The Heights is an oasis of old-world charm in the urban hustle and bustle of Little Rock, AR
. 1920's style cottages and two-story Tudors line the streets of this close-knit community of Little Rock's elite. Wide walkways provide strolling space in front of the locally owned boutiques and eateries, and shady oaks and maples provide shade for pedestrians. The Heights is most well-known for its distinctive, historic architecture, its numerous public parks and green spaces, and its involved and active community.
Listing Price Versus Sales Price in Midtown
The median listing price for homes in The Heights is around $299,900. This listing price is nearly double the Little Rock median of $169,900. The median sales price in The Heights is $264,900, only slightly less than the listing price. This tells you that the homes in The Heights are in high demand and considered a valuable investment.
Sales prices have appreciated by 35 percent over the past five years in The Heights, which indicates both rising popularity and property value. The rise is historically steady and will most likely continue in the years to come.
The high price of living in The Heights is somewhat offset by the average household income, which is 70 percent higher than any other neighborhood in Little Rock. It is also the safest neighborhood in Little Rock, with a crime rate 89 percent lower than any other city in Arkansas. People are willing to pay more to live in The Heights for safety and charm, but the neighborhood also offers other attractive amenities that are hard to come by anywhere else in Little Rock--walkability and community.
Homes Available in The Heights
The Heights consists mainly of single-family homes. Along with the prices, this is likely what draws the main demographic of The Heights to the neighborhood. The population is primarily white, with a Bachelors or Masters degree, and is between the ages of 40 and 64.
There are 91 houses in The Heights available currently, which is a two percent drop from the previous year. This indicates that The Heights is highly popular and that the people moving into the area are there to stay. This also helps to explain the high sales prices in the neighborhood, as people can charge more when there is a higher demand for housing.
There are no distressed properties in The Heights. Distressed properties are houses that are currently being foreclosed upon, or homes that owners are selling at cost to avoid foreclosure. This non-existent rate is lower than the two percent average of distressed
houses for sale in Little Rock, AR, which indicates both the sought-after nature of the neighborhood and the financial stability of its residents.
The median number of days that Heights homes on Movoto stayed on the market is about 71 days, just barely over two months. Little Rock's median days listed before a sale is about 90 days. This difference is a strong indication of The Height's popularity. If you find a home in The Heights that you love, don't spend too long deliberating, and consider coming in with an offer over the listing price (so long as you realtor and appraiser agree).
The median square footage of Homes in the Heights is about 1,500 square feet, which is on par with Little Rock averages. However, this means that you are paying much more per square foot than in other Little Rock neighborhoods, which go for around $93 a square foot. The average price per square foot in The Heights is between $150-$200 per square foot. However, there are also more reasonable options available.
When to Buy in The Heights
As previously discussed, you should buy a home in The Heights as soon as you find one that fits your budget and your lifestyle preferences. However, there are a few market trends that may help you make an informed decision. The lowest sale months over the past three years have been November and December. This is most likely more due to the holiday season that anything else. However, if a seller is highly motivated to sell, you may get it at a better price in these months, when there are fewer competing offers.
The months with the most sales - and the highest competition - were April and July. However, there were a few more price reductions in these months, so it's possible you may be able to snag your dream home for a little less money if you move quickly.
In the last year, two new restaurants and several new boutiques opened up along Kavanaugh - The Height's main street. There are plans for several more in the works, which means that even more foot-traffic and money will be running through the neighborhood and spiking the property values.
Property Value in The Heights
Property value in The Heights is, and always has been, at a premium. Since its inception in 1905, properties have held or increased their value. The average price per lot in The Heights has increased two dollars over the past year
alone. And as more new restaurants and specialty shops open, and money is injected into the community through HOA fees and events, the value will likely increase even further.
Little Rock real estate is still very affordable in the face of nationally rising prices. Across the country, homeowners are spending 14.4 percent of their income on their mortgages. In Little Rock, residents spend around 6.3 percent, which is significantly less. With historically strong affordability, and a steady three year growth in appreciation rate on par with national average, indicate that now is the time to buy in Little Rock - before the median list price catches up with the national average.
The Heights's proximity to Downtown makes it a prime neighborhood for commuters, and with Downtown's gentrification over the past five years, values are steadily climbing both downtown and in neighboring communities. New construction and steady renovations are planned for Little Rock's center over the next several years.
If you are looking for a quiet, charming village with a spectacular view of the Arkansas River, the historical Heights neighborhood nestled in the heart of Pulaski Heights may be for you. If you would like more information about Heights real estate, contact one of our friendly, local real estate agents
. They will help guide you through the houses for sale in Little Rock, AR until you find your dream home.