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 | Hot Spring County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,536 | $123,805 | $242,182 |
| Price Trend (Annual %) | 18.9% | 5.2% | 8.2% |
| Median Gross Rent | $762 | $913 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hot Spring County is about 38% lower than in Arkansas. Rent is about 17% 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 Hot Spring County, up about 18.9% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Hot Spring County rose about 16.0% between 2015 and 2023, from $657 to $762. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Hot Spring County.
Buying the median-priced home in Hot Spring County costs roughly 8.4 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 Hot Spring County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Hot Spring County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,536 | $123,805 | $242,182 |
| Median Household Income | $53,942 | $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 Hot Spring County rose about 120.2%, while median household income rose about 48.7% 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 | Hot Spring County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.7% | 56.9% | 58.2% |
| Rental Rate | 19.2% | 29.1% | 31.3% |
| Vacancy Rate | 15.1% | 14.0% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Hot Spring County has a homeownership rate of 65.7%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 15.1%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Hot Spring County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1982 | 1986 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Hot Spring County was built around 1982. 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 Hot Spring County, Arkansas.
What is the median home price in Hot Spring County, Arkansas?
The median home price in Hot Spring County, Arkansas is $76,536, lower than the Arkansas average of $123,805.
What is the average home price in Hot Spring 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 Hot Spring County, Arkansas?
The median gross rent in Hot Spring County, Arkansas is $762 per month, lower than the Arkansas average of $913.
What was the median gross rent in Hot Spring County in 2020?
In 2020, the median gross rent in Hot Spring County, Arkansas was $635 per month.
What is the price-to-rent ratio in Hot Spring County, Arkansas?
The price-to-rent ratio in Hot Spring County, Arkansas is about 8.4, meaning it would take roughly 8.4 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 Hot Spring County.
Are home prices or rent rising faster in Hot Spring County, Arkansas?
Both home prices and rent are rising in Hot Spring County, up about 18.9% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hot Spring County, Arkansas?
65.7% of households in Hot Spring County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Hot Spring County, Arkansas?
The housing vacancy rate in Hot Spring County, Arkansas is 15.1%, higher than the Arkansas average of 14.0%.