Biloxi Real Estate Peaks at $285k Despite a Market of Fluctuations in May 2024

This analysis provides a broad yet insightful view into the nuanced real estate landscape of Biloxi and its surrounding cities, highlighting both opportunities and changing trends that are characteristic of this diverse market area.

In the city of Biloxi, Mississippi, the property values reached $284,500 in May 2024, showing an increase from earlier months (but still below the high of $300,000 in July of last year). The average sale price per square foot remained stable at $127, indicating that the price per area has not changed significantly.

In May this year there were 171 properties for sale, with 334 properties sold during the same period—a robust sale rate indicating active market participation. The sale price in May averaged $229,975, below the average property value, hinting at possible better deals for buyers or adjustments in market expectations.

Comparative Analysis with Nearby Cities

Looking at nearby cities such as D’Iberville, Gulfport, Ocean Springs, and Saucier, differing trends are clear. D’Iberville showed a decline in average values over the same period, from $354,420 in January 2024 to $315,000 in May 2024, despite a recovery in March. This city also experienced lower average sales prices than listed values, which might suggest a buyers’ market trend.

On the other hand, Gulfport witnessed a decrease in both property values and sale prices, with May 2024 values and sales pricing at $219,000 and $200,756 respectively. The property and sales counts in Gulfport were notably higher, with 284 properties available and 616 sold, which could reflect higher market liquidity compared to Biloxi.

Ocean Springs showed a modest increase in average property values from January to May 2024 and had a higher average sale price per square foot than Biloxi, registering at $261,213 for average sales price in May. This suggests that Ocean Springs might have more upscale or desirable properties.

Saucier presented a mixed pattern with an average property value peaking in April at $290,000 but reducing significantly in May to $234,500. The average sales price closely matched the average values, indicating stable market expectations between buyers and sellers.

Detailed Market Analysis of Biloxi

In May there were 177 properties listed for sale; the average listing value stood at $268,789 with a per square foot price of $140, reflecting a premium based on area as opposed to the overall market. Recently, there have been 318 sold properties with average value at $231,189.5, suggesting a cooling market or a shift towards buyer advantage.

To search for homes for sale, click here and you will be able to sort by bedrooms, bathrooms, and other home features:

Biloxi’s foreclosure segment incorporated 6 properties with an average value of $197,209, and 4 auction properties, slightly higher in value at $201,824. Both these segments represent considerably lower values than regular market listings, potentially attractive to bargain hunters.

In the specific sub-markets of Biloxi, zip code 39532 showcased higher property values with a median listing price at $299,700 and an average value of $304,154 for 84 properties, highlighting it as potentially one of the more sought-after areas. Conversely, zip code 39530 presented a significantly lower median list price at $215,000, indicating different market dynamics within the city.