Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Conway County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $222,191 | $123,805 | $242,182 |
| Price Trend (Annual %) | 25.8% | 5.2% | 8.2% |
| Median Gross Rent | $721 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Conway County is about 79% higher than in Arkansas. Rent is about 21% lower than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Conway County, up about 25.8% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Conway County rose about 20.6% between 2015 and 2023, from $597 to $721. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Conway County.
Buying the median-priced home in Conway County costs roughly 25.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Conway County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Conway County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $222,191 | $123,805 | $242,182 |
| Median Household Income | $51,360 | $58,772 | $78,145 |
| Price-to-Income Ratio | 4.3 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Conway County rose about 290.5%, while median household income rose about 54.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Conway County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.3% | 56.9% | 58.2% |
| Rental Rate | 24.5% | 29.1% | 31.3% |
| Vacancy Rate | 14.2% | 14.0% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Conway County has a homeownership rate of 61.3%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 14.2%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Conway County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1988 | 1986 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Conway County was built around 1988. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Conway County, Arkansas.
What is the median home price in Conway County, Arkansas?
The median home price in Conway County, Arkansas is $222,191, higher than the Arkansas average of $123,805.
What is the average home price in Conway County, Arkansas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Conway County, Arkansas?
The median gross rent in Conway County, Arkansas is $721 per month, lower than the Arkansas average of $913.
What was the median gross rent in Conway County in 2020?
In 2020, the median gross rent in Conway County, Arkansas was $614 per month.
What is the price-to-rent ratio in Conway County, Arkansas?
The price-to-rent ratio in Conway County, Arkansas is about 25.7, meaning it would take roughly 25.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Conway County.
Are home prices or rent rising faster in Conway County, Arkansas?
Both home prices and rent are rising in Conway County, up about 25.8% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Conway County, Arkansas?
61.3% of households in Conway County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Conway County, Arkansas?
The housing vacancy rate in Conway County, Arkansas is 14.2%, higher than the Arkansas average of 14.0%.