Hot Springs Market Update

Signs are good for the residential real estate market in the Hot Springs area.  Inventory continues to drop (down 10% year-over-year), homes are selling faster, and the city is thriving. It’s no wonder that Hot Springs is doing well and continues to be one of the favorite places to call home. In fact, Hot Springs was named again in “the 25 Best Small Towns in America” reported by Architectural Digest Feb 7, 2018
And if you haven’t been downtown lately, you’re in for a shock. The city’s downtown commercial development is booming! Cole McCaskill of the Hot Springs Metro Partnership reported in a newsletter this week that “Downtown Hot Springs welcomed 41 new businesses and over $23 million in investment” in 2017, and “our growth in downtown outpaced the average Arkansas downtown by more than 10x for the 3rd year in a row!”  At this rate, it’s safe to say that real estate in Hot Springs would be a good investment today.
Below is an overview of this year’s sales compared to this same time period year-over-year.
Average Days on Market
1/1/17 – 1/31/17:  148
1/1/18 – 1/31/18:  142           
Number of Listings Sold
1/1/17 – 1/31/17:  92
1/1/18 – 1/31/18:  104           
Average Price of Sold Listings
1/1/17 – 1/31/17:  $180,407
1/1/18 – 1/31/18:  $143,813

MLS Sold Volume
1/1/17 – 1/31/17:  $16,597,450
1/1/18 – 1/31/18:  $14,956,639
(data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sales not reported thru our local mls)
Click here to take a look at the next report that shows a more detailed overview of the current home sales in Garland County, AR. This report will give you a better look at the supply and demand of homes.
If we can help more, please don’t hesitate to give us a call at 501.655.6247. It is always our pleasure to serve you.
Warm regards,
Jeff and Paulia Kennedy
Hot Springs 1st Choice Realty
(501) 655-6247
Jeff@BestofHotSprings.com

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