Hot real estate market for Jackson County. Here's what one Ripley realtor is saying.

Laura Peters
Jackson Newspapers
Real estate in Jackson County has seen a major boom with some properties selling in 48 hours with multiple offers.

RIPLEY — Brittany Davis can sum up the housing market in Jackson County with one word — insanity. 

"It's been so crazy," she said. "It's been a huge blessing but it's changed some things in a way that it's just moving so fast."

Davis, who runs Davis Realty, has been a realtor and broker in the area since 2012. 

According to Realtor.com, the median listing home price in Jackson County is $139.9 trending up 7.7% and there are over 100 homes for sale in the county. The problem Davis — and others across the country — is seeing is a lack of inventory, along with an influx of people who want to buy. 

"It's definitely a seller's market for sure," Davis said.

Usually, pre-pandemic, Davis said she could see something go on the market and expect it to sell rather quickly in about a month. Now, she's seeing homes sell in less than a week. Some, if it's a good property, sell within 48 hours and the seller is receiving multiple offers. 

"I'm gonna say, 90% of what I've done in the last six months, has gone within 48 hours and multiple offers," Davis said. 

Davis said a big reason the market is going gangbusters is because of the interest rates on mortgages, which have been cut in half since last year. Last year, interest rates were around 4-5%. Now, they're hovering around 2%, which allows people to afford houses $30,000 to $50,000 more than they previously could have afforded with a higher interest rate.

According Lawrence Yun, the National Associations of Realtors' chief economist, even with rising mortgage costs, rates are expected to remain relatively low at no more than 3.5% in 2021. Rates are still advantageous to both prospective buyers and to current homeowners who are contemplating refinancing, Yun said. 

"The demand for home purchase is widespread with multiple offers prevalent, and days-on-market are swift but contracts are not clicking due to record-low inventory," Yun said in a release.

Davis is also seeing people put their homes on the market who weren't considering selling in the first place. 

"I've had several clients who were like, well, we weren't really planning on selling," she said. "Even people who have nowhere to go, they're choosing to sell right now because things are selling so well. So inventory is extremely low, but things that come on, they go so fast. 

"I've had so many people that are choosing to live in campers right now, they're renting," she added.

Some things that may put you ahead in the game is to have your financing in place, Davis said. With properties moving quickly, if people are pre-approved, then they have a better chance of grabbing that property with an offer. Another challenge homeowners who are trying to sell or buy are facing is contingencies. So, if a homeowner is selling their home, but the sale is contingent on them finding another home they may lose out on their chance to sell.

"Normally it's not a big deal to align the two and have them closed back-to-back and get sellers to accept a contingency, but right now they're getting kicked out left and right because there's other buyers that don't have to sell anything," Davis said. "My advice would be, be open to having your house sold or being able to purchase the house without the actual sale of yours because putting that contingency on them is killing these people's chances."

Davis also said this type of market that Jackson County is currently experiencing isn't the "let's make a deal" playing field. 

"This is not the kind of market where you can negotiate," she said.

By the numbers

Numbers from Realtor.com

November 2019

  • Median list price — $129,950
  • Median sold price — $132,645

December 2019

  • Median list price — $134,000
  • Median sold price — $133,164

January 2020

  • Median list price — $124,000
  • Median sold price — $133,682

February 2020

  • Median list price — $123,000
  • Median sold price — $134,200

March 2020

  • Median list price — $129,900
  • Median sold price — $134,718

April 2020

  • Median list price — $131,500
  • Median sold price — $135,718

May 2020

  • Median list price — $127,450
  • Median sold price — $135,755

June 2020

  • Median list price — $135,750
  • Median sold price — $136,273

July 2020

  • Median list price — $135,000
  • Median sold price — $136,273

August 2020

  • Median list price — $139,900
  • Median sold price — $137,309

September 2020

  • Median list price — $149,900
  • Median sold price — $137,827

October 2020

  • Median list price — $159,900
  • Median sold price — $138,345

November 2020

  • Median list price — $156,250
  • Median sold price — $138,345

December 2020

  • Median list price — $159,900
  • Median sold price — $139,382

January 2021

  • Median list price — $150,700
  • Median sold price — $139,900

February 2021

  • Median list price — $139,900
  • Median sold price —$139,900

March 2021

  • Median list price — $139,900
  • Median sold price — $139,000

You can reach reporter Laura Peters (she/her) at lpeters@newsleader.com. Follow her @peterslaura.