Hot Springs Village Real Estate Update for Period Ending 11/30/2024

By Lloyd Sherman, Associate Broker, Trademark HSV Real Estate

This report covers the current activities against the same timeframe last year—in this case, November 2023 against November 2024. It also reflects the annual results for 2023, 2022, 2021, and 2020. Current month sales are also broken down for single-family properties by county with some additional granular data.

Hot Springs Village

Single Family properties closed in November 2024

• 51 closed in November 2024 – 500 for YTD 2024
• Available for sale = 127 (As of December 1, 2024)
• Average selling price – $345,176
• Median selling price – $310,000
• Average selling price per square foot – $160.71
• Average days on the market – 53
• Under Contract – 30
• Taking Backup Offers – 34

Six (6) of the homes closed in November 2024 were new builds. The selling price of these new home sales was $423,817 or $198.53 per square foot.

There are 13 new builds in the current MLS inventory of homes available for sale, representing 10.2% of the total inventory.

For the month of November, 2024, 51 single-family homes were closed. Of the 51, 24 were closed in Saline County at an average selling price of $419,158 or $180.86 psf. Of the 51, 27 were closed in Garland County at an average selling price of $279,414 or $142.79 psf.

Single Family properties closed October in 2023

•  41 closed in November 2023 – 509 for YTD 2023
•  Average selling price – $363,071
•  Median selling price – $286,500
•  Average price per square foot – $155.71
•  Average days on the market 41

State of HSV Market

1) The HSV market continued to rebound slightly in November. Current active listings show an average of 84 Days on the Market (DOMs), up from 71 days in October. Between single-family and townhomes, 27 fewer improved properties were closed in 2024 compared to 2023.

2) While the houses that are being closed have average days on the market of 53, 78.4% of the current active listings have been on the market for 30 days or more, while 56.8% are reflecting 60 days or more days on the market.

3) While it may be too early to say the “wait and see” period has ended, many continue to wait for the mortgage rates to fall into the 5.5% to 5.75% range. However, the activity rate of showings has increased leading to optimism of a more active market.

4) Affordability of housing in HSV continues to be more favorable at a median of $310,000 vs the national median of $434,271, but higher than the median for Arkansas at $258,800.

5) Of the 51 single-family properties sold in November 2024, 22 were cash sales or 43.1%. On a YTD 2024 basis, 227 of the total 500 sold were cash transactions, or 45.4%.

6) Of continued concern to this author is in the area of Properties Subject to Assessments. As can be clearly seen, we have 883 fewer unimproved lots in Good Standing in 2024 against 2023. Part of the explanation for this rise in unimproved properties not generating assessments is a change in the accounting practices of not billing for lots that have been delinquent. On a positive note is that in October of 2020, improved lots (households) were 8,899 and are now 9,311 or an increase of 422 or an average of 84 a year. However, of some concern is the number of improved properties reflected as delinquent. In October of 2023, that number was 85, and in October of 2024, the number is 114, or a 34.1% increase year over year.

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

Three (3) townhomes were closed in November 2024 at an average selling price of $140,000 or $108.56 per square foot. There were 18 fewer townhomes sold in 2024 than in 2023. All townhome sales in November 2024 were cash sales, and on a YTD 2024 basis, 35 of the 65 have been cash sales.

Lot Sales

In November 2024, there were 21 lots closed through the MLS. Lot sales for 2024 are at 176 versus the same period last year when sales were at 253.

Information provided comes directly from the MLS (Cooperative Arkansas Realtors MLS – CARMLS) and contains only information from within the Village’s gated 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 on 12/4/2024.

Arkansas Real Estate Market

1. In October 2024, home prices in Arkansas were up 6.8% compared to last year, selling for a median price of $258,800. On average, the number of homes sold was up 12.5% year over year.
2. The median selling price for Arkansas was $258,800 compared to $310,000 in Hot Springs Village.

National Real Estate Market

1. In October 2024, U.S. home prices were up 5.1% compared to last year, selling for a median price of $434,271. On average, the number of homes sold was up 6.1% year over year.
2. As of December 4, 2024, the 30-year fixed rate mortgage APR is 6.656%.

For disclosure purposes, I am a Realtor®, and the numbers reported here come directly from the MLS.

Lloyd Sherman

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