Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Panola County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $31,750 | $119,791 | $242,182 |
| Price Trend (Annual %) | 24.1% | 5.1% | 8.2% |
| Median Gross Rent | $858 | $923 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Panola County is about 73% lower than in Mississippi. Rent is about 7% lower than the Mississippi average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Panola County, up about 24.1% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Panola County rose about 30.6% between 2015 and 2023, from $657 to $858. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 0.7 yearly household incomes in Panola County.
Buying the median-priced home in Panola County costs roughly 3.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Panola County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Panola County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $31,750 | $119,791 | $242,182 |
| Median Household Income | $44,254 | $55,084 | $78,145 |
| Price-to-Income Ratio | 0.7 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Panola County fell about 47.2%, while median household income rose about 24.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Panola County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.0% | 59.0% | 58.2% |
| Rental Rate | 26.3% | 25.9% | 31.3% |
| Vacancy Rate | 15.7% | 15.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Panola County has a homeownership rate of 58.0%, lower than the Mississippi average of 59.0%. Its housing vacancy rate is 15.7%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Panola County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Panola County was built around 1985. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Panola County, Mississippi.
What is the median home price in Panola County, Mississippi?
The median home price in Panola County, Mississippi is $31,750, lower than the Mississippi average of $119,791.
What is the average home price in Panola County, Mississippi?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Panola County, Mississippi?
The median gross rent in Panola County, Mississippi is $858 per month, lower than the Mississippi average of $923.
What was the median gross rent in Panola County in 2020?
In 2020, the median gross rent in Panola County, Mississippi was $715 per month.
What is the price-to-rent ratio in Panola County, Mississippi?
The price-to-rent ratio in Panola County, Mississippi is about 3.1, meaning it would take roughly 3.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Panola County.
Are home prices or rent rising faster in Panola County, Mississippi?
Both home prices and rent are rising in Panola County, up about 24.1% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Panola County, Mississippi?
58.0% of households in Panola County, Mississippi own their home, lower than the Mississippi average of 59.0%.
What is the vacancy rate in Panola County, Mississippi?
The housing vacancy rate in Panola County, Mississippi is 15.7%, higher than the Mississippi average of 15.1%.