72035, Conway, AR

The 72035 zip code of Conway, AR is located in the northwest corner of the state and includes a population of just over 21,000 people. The median household income in this area is just over $60,000, which is considerably higher than the statewide median household income of just over $48,000. This high level of income has led to a relatively high level of home equity in this area. As of 2016, the median home value in this zip code was $147,200. This represents a significant increase from 2007 when the median home value was only $104,600.

Despite these strong levels of home equity, Conway residents have been struggling to maintain their housing values over the past few years. In fact, according to Zillow’s Home Value Index for ZIP Codes across America as of February 2018 (the most recent data available), Conway’s 72035 zip code had experienced one of the largest declines in home values nationwide. Specifically, between January 2017 and February 2018 alone – a period that covers just 12 months – Conway’s home values decreased by 5%. This steep decline has led to widespread concern among local residents about their ability to maintain their current levels of wealth if prices continue to decline.

While there are many factors that may be contributing to Conway’s declining housing market conditions (including rising interest rates and increasing competition from nearby areas), it is clear that homeownership rates and home equity are both important factors that should be considered when assessing the health of an area's housing market. In particular, it seems likely that if Conway's homeownership rate continues to decline (as it has done recently), then its housing market will continue to suffer accordingly.