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 | Phillips County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $109,302 | $123,805 | $242,182 |
| Price Trend (Annual %) | 12.4% | 5.2% | 8.2% |
| Median Gross Rent | $756 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Phillips County is about 12% 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 Phillips County, up about 12.4% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Phillips County rose about 28.6% between 2015 and 2023, from $588 to $756. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Phillips County.
Buying the median-priced home in Phillips County costs roughly 12.1 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 Phillips County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Phillips County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $109,302 | $123,805 | $242,182 |
| Median Household Income | $38,611 | $58,772 | $78,145 |
| Price-to-Income Ratio | 2.8 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Phillips County rose about 109.3%, while median household income rose about 44.8% 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 | Phillips County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.8% | 56.9% | 58.2% |
| Rental Rate | 33.9% | 29.1% | 31.3% |
| Vacancy Rate | 26.3% | 14.0% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Phillips County has a homeownership rate of 39.8%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 26.3%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Phillips County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1978 | 1986 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Phillips County was built around 1978. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Phillips County, Arkansas.
What is the median home price in Phillips County, Arkansas?
The median home price in Phillips County, Arkansas is $109,302, lower than the Arkansas average of $123,805.
What is the average home price in Phillips 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 Phillips County, Arkansas?
The median gross rent in Phillips County, Arkansas is $756 per month, lower than the Arkansas average of $913.
What was the median gross rent in Phillips County in 2020?
In 2020, the median gross rent in Phillips County, Arkansas was $572 per month.
What is the price-to-rent ratio in Phillips County, Arkansas?
The price-to-rent ratio in Phillips County, Arkansas is about 12.1, meaning it would take roughly 12.1 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 Phillips County.
Are home prices or rent rising faster in Phillips County, Arkansas?
Both home prices and rent are rising in Phillips County, up about 12.4% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Phillips County, Arkansas?
39.8% of households in Phillips County, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in Phillips County, Arkansas?
The housing vacancy rate in Phillips County, Arkansas is 26.3%, higher than the Arkansas average of 14.0%.