Housing markets in Mississippi are expected to see decline amid rising inflation

Fewer homes are being sold each year in Mississippi, and leadership with the Real Estate Commission says the state’s housing market is expected to see a continued decline in the coming year. During a hearing called by the Senate Allocations Sub-committee with the Real Estate Commission, Administrator Robert Praytor shared his concerns with lawmakers.

"Approximately 36% of all the Real estate licensees have had no transactions this year," says Praytor. "We have lots of people who use real estate as a second job, but 36% of them have had neither a buy or a sale is pretty dramatic."

Praytor says there are thousands of real estate license applications being processed, but he’s expecting a decline. He says waning interest and the shrinking number of houses on the market could contribute to a drop in real estate professionals over the coming year.

"The inventory around the state for homes that are offered for sale has decreased by over 50% year over year. It is not possible for 14,000 people (licensed in real estate) to survive with the kind of inventory that we have," says Praytor.

Despite this economic forecast given to lawmakers, Praytor says the commission is seeking to cut the fees they pass on to realtors. Current plans could eliminate roughly $500,000 in revenue for the agency.