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 | Faulkner County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $159,589 | $123,805 | $242,182 |
| Price Trend (Annual %) | 4.6% | 5.2% | 8.2% |
| Median Gross Rent | $979 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Faulkner County is about 29% higher than in Arkansas. Rent is about 7% 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 Faulkner County, up about 4.6% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Faulkner County rose about 34.1% between 2015 and 2023, from $730 to $979. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Faulkner County.
Buying the median-priced home in Faulkner County costs roughly 13.6 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 Faulkner County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Faulkner County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $159,589 | $123,805 | $242,182 |
| Median Household Income | $64,571 | $58,772 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Faulkner County rose about 41.1%, while median household income rose about 44.7% 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 | Faulkner County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.9% | 56.9% | 58.2% |
| Rental Rate | 35.5% | 29.1% | 31.3% |
| Vacancy Rate | 7.6% | 14.0% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Faulkner County has a homeownership rate of 56.9%, about the same as the Arkansas average of 56.9%. Its housing vacancy rate is 7.6%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Faulkner County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1996 | 1986 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Faulkner County was built around 1996. 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 Faulkner County, Arkansas.
What is the median home price in Faulkner County, Arkansas?
The median home price in Faulkner County, Arkansas is $159,589, higher than the Arkansas average of $123,805.
What is the average home price in Faulkner 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 Faulkner County, Arkansas?
The median gross rent in Faulkner County, Arkansas is $979 per month, higher than the Arkansas average of $913.
What was the median gross rent in Faulkner County in 2020?
In 2020, the median gross rent in Faulkner County, Arkansas was $819 per month.
What is the price-to-rent ratio in Faulkner County, Arkansas?
The price-to-rent ratio in Faulkner County, Arkansas is about 13.6, meaning it would take roughly 13.6 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 Faulkner County.
Are home prices or rent rising faster in Faulkner County, Arkansas?
Both home prices and rent are rising in Faulkner County, up about 4.6% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Faulkner County, Arkansas?
56.9% of households in Faulkner County, Arkansas own their home, about the same as the Arkansas average.
What is the vacancy rate in Faulkner County, Arkansas?
The housing vacancy rate in Faulkner County, Arkansas is 7.6%, lower than the Arkansas average of 14.0%.