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 | Russellville | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $481,964 | $123,805 | $242,182 |
| Price Trend (Annual %) | 55.5% | 5.2% | 8.2% |
| Median Gross Rent | $846 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Russellville is about 289% higher than in Arkansas. Rent is about 7% 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 Russellville, up about 55.5% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Russellville rose about 33.5% between 2015 and 2023, from $634 to $846. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 9.6 yearly household incomes in Russellville.
Buying the median-priced home in Russellville costs roughly 47.5 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 Russellville. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Russellville | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $481,964 | $123,805 | $242,182 |
| Median Household Income | $50,350 | $58,772 | $78,145 |
| Price-to-Income Ratio | 9.6 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Russellville rose about 245.2%, while median household income rose about 26.9% 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 | Russellville | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.3% | 56.9% | 58.2% |
| Rental Rate | 37.2% | 29.1% | 31.3% |
| Vacancy Rate | 11.5% | 14.0% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Russellville has a homeownership rate of 51.3%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 11.5%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Russellville | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1985 | 1986 | 1978 |
| Median Number of Rooms | 5.2 | 5.5 | 5.5 |
The typical housing unit in Russellville was built around 1985. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Russellville, Arkansas.
What is the median home price in Russellville, Arkansas?
The median home price in Russellville, Arkansas is $481,964, higher than the Arkansas average of $123,805.
What is the average home price in Russellville, 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 Russellville, Arkansas?
The median gross rent in Russellville, Arkansas is $846 per month, lower than the Arkansas average of $913.
What was the median gross rent in Russellville in 2020?
In 2020, the median gross rent in Russellville, Arkansas was $704 per month.
What is the price-to-rent ratio in Russellville, Arkansas?
The price-to-rent ratio in Russellville, Arkansas is about 47.5, meaning it would take roughly 47.5 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 Russellville.
Are home prices or rent rising faster in Russellville, Arkansas?
Both home prices and rent are rising in Russellville, up about 55.5% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Russellville, Arkansas?
51.3% of households in Russellville, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in Russellville, Arkansas?
The housing vacancy rate in Russellville, Arkansas is 11.5%, lower than the Arkansas average of 14.0%.