Oxford MS housing market predictions
Without a doubt, 2017 is showing the real estate market in Oxford is very strong. If the property is priced right, I’ve seen homes sold in less than 1 day. For some time, there has been a short supply of housing inventory and the response has been to build more. For renters, they have seen prices steadily rise as well. Some national trends such as interest rates will affect the Oxford market though their impact is uncertain. Here is Kiamie Real Estate’s Oxford MS housing market predictions for 2017:
Rents will continue to rise
Condos and townhomes throughout Oxford continue to have increasing rent rates. A typical increase is an additional $25/month. To help combat the increase, sign a long-term lease to lock the rate.
More millennials will choose to purchase properties
This is a national trend that we are seeing on a local level. 
As more millennials start getting married or having children, the need to purchase a home will increase. Additionally, the demographic is very large in relation to Gen X, so the market bump will be greater felt.
New homes in Oxford will continue to rise
Construction costs drive the price of new homes. Construction of single-family homes as well as condos and townhomes has not kept up with demand. The University of Mississippi has become one of the fastest growing universities in the country and the campus is very limited on real estate to build more dorms. This will not change. Moreover, win or lose, the sporting events at Ole Miss as well as the deep cultural roots of Oxford bring second home buyers to Oxford in droves.
The home construction workforce is shrinking, while construction wages have risen. One factor is the tighter immigration policies create a scarce labor force.
Older homes in Oxford will continue to be remodeled
Oxford has so many desirable neighborhoods. Neighborhoods like Wellsgate, The Highlands, and The Lakes offer lake communities. Grand Oaks and the Country Club area offer golf. The downtown area and neighborhoods near Ole Miss have great entertainment, dining, and sporting event activities to name a few. Of course, this is only a small sampling.
These areas are desirable despite the age or condition of the property. Buyers locating properties in Oxford will continue to seek homes in these communities and many others.
Interest rates may increase
With a strong economy, there are typically higher interest rates. The new White House administration supports low interest rates, so the Fed may be enticed to keep the interest rates low despite economists expectations of rate increases. To date, the Federal Reserve fulfilled those expectations with its modest rate increase this month. We’ll have to see if this trend continues.