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 | Union County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $44,444 | $123,805 | $242,182 |
| Price Trend (Annual %) | 8.5% | 5.2% | 8.2% |
| Median Gross Rent | $825 | $913 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Union County is about 64% lower than in Arkansas. Rent is about 10% 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 Union County, up about 8.5% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Union County rose about 30.4% between 2015 and 2023, from $632 to $825. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Union County.
Buying the median-priced home in Union County costs roughly 4.5 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 Union County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Union County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $44,444 | $123,805 | $242,182 |
| Median Household Income | $50,250 | $58,772 | $78,145 |
| Price-to-Income Ratio | 0.9 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Union County fell about 40.0%, while median household income rose about 40.6% 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 | Union County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.1% | 56.9% | 58.2% |
| Rental Rate | 21.9% | 29.1% | 31.3% |
| Vacancy Rate | 19.0% | 14.0% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Union County has a homeownership rate of 59.1%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 19.0%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Union County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1978 | 1986 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Union County was built around 1978. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Union County, Arkansas.
What is the median home price in Union County, Arkansas?
The median home price in Union County, Arkansas is $44,444, lower than the Arkansas average of $123,805.
What is the average home price in Union 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 Union County, Arkansas?
The median gross rent in Union County, Arkansas is $825 per month, lower than the Arkansas average of $913.
What was the median gross rent in Union County in 2020?
In 2020, the median gross rent in Union County, Arkansas was $707 per month.
What is the price-to-rent ratio in Union County, Arkansas?
The price-to-rent ratio in Union County, Arkansas is about 4.5, meaning it would take roughly 4.5 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 Union County.
Are home prices or rent rising faster in Union County, Arkansas?
Both home prices and rent are rising in Union County, up about 8.5% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Union County, Arkansas?
59.1% of households in Union County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Union County, Arkansas?
The housing vacancy rate in Union County, Arkansas is 19.0%, higher than the Arkansas average of 14.0%.