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 | Craighead County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,938 | $123,805 | $242,182 |
| Price Trend (Annual %) | 2.0% | 5.2% | 8.2% |
| Median Gross Rent | $930 | $913 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Craighead County is about 11% higher than in Arkansas. Rent is about 2% higher 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 Craighead County, up about 2.0% and 4.2% a year respectively. Rent is changing faster.
Median rent in Craighead County rose about 36.7% between 2015 and 2023, from $680 to $930. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Craighead County.
Buying the median-priced home in Craighead County costs roughly 12.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Craighead County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Craighead County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,938 | $123,805 | $242,182 |
| Median Household Income | $57,086 | $58,772 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Craighead County rose about 37.9%, while median household income rose about 44.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Craighead County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.5% | 56.9% | 58.2% |
| Rental Rate | 36.9% | 29.1% | 31.3% |
| Vacancy Rate | 9.6% | 14.0% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Craighead County has a homeownership rate of 53.5%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 9.6%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Craighead County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1990 | 1986 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Craighead County was built around 1990. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Craighead County, Arkansas.
What is the median home price in Craighead County, Arkansas?
The median home price in Craighead County, Arkansas is $136,938, higher than the Arkansas average of $123,805.
What is the average home price in Craighead 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 Craighead County, Arkansas?
The median gross rent in Craighead County, Arkansas is $930 per month, higher than the Arkansas average of $913.
What was the median gross rent in Craighead County in 2020?
In 2020, the median gross rent in Craighead County, Arkansas was $780 per month.
What is the price-to-rent ratio in Craighead County, Arkansas?
The price-to-rent ratio in Craighead County, Arkansas is about 12.3, meaning it would take roughly 12.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Craighead County.
Are home prices or rent rising faster in Craighead County, Arkansas?
Both home prices and rent are rising in Craighead County, up about 2.0% and 4.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Craighead County, Arkansas?
53.5% of households in Craighead County, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in Craighead County, Arkansas?
The housing vacancy rate in Craighead County, Arkansas is 9.6%, lower than the Arkansas average of 14.0%.