Arkansas Real estate
The real estate market in Arkansas has been relatively stable since 1994, rising relatively steady to a peak in 2008, followed by a slight decline of about 2.4% from 2008 to 2009.
The average price of a home in Arkansas as of 2009 is approximately $142,231. With a median household income of $37,458, the state has relatively good prices for homes based on the median income.
Housing in Arkansas is not very dense. The housing density in the state is currently only 22.5 people per square mile of land, which means the average home has a relativley large yard and plenty of space.
Perhaps the most stable housing market in the state is in the areas of Little Rock, North Little Rock, and Conway. The average price of a home in these areas is $137,037, and has actually increased by 1.9% between 2008 and 2009. While the entire state has seen a decline in prices of 2.4%, the fact that prices have risen slightly in these key areas around the capital proves the long-term stability of the Little Rock housing market.
The Fayetteville, Arkansas housing market has been relatively steady over the last two years, with a peak of almost $225,000 in late 2007, and a low of $176,000 in the middle of 2009. If you're in the market to purchase a home in Arkansas, Fayetteville currently has prices worth looking into.
Rogers, Arkansas has a very volatile market. The trend spikes heavily up and down over the last two years, with a high of about $232,000 in the first quarter of 2008, and a low of $96,000 in late 2007. As of July, 2009, the average estimated value of a home in Rogers is about $132,000, so it's a very good time to buy in the area.
Bentonville, Arkansas is the home of the legendary retail outlet Wal-Mart. Housing prices in this area have been relatively volatile over the last two years, with a high of $231,000 in late 2008, and having bottomed out at $114,000 in early to mid 2007. Real estate in Bentonville is currently on the high end, after a meteoric rise in the first quarter of 2009, so it's a good time to be selling in this area rather than buying.
Bella Vista, Arkansas has had some of the steadiest real estate prices in the state, being relatively stable across the board for the last two years. There has been very little change in prices since 2007, but the average price has come down slightly since then. With average prices around $111,000, the Bella Vista area is a fantastically affordable place to live, especially if you prefer a more rural setting.
Even more stable than Bella Vista is the Springdale, Arkansas area. Prices in this area are very low, and have been extremely stable. Prices have seen a slight dip in mid 2009, but overall the market enjoys great stability. The average price of a home is around $132,000, making it very affordable, and the stability shows that the area is a great place in which to make a real estate investment.
For many years, Arkansas has had some of the best real estate prices in the country. It has a reputation of being behind the times, but Arkansas is actually very technologically advanced around the Little Rock area. If you are interested in city life without the bumper-to-bumper traffic of a city like Atlanta or Los Angeles, the Little Rock area is probably a very good choice for you. If you prefer more rural living, areas like Bentonville and Bella Vista would offer the more peaceful and serene lifestyle of country living. Arkansas truly offers the best of both worlds, with the peace and quiet of rural living and the availability of technology for those who need it.