North Hill Market Perspective

You hear the media – the real estate market has tanked . . . prices are the lowest they’ve been in years. . . all the depressing stories that the news media would have us believe.

BUT . . . let’s put this all into perspective. How is OUR MARKET today? The national media has grouped all areas of our fine Country into one big database, allowing the overinflated numbers of the decline in value that California and Florida have experienced, to set the stage. But what if we focused on just our neck of the woods? The North Hill Subdivision, in Carriere, MS, is a well established neighborhood, which continues to thrive, even in today’s market.

Let’s turn back the clock, and look at the market we were experiencing before Hurricane Katrina blew in and altered our world. During the year 2005, from January 1st to August 15th (and I use August 15th because Katrina hit on August 29th), the average price per square foot for a home in the North Hill community was $92.13. This is the calculated price of the heated and cooled area of the home, based on the sales that took place during that time frame.

Now let’s look at the numbers for what has been deemed the “worst real estate market in over 50 years”. Currently (based on sales from January 1st to today, 2009), the average price per square foot is $104.40 (based on sales of homes with 2200-2500 sq ft living area). This is almost a 13% increase in value over the 2005 figures.

I feel it’s important to look at these numbers, removing the over-inflated numbers that Hurricane Katrina caused in our area because of the demand for homes for those that lost their properties in the New Orleans and Gulf Coast regions. Most people’s perceptions are that the property values in our area have tumbled. When looking at what property values were in 2005, and what they are today, we can see that we continue to appreciate at a normal rate.

If you would like to know more information about the value of your home, please call me, Michelle Fradella, at Pinnacle Real Estate Services – 601-799-1848 – for a FREE Comparative Market Analysis.