Real Estate Update for Period Ending 12/31/2024

By Lloyd Sherman, Associate Broker, Trademark HSV Real Estate

This report covers the current activities against the same timeframe last year. In this case, December 2023 against December 2024. It also reflects the annual results for 2023, 2022, 2021, & 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 December 2024

• 53 closed in December 2024 – 558 for YTD 2024
• Available for sale = 124 (As of January 1, 2025)
• Average selling price – $354,653
• Median selling price – $329,000
• Average selling price per square foot – $160.37
• Average days on the market – 46
• Under Contract – 20
• Taking Backup Offers – 17

Seven (7) of the homes closed in December 2024 were new builds. The selling price of these new home sales was $404,414 or $206.90 per square foot.

There are 22 new builds in the current MLS inventory of homes available for sale, representing 17.7% of the total inventory. The new builds currently on the market have an average asking price of $452,869 or $209.11 per square foot.

For the month of December 2024, 53 single-family homes were closed. Of the 53, 27 were closed in Saline County at an average selling price of $411,844 or $179.75 psf. Of the 53, 26 were closed in Garland County at an average selling price of $295,242 or $140.25 psf.

Single Family properties closed in December 2023

• 36 closed in December 2023 – 545 for YTD 2023
• Average selling price – $372,336
• Median selling price – $316,160
• Average price per square foot – $159.90
• Average days on market 33

State of HSV Market

1) The HSV market continued to rebound in December. Current active listings show an average of 88 Days on the Market (DOMs), up from 84 days in November. However, the Days on the Market for sold increased to 46 in December, indicating some of the dated inventory is beginning to sell off. The good news is that since the election, showings and sales have picked up, lending hope to 2025.

2) Sales of single-family residences for 2024 finally exceeded the 2023 volume; however, townhome sales remained negative, resulting in an overall decline for 2024 of 10 total units. However, the total sales volume for the past several years has declined. In 2020, the total volume was 823; in 2021, it was 872; in 2022, it was 715; 635 in 2023; and 625 in 2024.

3) It appears the “wait and see” period has ended; however, many continue to wait for the mortgage rates to fall into the 5.5% to 5.75 range. The activity rate of showings has increased leading to optimism of a more active market in 2025.

4) Affordability of housing in HSV continues to be more favorable at a median of $329,000 vs the national median of $429,963 but higher than the median for Arkansas at $260,400.

5) Of the 53 single-family properties sold in December 2024, 25 were cash sales or 47.2%. On a YTD 2024 basis, 255 of the total 558 sold were cash transactions, or 45.7%.

6) Of continued concern to this author is in the area of Properties Subject to Assessments. As can be clearly seen, we have 777 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, in November of 2020, improved lots (households) were 8,953 and are now 9,214, or an increase of 261, or an average of 65 a year. However, of some concern is the number of improved properties that are reflected as delinquent. In November of 2023, that number was 85, and in November, the number was 104.

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

Two (2) townhomes were closed in December 2024 at an average selling price of $136,000 or $127.90. There have been 23 fewer townhomes sold in 2024 than were sold in 2023. One townhome sale in December 2024 was a cash sale; on a YTD 2024 basis, 36 of the 67 have been cash sales.

Lot Sales

In December 2024, there were 18 lots closed through the MLS. Total lot sales for 2024 are at 196 versus the same period last year when sales were at 272.

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 having been updated timely by the real estate community. This report is effective with data available 1/5/2025.

Arkansas Real Estate Market

1. In October 2024, home prices in Arkansas were up 7.4% compared to last year, selling for a median price of $260,400. On average, the number of homes sold was up 7.9% year over year.
2. The median selling price for Arkansas was $260,400 compared to $329,000 in Hot Springs Village.

National Real Estate Market

1. In November 2024, U.S. home prices were up 5.4% compared to last year, selling for a median price of $429,963. On average, the number of homes sold was up .6% year over year.
2. The 30-year fixed rate mortgage APR is 6.8%.

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