Ocean Springs MS Real Estate Market Update

See all listings of homes for sale in the gorgeous-coastal city of Ocean Springs MS here on this site. Below is an overview of Ocean Springs homes for sale along with a market update on real estate activity over the past several years.

There are currently 482 listings on the market for sale with 327 homes closed in the last 12 months according to the Gulf Coast Association of Realtors and the Multiple Listing Service (MLS).

Ocean Springs, MS has consistently been one of the top performing real estate markets on the Gulf Coast due to its beautiful and historic downtown which is well known for street shopping. Street shops lay beneath the canopies of sprawling ancient oaks and consist of great restaurants, unique boutiques and much more. The many great golf courses and waterfront properties in Ocean Springs along with its close proximity to Biloxi’s entertainment rich “Casino Row” help make Ocean Springs a great place to live or invest into real estate.

Prior to Hurricane Katrina, from June 2004 through June 2005, there were 804 homes for sale that closed through MLS. During the same period, from 2005 through 2006, 903 homes for sale were reported as closed in Ocean Springs. From 2006 through 2007, closed properties fell 25% down to 675 homes for sale reported as closed. Closed properties fell again from 2007-2008 just under 35% with 445 homes for sale reported as closed. Over the past 12 months, homes for sale that were reported as closed fell yet again, down almost 27% from the year before. The downward trend in closed homes for sale reflects the impact of the mortgage crunch especially with regard to investor activity. Now is a great time to buy as market conditions truly reflect a ‘Buyer’s Market.”

The largest group of homes for sale lie between the $100,000 through $200,000 range with 250 homes currently listed for sale. Within this same range 185 homes have closed within the past year. This shows a stronger than average transaction rate on a closed vs. per listing average.

Ocean Springs, MS has many high-end properties for sale as well. 40 homes for sale were reported as closed in the city with sales prices of at least $300,000. The most expensive home sold was closed on Lovers Lane, a peninsula overlooking downtown Biloxi from Biloxi Bay, and closed for $900,000. The house sat on .6 of an acre, was 4,500 sq ft with 4 bedrooms and 3.5 baths, and was listed for $1,295,000. Currently there are home listings you can see for sale on the beach or on bay bay waterfront in Ocean Springs with asking prices up near $1,500,000.

For more information on specific market trends, IE: waterfront, condos, golf course frontage, etc. contact us today. You can also see all Ocean Springs listings for sale here on this site by clicking on the Buyer Homepage.