Arkansas has ridden a wave of climbing housing prices across the U.S. for the past few years. It's not likely that will stop any time soon. Analysts predict the state's real estate market will continue to grow into 2020.
Home values in the state have been pushed by a decade of economic growth in the post-Great Recession recovery. Arkansas welcomed 11,000 new residents last year and its population is expected to keep expanding, along with the state's demand for jobs. All of this bodes well for its real estate sector.
The economy and a diversifying population mean that the demand for housing in recent years will continue to increase at a robust pace. If you're thinking of buying, selling, or investing in the state, here is our guide to Arkansas real estate trends in 2019.
2019 Real Estate Market Forecast for Arkansas
Arkansas is one of the most affordable states in the U.S. to buy a home. It's also a solid investment. Housing prices have been climbing over the past few years and that trend is expected to continue. The median home value across the state is $126,000, rising by nearly 6% last year.
Little Rock is a great market for sellers and buyers because of several factors, including its size. If you include its suburbs, the capital city is the state's biggest real estate market. Median home values are affordable at just over $140,000. Home prices are expected to appreciate in the city by 6.4% in the next couple of years (and by as much as 10% in the next three years).
U.S. News and World Report's latest list of best places to live in America just put Fayetteville, Arkansas, on the map. It took fourth spot in a packed field of 125 metropolitan areas.
No wonder it's one of the hottest real estate markets in the state. Median home values are $218,000. They jumped by more than 7% between 2017 and 2018, and they're expected to have another strong year of growth in 2019.
Texarkana, Arkansas, has some of the most affordable housing options in the country. The median home value in the town is just under $110,000. Housing costs are about 30% below the U.S. average. Other living expenses (such as utilities, groceries, and health care) are also considerably lower, making Texarkana one of the state's most attractive housing markets.
When Is the Best Time to Sell a House in Arkansas in 2019?
The state's economy and population has been growing rapidly since 2015 and that's pushed home values up. So, if you're thinking of selling a home, this year may just be the time to do it.
You may also be wondering if some months of the year are better for sales than others. It may seem odd, but timing can impact how much your home sells for. In Arkansas, the hot and humid summer means that there are not as many home buyers out house hunting.
The best time of year to sell in Arkansas (and the U.S. as a whole) is late spring. But if you work with a professional real estate agent, they will be able to sell your home for a premium price, no matter when you put up your listing.
They can market your home through multiple listing services and social media sites. They are also familiar with the pool of buyers in any given community and understand what they're looking for and how to list your home for the best return.
There are also steps you can take to ensure a premium sale price on your home. Try to make as many repairs and upgrades as you can. The rule is to make repairs that will bring in a greater return on investment.
If your home appears dark or dingy, give it a quick paint job. Replace all lights that don't work. Fix up any leaky faucets. You'll also want to give the carpets a good cleaning. If you have hardwood floors, polish them up. It's also recommended that you replace any major kitchen appliances that are not working properly.
You will also want to look into staging your home. Staging can be one of the most cost-effective ways to get more for your home. Renting modern furniture and putting in better lighting can add ten-of-thousands of dollars to the final sale price. They can also help you sell your home faster.
When Is the Best Time to Buy a House in Arkansas in 2019?
If late spring is a great time to sell a home, then you would think that it would not be the optimum time to buy a home. Yes and no.
There is definitely more competition as more home buyers enter the market at this time. But there is also a bigger supply of homes. That means you will have a better choice when it comes to finding the home of your dreams.
If you work with a good real estate agent, you they can help you find a home that fits your budget no matter what time of year you decide to buy.
There is one big exception to spring being a seller's market. Easter Sunday is a great day for house shopping. In fact, it's the second best day of the year (behind Christmas) to buy a house. The reason: there are fewer buyers out and sellers are more receptive to offers, so you may be able to edge out the competition.
Late fall to late winter are generally the best time to buy a home. That's when homes typically sell for less than their peak prices. It's also the time, however, when there are fewer home sellers. The smaller supply means less choice for home buyers.
The answer to when the best time to buy a home is really when you are ready. Have you worked out your finances? Do you know what your monthly income will be and how much you can put down each month for a mortgage, property taxes, homeowners insurance, and other housing costs?
The best advice to find out if it's a good time for you to buy a home is to speak to a Clever Partner Agent. They can help you determine your budget and put you in touch with lenders. They can also help you find government grants that can help make homeownership more affordable. They can point you to a multitude of programs that provide low-interest mortgages, closing costs relief, and help with your down payment.
Whether you're buying a home or selling one, it's essential that you speak with a professional realtor before entering the market. They can offer you advice and answer any questions that you have.
If you're a seller, they can help you with marketing and home improvement ideas. If you're a buyer, they have access to listings in your local area and will be able to provide you a wide choice of homes in your price range.
Clever Partner Agents are also master negotiators in demand by sellers and buyers. They have the latest data and statistics for any given neighborhood and will be able to make the perfect deal on your behalf.
Our Partner Agents are all top-rated in their local markets, they're full-service, and they come from major brands and brokerages such as Keller Williams, Century 21, and RE/MAX. They will always ensure that your best financial interests are served.