This report covers the current activities against the same timeframe last year. In this case, January of 2023 against January of 2024. It also reflects the annual results for 2023, 2022, 2021, & 2020. I also break down sales for single-family properties by county and provide some additional granular data, based on the current month.

Hot Springs Village

Single Family properties closed in January 2024

  • 32 closed in January 2024 – 32 for YTD 2024
  • Available for sale = 83 (As of Feb. 1, 2024)
  • Average selling price – $383,281
  • Median selling price – $388,450
  • Average selling price per square foot – $159.48
  • Average days on market – 36
  • Under Contract – 29
  • Taking Backup Offers – 25

Four (4) of the homes closed in January 2024 were new builds. The selling price of these homes was $552,750 or $239.95 per square foot. However, it should be noted an outlier here was a house sold for $969,000 or $351.09 PSF.

There are 16 new builds in the current MLS inventory of homes available for sale.

On both a monthly and YTD 2024 basis, 32 single-family homes have closed. Of the 32, 19 were closed in Saline County at an average selling price of $443,105 or $174.30 PSV. Thirteen (13) have been closed in Garland County at an average selling price of $295,846 or $137.83 PSF.

Single Family properties closed in January 2023

  • 32 closed in Jan. 2023 – 544 for all of 2023
  • Average selling price – $305,825
  • Median selling price – $275,500
  • Average price per square foot – $142.41
  • Average days on the market – 20

State of HSV Market

1) HSV is balanced but cooling down a bit. A balanced market has a decent inventory and a healthy number of buyers. However, sales can be impacted by higher interest rates, but you are likely to sell your home on an average timeline for a moderate amount.

2) The current selling price to the listing price is 98.3%, further indicating that the escalation in selling prices we experienced is, for the time being, a thing of the past.

3) Housing affordability in HSV continues to be more favorable at $383,450 vs the national median of $402,646. January 2024 numbers were impacted upwardly due to the number of homes purchased in the $400K and above categories.

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

Only three (3) townhomes were closed in January 2024 at an average selling price of $209,666 or $145.86 PSF.

Lot Sales

In January 2024, six (6) lots were closed through the MLS.

The overall inventory of available MLS lots is now 477, whereas last year, at this time, it was 603. This does not include the 5,474 lots that are owned by the POA. There are also another 6,084 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 on 9/3/2023.

Arkansas Real Estate Market*

  • According to Fortune Builders, the Arkansas real estate market is amongst the most affordable markets in the country. With an attractively low price-to-rent ratio, most real estate in Arkansas is actually cheaper to own than rent. That—combined with an improving economy, new indicators left in the wake of the pandemic, and promising job growth opportunities—should facilitate the increasing demand for the foreseeable future.
  • There are currently 11,561 homes for sale in Arkansas. The median list price in Arkansas is $299,000, and the average price per square foot is $143.00 PSF. This compares to HSV average selling price of $383,281 or $159.48 PSF. However, it is worth noting that while relatively affordable, prices have increased quite a bit over the last decade. In response, more and more investors are starting to look into long-term strategies that are benefiting from secular tailwinds. Rental properties, in particular, look more viable than ever in Arkansas, and investors are starting to take notice.

National Real Estate Market*

  • “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”
  • NAR also released its Economic Outlook as of January 2024, projecting a 13% increase in existing home sales in 2024 (from 2023).
  • According to Redfin, the national selling price is currently $402,646, compared to HSV’s average selling price of $383,281. However, it should be noted that HSV prices were impacted by an inordinate number of higher-priced homes in Jan.
  • Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale.

*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

Lloyd Sherman

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

Click here to sign up for the Village Digest.

Click here to visit the POA Facebook page.

Click here to join Dowden’s Hot Springs Village Property Owners’ private Facebook group.