Little Rock Arkansas Real Estate
There is perhaps no better time to invest in Little Rock, Arkansas, than now, and we are seeing a slight uptick in the region's influx of retirees. Read on to see why it's worth investing until 2021, and what it means for the overall housing market. Maybe there was never a well - time for you to invest in Little Rock Arkansas.
Lynda Bowers & Associates was founded in 1986 and is one of the oldest real estate brokerage firms in Little Rock, Arkansas. Since then, we have grown by more than 1,000 experienced real estate professionals from around the country. Find the professionalism you need to make the most of your real estate transactions in our local office.
The Arkansas Arts Center in Little Rock is the state's largest art museum and houses works by Van Gogh and Rembrandt. Arkansas State University of Arkansas, the second largest public university in the country, has more than 1,000 students and doctoral candidates from over 50 states and is also home to Arkansas Baptist University, one of the largest universities in the United States. It is an independent large university with over 2,500 undergraduate students and over 3,200 university and professional students.
The massive military base is the state's fourth-largest employer and brings thousands of tenants to the Little Rock housing market. The city is particularly popular for residential properties due to its proximity to the US Air Force Base Fort Bragg. In fact, it is one of three corridors in our state that account for more than 95% of all Arkansas jobs.
As millennials and working-class families move to more affordable housing, secondary cities like Little Rock are a great place to buy real estate. Housing affordability is a measure that investors can use to predict the long-term health of Arkansas' housing market over the next few years.
These include Little Rock City and Wrightsville, where rents range from $757 to $826 a month. The median rental price in Little Rock is $1,050, which is about $1,000 more than a single-family home. In the city of Fort Smith, the median price for a one-bedroom apartment in a two-story building is more than $2,000, while the average rent for a three-bedroom apartment at the top end of the market in the city of Bentonville is about $1,010.
Single-family homes are the most common form of housing in Little Rock, accounting for more than 60 percent of the total number of homes in the city. They are also the second most popular housing type in Arkansas after single-family homes and account for the largest proportion of all housing types in Fort Smith and Bentonville, accounting for nearly half of the total housing units in both cities and the state as a whole.
Compared to Arkansas, the data show that the average number of single-family homes per 100,000 residents in Little Rock is 104, which is below the national average of 104.5 but in line with the national average. There are more than 1,500 single rooms, And there are two-bedroom apartments in the city, while there are around 2,200 multi-bedroom apartments, or 2.1 percent of the total.
Home prices in Little Rock rose 4.7% in the first quarter of 2016 and will rise 6.2% over the next three years, according to the National Association of Realtors. Prospective buyers will be pleased to know that the average price of a home purchased in the final three months of the year, from July 1, 2016 to July 31, 2017, has increased in value by an average of $9,379. Home prices in Little Rock have risen 4 to 7% since the same period last year.
According to RealtyTrac, there are 207 bank-owned properties in Little Rock, AR, while the average price of a home for sale in Little Rock on Realtors.com is $1,173 and there is an average of $2,926 in foreclosure fees per foreclosure filing. In October, the number of homes receiving foreclosure filings rose In Little Rock, there were 1.5 million, up from 1 million in October 2015. There are no auction houses that have been offered for auction, if any, but there were homes in the neighborhood of 124 foreclosures in Big Spring, Arkansas, in July 2016, according to the Arkansas Department of Housing and Community Development.
There are no single-family homes for sale in Little Rock, but in Big Spring, Arkansas, a total of 1,926 homes were foreclosed on in July 2016. According to the Arkansas Department of Housing and Community Development, the average price of a single-family home in the Little Rock neighborhood is $1.5 million, meaning the home is sold for about half the asking price.
Although relatively low, this seems like a good opportunity for local entrepreneurs to seriously consider entering the market for single-family homes in the Little Rock area. With interest rates low and housing prices low, it may be easier for investors to find a deal than in other parts of the state.