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Arkansas
Home sales are beginning to lag in most of Arkansas as the national trend begins to make an impact in the state. But Arkansas growth will continue to steam ahead as one of the nation’s quiet stories of abundant growth. More people are moving to Arkansas to retire for its rich outdoor climate and comparatively less expensive housing.
New businesses still have plans to move to Little Rock, the state’s largest urban center and more home builders are considering the area as a booming hub in the south, despite its median price moving upward in the last five years to the highest point Little Rock has seen. Little Rock will see home sales slow in 2008, and will adjust downward a forecast 3.1% on the average priced home.
From its scenic rivers in the Ozark mountains to inviting Hot Springs, Arkansas’ scenic beauty has a lot to offer.
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| City |
Forecast |
| Little Rock |
− 3.1% |
| Jonesboro |
− 4.2% |
| Fayetteville |
− 5.9% |
| Hot Springs |
− 4.9% |
| Fort Smith |
− 4.8% |
The real estate boom gave Hot Springs a bustling second home market, where the affluent have flocked for golfing and good times. Prices rose for years before the market showed signs of over-heating and cooled. Housing Predictor forecasts Hot Springs to see fewer home sales in 2008 on deflation of 4.9% on average housing prices.
In north-east Arkansas Jonesboro has been transformed from a once sleepy little community to a corridor for a booming economy. Home prices are still some of the most affordable in the south in Jonesboro and the market should see a further slow down in 2008 with average depreciation of 4.2%.
In Fayetteville the real estate market hit the brakes for a while after rapid appreciation hit like a lot of other places in the U.S. Many single family homes topped $210,000 before the market slowed, mainly because of a booming rental market serving students attending the University of Arkansas.
The cooling market will see prices decline, according to the Housing Predictor forecast in 2008 on average of 5.9%.
In Fort Smith the market has seen its best days for a while, and it will see slower home sales in 2008 produce a decrease in average housing values of 4.8% as people grow accustom to a slower pace in home sales in Fort Smith. Most people in Fort Smith like it just fine that way in the relaxed Deep South.
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