Hot Springs Village Real Estate Market Update from Clara Nicolosi, Broker / Owner of RE/MAX of HSV
Home construction is booming! Vacant land sales are up over 50% this year, and new construction permits are up 40% in Hot Springs Village. However, it’s not fast enough to keep up with the region’s brisk demand. Prices of lumber are slowing inching down, making it possible for this trend to continue.
More buyers are moving to Hot Springs Village, but the demand has outpaced supply. There are only 45 homes on the market Village-wide without a contract. We were at 107 at the end of the first seven months in 2020. As a result, we have sold 10% more homes in Hot Springs Village this year as compared to last year. As of the end of August, 459 homes have sold and closed. The average price of homes sold is over $281,000, this is up from $220,000 for the same time frame last year. This is a good time for buyers who want to invest since interest rates are low as they are expected to start to slowly rise.
Navigate today’s Seller’s Market with RE/MAX of Hot Springs Village. Call 501-922-3777 to learn more.
The Sign You Want. The Agent You Need.®
Understanding the Seller’s market in Hot Springs Village will give you an edge over the competition. A Seller’s market means the average time on the market is shorter, around three weeks to just a few days compared to the normal average of 11 weeks.