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 | Prairie County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $444,732 | $123,805 | $242,182 |
| Price Trend (Annual %) | 211.1% | 5.2% | 8.2% |
| Median Gross Rent | $636 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prairie County is about 259% higher than in Arkansas. Rent is about 30% 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 Prairie County, up about 211.1% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Prairie County rose about 35.1% between 2015 and 2023, from $471 to $636. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 8.7 yearly household incomes in Prairie County.
Buying the median-priced home in Prairie County costs roughly 58.3 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 Prairie County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Prairie County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $444,732 | $123,805 | $242,182 |
| Median Household Income | $51,207 | $58,772 | $78,145 |
| Price-to-Income Ratio | 8.7 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Prairie County rose about 974.9%, while median household income rose about 61.6% 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 | Prairie County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.6% | 56.9% | 58.2% |
| Rental Rate | 19.1% | 29.1% | 31.3% |
| Vacancy Rate | 20.3% | 14.0% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Prairie County has a homeownership rate of 60.6%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 20.3%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Prairie County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1981 | 1986 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 | 5.5 |
The typical housing unit in Prairie County was built around 1981. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prairie County, Arkansas.
What is the median home price in Prairie County, Arkansas?
The median home price in Prairie County, Arkansas is $444,732, higher than the Arkansas average of $123,805.
What is the average home price in Prairie 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 Prairie County, Arkansas?
The median gross rent in Prairie County, Arkansas is $636 per month, lower than the Arkansas average of $913.
What was the median gross rent in Prairie County in 2020?
In 2020, the median gross rent in Prairie County, Arkansas was $645 per month.
What is the price-to-rent ratio in Prairie County, Arkansas?
The price-to-rent ratio in Prairie County, Arkansas is about 58.3, meaning it would take roughly 58.3 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 Prairie County.
Are home prices or rent rising faster in Prairie County, Arkansas?
Both home prices and rent are rising in Prairie County, up about 211.1% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prairie County, Arkansas?
60.6% of households in Prairie County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Prairie County, Arkansas?
The housing vacancy rate in Prairie County, Arkansas is 20.3%, higher than the Arkansas average of 14.0%.