Building Costs Per Square Foot in the State of Mississippi, USA

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Mississipi 118 Camden RDG Madison MS39110 - 5 Bed and 4 Baths with 2 Attached Garages on Gross Floor Area 2,991 sqft - Built in 2022 - Price $587,500

Newly Built House in Mississipi 118 Camden RDG Madison MS39110 – 5 Bed and 4 Baths with 2 Attached Garages on Gross Floor Area 2,991 sqft – Built in 2022 – Price $587,500

Residential Construction Market Analysis in the State of Mississippi, USA

Building costs are 6% below the national average in the state of Mississippi, equivalent to the state of South Dakota, and closer to the states of Arkansas, Florida, Maine, Oklahoma, Vermont and West Virginia by a deviation of 1%. Mississippi is known as the “Magnolia State” for its abundance of magnolia trees and flowers, both official symbols of this state. Its capital is Jackson, and its main cities are Biloxi, Greenville, Hattiesburg, and Gulfport, which are urban centers although don’t expect to see the typical concrete jungles like in NY or Chicago.

Mississippi is the perfect place for people who are looking for a quieter life surrounded by nature. With dense forests, lush swamps, and sandy beaches on the Gulf of Mexico, there is something for everyone.

It is also one of the states in this country where the real estate market was not as negatively affected as it was elsewhere. Of all, it has some peculiarities to which it is necessary to be attentive. For this reason, we bring this article with more information about this, in addition to data on residential construction in this state, and outlook for Mississippi, and much more.

Mississippi Construction Outlook

In order to understand the construction of a region, it is always a good idea to know something about the climate in that area since in most cases the construction materials and the types of houses depend on it. In Mississippi, the climate is characterized by its semi-tropical conditions and abundant rainfall. It is a hot and humid climate, with heat waves in the summer that reach high temperatures, and rains throughout the year.

This means that houses are built with rain and humidity in mind, so even when the facade of a house is made of wood, there is also an attempt to have some type of insulation or anti-humidity protection. Otherwise, mold can quickly form and put people’s health at risk.

For this reason, they are usually housed with windows to ventilate and take advantage of all the fresh air that can enter, and thus counteract the humid air. In turn, the roofs are usually steep or have some type of drainage to prevent water from accumulating, damaging the roofs or walls.

In Mississippi they are usually towns with residential neighborhoods made up mostly of middle or lower class houses, in fact, it is one of the poorest states in the country (it has the highest percentage of poverty in the US, with 21.3% of the population living in is in that situation), so they are not usually luxurious constructions. There are also not many buildings since even the cities are not very big or do not have a large number of inhabitants.

Mississippi Housing Market Analysis and Forecast

As in other states across the country, Mississippi is seeing an increase in real estate prices. In fact, there was an increase of 9.2% in the last year, and it is expected to have a similar growth of 11.7% in the next year (2023). Even with those price increases, the value of properties in this state is among the cheapest in the entire country, only Arkansas has a lower value.

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Mississippi continues to have the highest foreclosure rate in the country at 3.06%. Its rate is also double that of any other state. While this presents an opportunity to house flippers looking to restore and resell, be very careful not to buy in a neighborhood that will continue to spiral downward.

In Mississippi, there are not many brand new homes listed on the market today, which keeps prices low and geared toward people who are prepared to invest in homes and restore them. The restoration of houses in Mississippi is a good plan if you plan to live there later, now if you want to resell them for a higher price, then it is not convenient for you since you will end up losing money.

This is because experts say that in Mississippi there is no demand for luxury homes or brand new homes other than in some isolated cases, so they always take longer to sell, and you may not recover your initial investment or it may take a long time. in doing it. Basically, the profit you can make is not a big deal, unless you get a very cheap property, which is possible in Mississippi.

Mississippi Average House Price (Median Home Price)

The median value of a median home in the state of Mississippi is $130,300, although it varies depending on where you are in the state. To give you an idea, it’s $183,700 in Starkville, $164,600 in Olive Branch, and $168,700 in Brandon, which are some of the more expensive neighborhoods. Whenever we talk about a median home we refer to a house with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden.

In Tupelo, the town of King Elvis Presley, the price of a median home is $150,000. You can also find more luxurious houses there for $300,000, speaking of houses with more than 4 bedrooms, 3 bathrooms, a new kitchen, living room, garden, and garage.

