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 | Lee County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $318,430 | $123,805 | $242,182 |
| Price Trend (Annual %) | 3.7% | 5.2% | 8.2% |
| Median Gross Rent | $637 | $913 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lee County is about 157% higher than in Arkansas. Rent is about 30% lower than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2018-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lee County, up about 3.7% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Lee County rose about 18.8% between 2015 and 2023, from $537 to $637. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 8.6 yearly household incomes in Lee County.
Buying the median-priced home in Lee County costs roughly 41.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lee County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Lee County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $318,430 | $123,805 | $242,182 |
| Median Household Income | $37,220 | $58,772 | $78,145 |
| Price-to-Income Ratio | 8.6 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2018 and 2023, the median home price in Lee County rose about 18.4%, while median household income rose about 39.7% 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 | Lee County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.6% | 56.9% | 58.2% |
| Rental Rate | 27.6% | 29.1% | 31.3% |
| Vacancy Rate | 28.8% | 14.0% | 10.6% |
| Median Tenure (years) | 20.0 | 14.0 | 15.0 |
| Median Year Moved In | 2006 | 2012 | 2011 |
Lee County has a homeownership rate of 43.6%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 28.8%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Lee County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1979 | 1986 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Lee County was built around 1979. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lee County, Arkansas.
What is the median home price in Lee County, Arkansas?
The median home price in Lee County, Arkansas is $318,430, higher than the Arkansas average of $123,805.
What is the average home price in Lee 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 Lee County, Arkansas?
The median gross rent in Lee County, Arkansas is $637 per month, lower than the Arkansas average of $913.
What was the median gross rent in Lee County in 2020?
In 2020, the median gross rent in Lee County, Arkansas was $521 per month.
What is the price-to-rent ratio in Lee County, Arkansas?
The price-to-rent ratio in Lee County, Arkansas is about 41.6, meaning it would take roughly 41.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lee County.
Are home prices or rent rising faster in Lee County, Arkansas?
Both home prices and rent are rising in Lee County, up about 3.7% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lee County, Arkansas?
43.6% of households in Lee County, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in Lee County, Arkansas?
The housing vacancy rate in Lee County, Arkansas is 28.8%, higher than the Arkansas average of 14.0%.