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 | Cross County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $53,088 | $123,805 | $242,182 |
| Price Trend (Annual %) | 2.1% | 5.2% | 8.2% |
| Median Gross Rent | $796 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cross County is about 57% lower than in Arkansas. Rent is about 13% 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 Cross County, up about 2.1% and 3.1% a year respectively. Rent is changing faster.
Median rent in Cross County rose about 23.6% between 2015 and 2023, from $644 to $796. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Cross County.
Buying the median-priced home in Cross County costs roughly 5.6 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 Cross County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Cross County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $53,088 | $123,805 | $242,182 |
| Median Household Income | $47,414 | $58,772 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cross County fell about 38.8%, while median household income rose about 29.9% 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 | Cross County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.9% | 56.9% | 58.2% |
| Rental Rate | 29.2% | 29.1% | 31.3% |
| Vacancy Rate | 13.9% | 14.0% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Cross County has a homeownership rate of 56.9%, about the same as the Arkansas average of 56.9%. Its housing vacancy rate is 13.9%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Cross County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1983 | 1986 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Cross County was built around 1983. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cross County, Arkansas.
What is the median home price in Cross County, Arkansas?
The median home price in Cross County, Arkansas is $53,088, lower than the Arkansas average of $123,805.
What is the average home price in Cross 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 Cross County, Arkansas?
The median gross rent in Cross County, Arkansas is $796 per month, lower than the Arkansas average of $913.
What was the median gross rent in Cross County in 2020?
In 2020, the median gross rent in Cross County, Arkansas was $727 per month.
What is the price-to-rent ratio in Cross County, Arkansas?
The price-to-rent ratio in Cross County, Arkansas is about 5.6, meaning it would take roughly 5.6 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 Cross County.
Are home prices or rent rising faster in Cross County, Arkansas?
Both home prices and rent are rising in Cross County, up about 2.1% and 3.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Cross County, Arkansas?
56.9% of households in Cross County, Arkansas own their home, about the same as the Arkansas average.
What is the vacancy rate in Cross County, Arkansas?
The housing vacancy rate in Cross County, Arkansas is 13.9%, about the same as the Arkansas average.