Little Rock Real Estate Soars with 12% Increase in Average Property Values, May 2024

The Little Rock, AR real estate market has shown growth, with average property value increasing to $279k and value per square foot reaching $140.

authorWritten by Manuel MartinezJun 12, 2024

For the last 12 months or so, the real estate market in Little Rock, Arkansas, has shown noticeable growth trends in both average property values and the value per square foot. Looking at the trend between June 2023 and May 2024 we see consistent appreciation of property values in the area, which suggests a healthy market conducive to investment and homeownership. Throughout this period, the average property value in Little Rock has increased significantly, with a notable peak of approximately $279,000 by May 2024. This is complemented by the rise in value per square foot, which peaks at about $140.

See also: Little Rock Real Estate: Climbing Property Values and Investment Potential – Market Report April 2024

Analysis of Property Values

In June 2023, the average property value in Little Rock began at $250k. This figure steadily increased, signaling a robust growth in property valuation, which peaked at around $280k this month. This approximates to a 12% increase over the year. Simultaneously, the value per square foot began at $132 in June 2023 and exhibited a gradual increase, reaching $140 by May 2024, representing a 6% rise. This continued growth in value per square foot is parallel to the increase in overall property values, reinforcing the positive trend in the market.

The sale price and the average sale price per square foot both fluctuated. The highest average sale price recorded was $226,183 in September of last year, but by May 2024 the sale price adjusted to slightly below this peak at $224,012. The average sold price per square foot saw its highest at $131 in May of this year.

Sold Homes

September 2023 observed the highest number of sold homes in Little Rock, with a total of 2,885 transactions on the MLS. In contrast, May 2024 experienced the highest inventory on the market with 636 properties available for sale. This indicates differing dynamics in terms of supply and demand at various points throughout the year. The higher number of sales in September could suggest a seasonal peak in buying activity, while the larger inventory in May might indicate seasonal adjustments or growing supply due to anticipated demand.

Overall, the real estate market in Little Rock presents potential for both buyers and sellers, given the appreciating values and the active market participation. These trends not only help in understanding the current market status but also aid potential investors and homeowners in making informed decisions.

Member Features

Find Real Estate Bargain!

  • Full foreclosure details

  • Home value, equity and ownership info

  • Find homes priced below market

  • Get full access with a FREE Account

Already a member?