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.
Housing Market Overview
| Metric | North Little Rock | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,669 | $123,805 | $242,182 |
| Price Trend (Annual %) | 6.5% | 5.2% | 8.2% |
| Median Gross Rent | $1,013 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in North Little Rock is about 4% lower than in Arkansas. Rent is about 11% 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 North Little Rock, up about 6.5% and 3.9% a year respectively. Home prices are changing faster.
Median rent in North Little Rock rose about 32.5% between 2015 and 2023, from $765 to $1,013. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in North Little Rock.
Buying the median-priced home in North Little Rock costs roughly 9.8 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 North Little Rock. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | North Little Rock | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,669 | $123,805 | $242,182 |
| Median Household Income | $50,997 | $58,772 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in North Little Rock rose about 21.0%, while median household income rose about 33.5% 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 | North Little Rock | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.1% | 56.9% | 58.2% |
| Rental Rate | 47.4% | 29.1% | 31.3% |
| Vacancy Rate | 10.5% | 14.0% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
North Little Rock has a homeownership rate of 42.1%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 10.5%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | North Little Rock | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1975 | 1986 | 1978 |
| Median Number of Rooms | 5.1 | 5.5 | 5.5 |
The typical housing unit in North Little Rock was built around 1975. On average, 2.1 people live in a home with about 5.1 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in North Little Rock, Arkansas.
What is the median home price in North Little Rock, Arkansas?
The median home price in North Little Rock, Arkansas is $118,669, lower than the Arkansas average of $123,805.
What is the average home price in North Little Rock, 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 North Little Rock, Arkansas?
The median gross rent in North Little Rock, Arkansas is $1,013 per month, higher than the Arkansas average of $913.
What was the median gross rent in North Little Rock in 2020?
In 2020, the median gross rent in North Little Rock, Arkansas was $858 per month.
What is the price-to-rent ratio in North Little Rock, Arkansas?
The price-to-rent ratio in North Little Rock, Arkansas is about 9.8, meaning it would take roughly 9.8 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 North Little Rock.
Are home prices or rent rising faster in North Little Rock, Arkansas?
Both home prices and rent are rising in North Little Rock, up about 6.5% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in North Little Rock, Arkansas?
42.1% of households in North Little Rock, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in North Little Rock, Arkansas?
The housing vacancy rate in North Little Rock, Arkansas is 10.5%, lower than the Arkansas average of 14.0%.