With 2020 behind us, and the presidential election over, we are excited and optimistic for what lies ahead in 2021.
We took time today to review the data for the 2020 year-end residential real estate market in the Hot Springs area, and we have some brief housing market updates for you:
Low Supply
There were a total of 301 homes on the market as of mid-January, a decrease of 46% compared to the previous year.
High Demand
Residential sales rose to 2,119 in 2020, which is 17% higher than this time in the previous year.
Price Increase
The median sales price is now hovering around $215,194, which is a 12% increase from last year.
Take a look at the latest real estate market for residential properties sold in Garland County.
Average Days on Market
1/1/19 – 12/31/19: 133
1/1/20 – 12/31/20: 154
Number of Properties Sold
1/1/19 – 12/31/19: 1,799
1/1/20 – 12/31/20: 2,119
Average Price of Sold Listings
1/1/19 – 12/31/19: $191,949
1/1/20 – 12/31/20: $215,194
MLS Sold Volume
1/1/19 – 12/31/19: $345,316,824
1/1/20 – 12/31/20: $455,997,506
(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.
We are committed to guiding you through the home buying and selling process as smoothly as possible as it is our goal to always exceed your expectations. Questions? We have the answers. Call (501) 655-6247 today.
