Arkansas Real Estate Market: When Will My Home Value Return?

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Arkansas Real Estate Market: When will Home Values Return?

It’s good to live in Arkansas, especially if you are a homeowner.

The national recession took its toll on Arkansas between the fourth quarter of 2008 and the first quarter of 2009, according to RealtyTrac. However, unlike the rest of the country, Arkansas has already begun showing signs of promise in both its economy and its housing market.

A Low Unemployment Rate

Good signs are all around Arkansas residents, especially when considering the unemployment rate. In fact, the unemployment rate in Arkansas has remained below the national average throughout the recession. The national rate of unemployment is now hovering around 10 percent, while the unemployment rate in Arkansas stands at about 7.6 percent. Experts predict that the unemployment rate is not expected to peak at more than 8 percent.

The sector that has hit Arkansas the hardest has been the health services sector, although growth in transportation services should offset these declines. In addition, the construction sector will continue to struggle, although the decline in manufacturing jobs is expected to slow.

Strong Economic Base Helps Real Estate Values

Many experts have noted that the robust economy in Arkansas is the driving factor of its healthy development and increase in real estate prices. Northwest Arkansas has faired the best throughout the recession, although its strong economic base has continued to allow this part of the state to avoid the brunt of the national housing market freefall.

A Return to Peak Home Values

According to RealtyTrac, the housing market that bottomed out in Arkansas in late 2008 is expected to reach its 2007-2008 peak levels by early 2011. In other words, if you are a homeowner, you have likely already seen a steady increase in your home’s value. And if you’re waiting for your home value to return to its peak level, then you don’t have to wait very long.

If you are a homeowner in Arkansas, you can rest assured that your home value will return to its peak levels long before other areas of the country. Considering that home values throughout most of the country are not expected to return to their peak levels until 2016 and well beyond, it is quite clear that the Arkansas housing market is fairing quite well. Although unemployment problems will persist in this state, unemployment still remains well below national levels. Home values are expected to return to their 2007-2008 peak levels by 2011.


Largest Cities in Arkansas

1. Little Rock 183,133   6. Pine Bluff 55,085
2. Fort Smith 80,268 7. Springdale 45,798
3. North Little Rock 60,433 8. Conway 43,167
4. Fayetteville 58,047 9. Rogers 38,829
5. Jonesboro 55,515 10. Hot Springs 35,750

 

 

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