Jan. 21, 2025-A top real estate agent in the area has offered her statistics on the real estate market as 2024 has ended and how she expects the market will go during the year ahead.
Tracy Kirkley is the #1 Crye-Leike agent in North Mississippi and the Greater Memphis Region. Kirkley today released her comprehensive report on the 2024 DeSoto County real estate market and shared her predictions for 2025.
Kirkley offers 2024 DeSoto County real estate market trends and 2025 outlook
Jan. 21, 2025-A top real estate agent in the area has offered her statistics on the real estate market as 2024 has ended and how she expects the market will go during the year ahead.
Tracy Kirkley is the #1 Crye-Leike agent in North Mississippi and the Greater Memphis Region. Kirkley today released her comprehensive report on the 2024 DeSoto County real estate market and shared her predictions for 2025.
With over 22 years of experience and a proven track record as a top-producing real estate professional, Kirkley provides valuable insights for buyers, sellers, and investors navigating the local market.
2024 Market Highlights
Kirkley said the DeSoto County market remained steady in 2024, with 2,682 homes sold, matching the total from 2023. This figure reflects a return to pre-2016 levels after the record-breaking activity of the COVID years.
- Home Prices:
- New Construction: Averaged $170 per square foot, a 2.4% increase from 2023.
- Existing Homes: Averaged $149 per square foot, up 1.3%.
- Countywide Average Sales Price: Approximately $335,000, consistent with 2023.
- Days on Market:
Homes took an average of 40 days to go under contract, compared to 27 days in 2023.
Key Insights by Municipality
Kirkley’s analysis offers a closer look at market activity across DeSoto County’s major cities:
- Olive Branch:
- Sales volume remained flat.
- Price per Square Foot: Existing homes averaged $151, while new construction reached $169.
- Prices increased by 2.1% year-over-year.
- Southaven:
- Sales declined by 6%.
- Price per Square Foot: Existing homes averaged $148, and new construction led at $171.
- Hernando:
- Sales rose by 2%.
- Price per Square Foot: Existing homes were the county’s highest at $155, while new construction matched the county average of $170.
- 38% of homes sold in Hernando were new construction, the highest percentage in the county.
- Horn Lake:
- Sales surged by 22%, driven by affordability.
- Price per Square Foot: Existing homes averaged $138, with new construction at $169.
- The average home price in Horn Lake was $235,000, significantly below the county average of $335,000.
2025 Predictions
Kirkley forecasts a steady year ahead:
- Sales Volume: Expected to remain flat at 2,600–2,800 homes sold.
- Price Growth: Projected increase of 2–3%.
- Interest Rates: Likely to hover in the mid-6% – 7% range, with potential dips sparking buyer activity.
- Seller Incentives: More sellers are expected to offer concessions such as closing cost assistance and rate buy-downs to address affordability concerns. Builders lead the way in this regard and are now consistently offering to pay buyer closing costs, as well as offering additional incentives.
“Affordability is a key challenge, especially for first-time buyers,” said Kirkley. “Sellers who offer creative solutions and price their homes competitively will have an edge in this market.”
- First-Time Homebuyer activity dropped to an all-time low in 2024, with only 24% of the buying market made up of first-time buyers.
A Trusted Resource in a Changing Market
As the top Crye-Leike agent in the region, Kirkley leverages cutting-edge technology, local expertise, and a client-first approach to help buyers and sellers achieve their real estate goals.
“Whether you’re considering buying, selling, or simply weighing your options, staying informed is crucial,” Kirkley added. “I’m committed to providing the insights and guidance my clients need to make confident decisions.”
With over two decades of experience, Tracy Kirkley is a top-producing real estate professional and the #1 agent for Crye-Leike Realtors in North Mississippi and the Greater Memphis Region. She specializes in residential real estate and is known for her in-depth market knowledge, innovative marketing strategies, and dedication to her clients.
