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 | Garland County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,427 | $123,805 | $242,182 |
| Price Trend (Annual %) | -1.8% | 5.2% | 8.2% |
| Median Gross Rent | $941 | $913 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garland County is about 36% lower than in Arkansas. Rent is about 3% higher than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Garland County: home prices fell about 1.8% a year while rent rose about 4.1% a year. That is an unusual pattern worth watching.
Median rent in Garland County rose about 32.3% between 2015 and 2023, from $712 to $941. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Garland County.
Buying the median-priced home in Garland County costs roughly 7.0 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 Garland County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Garland County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,427 | $123,805 | $242,182 |
| Median Household Income | $56,125 | $58,772 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garland County fell about 17.2%, while median household income rose about 52.8% 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 | Garland County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.6% | 56.9% | 58.2% |
| Rental Rate | 25.6% | 29.1% | 31.3% |
| Vacancy Rate | 16.8% | 14.0% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Garland County has a homeownership rate of 57.6%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 16.8%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Garland County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1983 | 1986 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Garland County was built around 1983. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garland County, Arkansas.
What is the median home price in Garland County, Arkansas?
The median home price in Garland County, Arkansas is $79,427, lower than the Arkansas average of $123,805.
What is the average home price in Garland 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 Garland County, Arkansas?
The median gross rent in Garland County, Arkansas is $941 per month, higher than the Arkansas average of $913.
What was the median gross rent in Garland County in 2020?
In 2020, the median gross rent in Garland County, Arkansas was $790 per month.
What is the price-to-rent ratio in Garland County, Arkansas?
The price-to-rent ratio in Garland County, Arkansas is about 7.0, meaning it would take roughly 7.0 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 Garland County.
Are home prices or rent rising faster in Garland County, Arkansas?
Home prices and rent are moving in opposite directions in Garland County: home prices fell about 1.8% a year while rent rose about 4.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Garland County, Arkansas?
57.6% of households in Garland County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Garland County, Arkansas?
The housing vacancy rate in Garland County, Arkansas is 16.8%, higher than the Arkansas average of 14.0%.