things are selling that may have been on the market for a long time, and there’s very little on the market.”
“It depends on what the majority of people are looking for,” she said. “If we are really in need of properties, it would be in the $200,000 price range.”
She added that another need is for more modern houses.
“We have very few new properties, and a lot of that is because of the price of material,” Powers said. “It’s real hard for anybody to have projects planned because people are waiting for those prices to come down.”
For overall value, Leflore ranks 12th in Mississippi, according to the study. This includes home value growth, the value of the schools and property tax as a percentage of home value.
- Contact Kevin Edwards at 662-581-7233 or kedwards@gwcommonwealth.com.