In Jackson, the state capital, you can find some nice two-story houses with a large lot for just over $200,000. In all cases, if you have time to search, you can get lower prices. You can also buy land to build either houses or buildings.

Proposed Residential Building Projects in Mississippi

In Tupelo, there are some real estate projects related mainly to tourism, whether they are (small) buildings, houses, or condominiums for temporary rent. This is because it is the town of Elvis, and that is the main reason why it always receives a large flow of people.

In Jackson, there are some fairly modern building projects, between 10 and 20 stories. There is usually a great variety in the type of apartments there are: there are some with 3 bedrooms, others with just one bedroom, and others that are not residential but are designed to be used as offices or studios.

Mississippi 2172 Laughter Road Nesbit MS38651 - 5 Bed and 3 Baths with Attached Garage on Gross Floor Area 2451 sqft - Built in 2022 - Price $410,000

Newly Built House in Mississippi 2172 Laughter Road Nesbit MS38651 – 5 Bed and 3 Baths with Attached Garage on Gross Floor Area 2451 sqft – Built in 2022 – Price $410,000

Building Costs Per Square Foot for Single Family Homes in the State of Mississippi, USA (NATIONAL ESTIMATOR)

Building costs are 6% below the national average in the state of Mississippi, equivalent to the state of South Dakota, and closer to the states of Arkansas, Florida, Maine, Oklahoma, Vermont and West Virginia by a deviation of 1%.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Mississippi ranges from $324.20 per sqft to $496.98 per sqft, with the average being $382.60 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Mississippi ranges from $197.03 per sqft to $302.02 per sqft, with the average being $232.52 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Mississippi ranges from $127.37 per sqft to $193.46 per sqft, with the average being $149.12 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Mississippi ranges from $92.96 per sqft to $142.55 per sqft, with the average being $109.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Mississippi ranges from $75.45 per sqft to $115.55 per sqft, with the average being $88.97 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Mississippi ranges from $59.51 per sqft to $91.22 per sqft, with the average being $70.20 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 10 Metropolitan Areas/Cities in Mississippi – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 299 municipalities and 432 special districts grouped into 82 counties in the state of Mississippi. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

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The percentage deviation of building costs from the National Average for each metropolitan area in Mississippi is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Mississippi:

Mississippi Average -6% (-6% less than X)

  • Greenville 387 -14%
  • McComb 396 -11%
  • Greenwood 389 -10%
  • Clarksdale 386 -9%
  • Laurel 394 -7%
  • Tupelo 388 -7%
  • Gulfport 395 -6%
  • Jackson 390-392 -3%
  • Columbus 397 0%
  • Meridian 393 3%

 

The Metropolitan Area List above as well as the Bar Graphs below indicates that Greenville is the cheapest city to build a private home in the state of Mississippi, and Meridian is the most expensive city to build a home. Building costs are -14% below the national average in Greenville and 3% above the national average in Meridian.

Cheapest Places To Build in Mississippi:

Greenville is the cheapest place to build at -14% below the national average, followed by McComb City at -11% below the national average. The third cheapest place to build a house is Greenwood at -10% below the national average, followed by Clarksdale at -9% below the national average. The fourth cheapest places to build are Laurel and  Tupelo at -7% below the national average, followed by Gulfport at -6% below the national average.  The fifth cheapest place to build a home is Jackson City at -3% below the national average. Construction costs in Columbus City are equivalent to the national average. Building costs in the city of Meridian are 3% above the USA average.

Expensive Places To Build in Mississippi:

If anything between 5% and 10% is considered expensive, then there is no such metropolitan area in Mississippi.

More Expensive Places To Build in Mississippi:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in Mississippi.

Very Expensive Places To Build in Mississippi:

The most expensive places to build a house in Mississippi are those 15% above the national average. There is no such metropolitan area in Mississippi.

Mississippi State Average Costs:

Private home building costs in the state of Mississippi are -6% below the national average. Building cost rates in the metropolitan areas of Laurel, Tupelo and Gulfport are closer to the Mississippi state average by a deviation of 1%. Residential development costs in Columbus are equivalent to the national average. Construction costs in Gulfport are equivalent to the state average. Meridian is the most expensive city to build a home in the state. Mississippi is the 4th cheapest state to build a home in the United States.


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