West Memphis, Arkansas Housing Market Prices
West Memphis Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 48% above the Arkansas median$165,547
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Median rent 8% below the Arkansas median$871
Housing Market Overview
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,547 | $111,957 | $248,835 |
| Price Trend (Annual %) | 13.5% | 3.4% | 7.5% |
| Median Gross Rent | $871 | $947 | $1,407 |
| Rent Trend (Annual %) | 3.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West Memphis is about 48% higher than in Arkansas. Rent is about 8% lower than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in West Memphis, up about 13.5% and 3.0% a year respectively. Home prices are changing faster.
Median rent in West Memphis rose about 26.8% between 2015 and 2024, from $687 to $871. Over the same span, rent in Arkansas rose about 40.1%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in West Memphis.
Buying the median-priced home in West Memphis costs roughly 15.8 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 West Memphis. The price-to-rent ratio in Arkansas is about 9.9.
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,547 | $111,957 | $248,835 |
| Median Household Income | $47,137 | $60,940 | $80,455 |
| Price-to-Income Ratio | 3.5 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in West Memphis rose about 9.8%, while median household income rose about 44.8% between 2009 and 2025 — 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 | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.1% | 57.4% | 58.5% |
| Rental Rate | 41.9% | 29.0% | 31.2% |
| Vacancy Rate | 16.0% | 13.5% | 10.2% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
West Memphis has a homeownership rate of 42.1%, lower than the Arkansas average of 57.4%. Its housing vacancy rate is 16.0%, compared with 13.5% in Arkansas.
Housing Stock
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1975 | 1987 | 1978 |
| Median Number of Rooms | 5.1 | 5.5 | 5.5 |
The typical housing unit in West Memphis was built around 1975. On average, 2.5 people live in a home with about 5.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in West Memphis, Arkansas.
What is the median home price in West Memphis, Arkansas?
The median home price in West Memphis, Arkansas is $165,547, higher than the Arkansas average of $111,957.
What is the average home price in West Memphis, Arkansas?
The typical home price in West Memphis, Arkansas, reported as the median sale price, is $165,547. 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 West Memphis, Arkansas?
The median gross rent in West Memphis, Arkansas is $871 per month, lower than the Arkansas average of $947.
What was the median gross rent in West Memphis in 2020?
In 2020, the median gross rent in West Memphis, Arkansas was $719 per month.
What is the price-to-rent ratio in West Memphis, Arkansas?
The price-to-rent ratio in West Memphis, Arkansas is about 15.8, meaning it would take roughly 15.8 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 West Memphis.
Are home prices or rent rising faster in West Memphis, Arkansas?
Both home prices and rent are rising in West Memphis, up about 13.5% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in West Memphis, Arkansas?
42.1% of households in West Memphis, Arkansas own their home, lower than the Arkansas average of 57.4%.
What is the vacancy rate in West Memphis, Arkansas?
The housing vacancy rate in West Memphis, Arkansas is 16.0%, higher than the Arkansas average of 13.5%.
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