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 | Washington County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $201,482 | $123,805 | $242,182 |
| Price Trend (Annual %) | 7.7% | 5.2% | 8.2% |
| Median Gross Rent | $1,005 | $913 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Washington County is about 63% higher than in Arkansas. Rent is about 10% 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 Washington County, up about 7.7% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Washington County rose about 42.7% between 2015 and 2023, from $704 to $1,005. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Washington County.
Buying the median-priced home in Washington County costs roughly 16.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Washington County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Washington County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $201,482 | $123,805 | $242,182 |
| Median Household Income | $67,052 | $58,772 | $78,145 |
| Price-to-Income Ratio | 3.0 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Washington County rose about 66.7%, while median household income rose about 55.0% 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 | Washington County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.4% | 56.9% | 58.2% |
| Rental Rate | 41.2% | 29.1% | 31.3% |
| Vacancy Rate | 7.5% | 14.0% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Washington County has a homeownership rate of 51.4%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 7.5%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Washington County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1994 | 1986 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 | 5.5 |
The typical housing unit in Washington County was built around 1994. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Washington County, Arkansas.
What is the median home price in Washington County, Arkansas?
The median home price in Washington County, Arkansas is $201,482, higher than the Arkansas average of $123,805.
What is the average home price in Washington 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 Washington County, Arkansas?
The median gross rent in Washington County, Arkansas is $1,005 per month, higher than the Arkansas average of $913.
What was the median gross rent in Washington County in 2020?
In 2020, the median gross rent in Washington County, Arkansas was $819 per month.
What is the price-to-rent ratio in Washington County, Arkansas?
The price-to-rent ratio in Washington County, Arkansas is about 16.7, meaning it would take roughly 16.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Washington County.
Are home prices or rent rising faster in Washington County, Arkansas?
Both home prices and rent are rising in Washington County, up about 7.7% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Washington County, Arkansas?
51.4% of households in Washington County, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in Washington County, Arkansas?
The housing vacancy rate in Washington County, Arkansas is 7.5%, lower than the Arkansas average of 14.0%.