Downtown Little Rock
, AR is a thriving urban center with access to all of Little Rock's most popular amenities. The city's best restaurants, bars, and night clubs are situated in the heart of downtown and if you live there, it's all only a short walk away.
What residents love the most about living downtown - besides the super short commute - is the abundance of greenspaces that showcase Arkansas' moniker, "The Natural State." With the grounds of the Clinton Library, the trails along the banks of the Arkansas River, Junction Bridge Park, and the River Market's weekly Farmer's Market, you can experience the best of both worlds.
Listing Price Versus Sales Price in Downtown
The listing price of housing Downtown varies greatly depending on its exact location and the type of home you want to buy. However, the median price for a home in the Downtown area is about $325,000 which is almost double the Little Rock average of $169,500
. The average home Downtown is a little larger (2,185 rather than Little Rock's 1,800 square foot average), but the price per square foot comes out to about $148 per square foot. Little Rock's median price per square foot is $92.
The sales price of homes in the Downtown area is $339,900. This very close gap between listing price and sale price indicates that the Downtown housing market is considered fairly priced. It also indicates that sellers don't feel pressured to lower prices, because they know they can get their asking price or a little more.
Downtown is a popular place to live for many professionals in the financial, corporate, and technology industries, and housing is priced accordingly.
Homes Available Downtown
Downtown Little Rock offers housing options that range from studio apartments to five-bedroom Victorian charmers. However, the highest volume of options is centered on condominiums for sale in Downtown Little Rock. Over half of the 102 properties currently available in Downtown are condos.
Downtown has a two percent rate of distressed homes. This is exactly on par with Little Rock's average. Downtown’s average distressed property rate compared to its much higher than average sale price indicates that the Downtown real estate market is aggressive enough to more than overcome any undesirable homes in the area.
The median number of days that condos in Downtown Little Rock stayed on the market is about 76 days, or just over two months. The Little Rock median of days listed is 86 – ten days longer. The shorter amount of time that homes are available indicate a fast-moving and high demand market. This is a three percent rise over the average median time on the market from this time last year, so it is safe to predict that these numbers will most likely continue to fall over the next few years as Downtown becomes even more popular.
When to Buy Downtown
Development of high-rise condos in Downtown Little Rock is currently also on the rise as the area struggles to keep up with demand for housing. If you find a place that you love Downtown, you have time to evaluate your budget and have it inspected, but don’t wait too long, because it is currently a seller’s market. As development drives up property values, Downtown will only become more expensive, so invest as soon as you are comfortable. Little Rock has been assessed as one of the top fifteen most aggressively growing economies in the nation, and the real estate market will reflect that in the coming years with higher prices and higher demand.
The best time of the year to buy in Downtown is historically the month of July, which has seen more price reductions than any other month over the course of three consecutive years. However, this is also the month that the most homes are sold in the area, so be prepared to make an aggressive offer if you find your dream home. The slowest time of the year for the real estate market Downtown over the last three years has been November. This drop in sales can be heavily attributed to the holiday season. At this time of year you may be able to find a bargain with a motivated seller who doesn’t have any other offers. Do your research first and target homes that you like which have been on the market for at least the median of 76 days or longer.
Property Value Downtown
Property value Downtown has historically held its own, but there has been a dramatic increase in demand over the last decade as it has been renovated and gentrified. Big businesses like Axciom and Heifer International brought jobs, money, and residents with them when they moved into the area and there is constantly more construction happening that will bring more of the same.
The average value of the lots Downtown
has gone up over two dollars over the past year alone, and it is continuing to rise. The median list price has risen one percent over this time last year and there is no decrease in sight. This steady growth indicates that high property value is here to stay in Downtown Little Rock, making it a good investment.
If you are looking for all the amenities of an urban, capitol city without sacrificing greenspaces and a community feel, Downtown Little Rock may be the neighborhood for you. If you would like to learn more about the available listings in your area, please reach out to one of our local Movoto real estate agents
. They would love to help you find a home that fits your family, budget, and style.