Little Rock-North Little Rock-Conway, AR

The Little Rock-North Little Rock-Conway, AR metropolitan statistical area (MSA) is located in the central part of the state and includes Pulaski, Faulkner, Grant, Lonoke, and Perry counties. The MSA had a population of 729,135 in 2019 and is projected to grow to 743,322 by 2025. The median home value in the MSA was $153,900 in 2019, and the median household income was $60,872.

The housing market in the Little Rock-North Little Rock-Conway MSA has been strong in recent years due to population growth and a strong economy. The unemployment rate in the MSA was 3.4% in 2019, well below the national average of 4%. This has led to increased demand for housing and higher prices.

The median home value in the MSA increased by 5% from 2018 to 2019, and is projected to increase by another 4% from 2019 to 2020. The median price for a new home in the MSA was $247,000 in 2019. Prices are expected to continue to rise as demand for housing remains high.

First-time home buyers may find it difficult to enter the market due to rising prices. However, there are still many affordable homes available on the market if buyers are willing to look outside of their desired location or be flexible on their must-haves list. For those who are looking for an investment property or a second home, now is a good time to buy as prices are expected to continue rising over the next few years.