Shortage of University of Mississippi housing has lead to more off-campus real estate developments.
Homes for sale in Oxford MS are driven by three primary factors. With regard to signs of local market strength, many builders are not able to satisfy the housing demand in Oxford. One of the best indicators for increasing growth is the number of new building permits. See this data indicating less units sold in 2017. You can read more about the Oxford housing market statistics in 2017.
3 factors will continue to increase demand for homes for sale in Oxford MS
1. Enrollment of students
As student enrollment continues to increase at Ole Miss, the campus is constantly struggling with keeping up with the student housing on campus. The demand is simply to high to keep up with the low supply of housing on campus. These demands will largely be meet be more apartment complexes, condos for sale and in some cases, homes for sale in Oxford MS.
2. Retiree-haven
Retirees have also long sought to live in Mississippi. Mississippi is only 1 of 4 states that does not tax individuals for their retirement income. Retirees needs for housing can vary wildly. Some are looking for luxury condos near the Square or retirement communities like Stonebridge in Wellsgate. Other buyers want to find 3-4 bedroom homes with access to golfing or a lake such as the Highlands, Wellsgate, or Grand Oaks, to name a few.
3. Affordability
New residents will typically experience a lower cost of living and more affordable housing prices than many large cities. The average price for a single-family home in Oxford around $240,000. Combine the low cost of living with the potential for greater appreciation and one can see the allure to the area.