This report covers the current activities against the same timeframe last year. In this case, October of 2022 against October of 2023. It also reflects the annual results for 2022, 2021, 2020 & 2019. I also break down sales for single-family properties by county and provide additional granular data based on the current month.

Hot Springs Village

Single Family properties closed in October 2023

  • 43 closed in October – 466 for YTD 2023
  • Available for sale = 77 (As of Nov. 1, 2023)
  • Average selling price – $362,001
  • Median selling price – $299,000
  • Average selling price per square foot – $158.88
  • Average days on the market – 31
  • Under Contract – 37
  • Taking Backup Offers – 18

Two (2) of the homes closed in October 2023 were new builds, making the total closed for 2023 at 59. The average selling price of these two homes was $699,280, or $235.46 per square foot.

There are nine (9) new builds in the current MLS inventory of homes available for sale.

Single Family properties closed in October 2022

  • 49 closed – 543 for YTD 2022
  • Average selling price – $327,919
  • Median selling price – $305,000
  • Average price per square foot – $158.07
  • Average days on the market 13

On a YTD 2023 basis, 466 single-family homes have closed, compared to 543 closed in 2022. Of the 466, 224 were closed in Saline County at an average selling price of $433,128 or $175.25 PSF. Two hundred forty-two (242) have been closed in Garland County at an average selling price of $272,599 or $139.87 PSF.

State of HSV Market

1) On a YTD 2023 basis, we have closed 77 fewer single-family homes and 12 fewer townhomes, which results in closings being down 16.4% year-over-year. The percentage has decreased over the last few months due to increased townhome sales. This is most likely a result of townhomes being somewhat less expensive and fitting into budgets.

2) YTD, 2023 reflects that the sales price is now 98.1% of the asking price; further reinforcing that prices continue to be more stabilized, whereas last year, the selling price was 99.9% of the asking price.

NOTE: Keep in mind that these numbers only include transactions that have gone through the MLS and, as such, will not include those where lot owners have contracted directly with a builder or someone has sold FSBO.

Condos/Townhome Sales

Nine (9) townhomes were closed in October 2023 at an average selling price of $172,285 or $119.71 psf. As noted above, year-over-year, townhome sales are down 12 properties.

Lot Sales

In October 2023, there were 19 lots closed through the MLS.

The overall inventory of available MLS lots is now 463 (up nine from last month), whereas last year, at this time, it was 593. The good news is that we have closed 20 more lots than we did in YTD 2022. This does not include the 5,480 lots that the POA owns. There are also another 6,200 that are in the Delinquent/Unproductive category.

Information provided comes directly from the MLS (Cooperative Arkansas Realtors MLS – CARMLS) and contains only information from within the Village boundaries. Other sources may be providing their statistics based on zip code, and most of them also contain lot and townhome information, which this report breaks out as their own categories. It is also worth noting that these numbers are provided several days after the month has closed, which may result in differences down the road due to data not being updated timely by the real estate community. This report is effective with data available 9/3/2023.

Arkansas Real Estate Market*

  • Arkansas as a whole, is reflecting a 97.6% selling price to listing price, which tracks with the HSV rate of 98.1%.
  • Median sales price in Arkansas is $255,100 compared to HSV’s median of $310,000.
  • 2023 is considered by many to be a balanced year for housing supply and demand. This is ideal for purchasers and rental property investors. We are no longer a “seller’s” market, but more of a balanced market.

National Real Estate Market*

  • In September 2023, existing home sales rose in the Northeast but receded in the Midwest, South, and West. All four regions registered year-over-year sales declines.
  • It is unlikely that home prices will drop in the U.S. in 2023. J.P. Morgan Research expects home prices to moderate in the second half of 2023, reversing most of the gains earlier in the year and ending 2023 flat vs 2022.
  • National Median Sales Price – $394,300 in September of 2023 vs current HSV of $310,000.

*Data on an AR and National basis tend to lag by one month, whereas data regarding HSV is available through the end of the current month.

Feel free to reach out to me at lloydhsv@gmail.com if I can answer any questions for you. For disclosure purposes, I am a Realtor® and the numbers reported here come directly from the MLS.

By Lloyd Sherman, Associate Broker, Trademark HSV Real Estate

HSV Property Comparison Activities for October 2023

HSV Real Estate Update Period Ending October 2023 PDF


Lloyd Sherman

Author & Real Estate Agent
Email: lloydhsv@gmail.com

Click here to read Lloyd’s previous report.

Click here to join Hot Springs Village Property Owners’ Facebook Group.

Click here to visit the official Hot Springs Village POA Facebook Page.