Page 154 - South Mississippi Living - March, 2025

FINAL SAY & THE
CHIP HERBERT
GARDNER DUBUISSON
Latter & Blum | Compass
The residential real estate market continued to shift in 2024, both nationally and across the Gulf South region. The market, comprising the five southernmost counties in Mississippi – Hancock, Harrison, Jackson, Stone, and George – trended upward last year over 2023, seeing a 3 percent increase in sales, according to data from TrendGraphix via MLS United.
The average sales price in South Mississippi was $268,000, representing a 2 percent increase. The year ended with 1,846 properties on the market, an inventory level 11 pecent higher than the previous year. The average days on market increased by 10 days to 63. Currently, the region is in a balanced market with 3.9 months of inventory based on sales. In comparison, the Greater New Orleans market has 5.5 months of inventory, experiencing a decrease in sales and an increase in available properties. The Mississippi Gulf Coast was a bright spot in the region.
Dr. Lawrence Yun, chief economist for the National Association of Realtors, predicts the worst is over for existing home sales. Nationally, the market has been challenging over the past three years but is beginning to turn the corner. Dr. Yun is optimistic about 2025 and even more bullish on 2026. Data shows that the Southeastern U.S. and Mountain West will experience stronger growth compared to other regions, driven by factors such as lower or no state income taxes and healthy post-COVID job growth.
Another major change in 2024 was Compass entering the Gulf South market through its acquisition of Latter & Blum, which operates in Texas, Louisiana, and Mississippi. Compass is the #1 residential real estate brokerage in the United States by closed volume for the past three years. The company has invested
more than $1.7 billion in its technology platform and recently introduced Compass One, a first-of-its-kind client-facing portal. This tool offers Compass clients the industry’s highest level of service, engagement and collaboration, providing instant updates throughout every aspect of their real estate transaction.
While the real estate market across the region continues to shift, our commitment to service excellence remains unwavering. We are proud to uphold the legacies of Herb and Patsy Dubuisson, Glenn Gardner and the iconic Gertrude Gardner. With more
than 150 years of combined experience, our group of industry leaders and rising stars provides unparalleled service, expertise and predictable results.
We are honored to be Latter & Blum | Compass’ #1 producing group in Mississippi for the past two years, as well as the #2 ranked group in our Louisiana office. In 2024, we had equal sales on the Mississippi Gulf Coast and in Greater New Orleans. Additionally, we were voted both “Best Residential Agents”
and “Best Commercial Agents” by the readers of New Orleans CityBusiness.
GROUP
154 | March 2025
www.smliving.net | SOUTH MISSISSIPPI Living