Time to revisit the market and see what is happening. First, we will look at the Residential Single Family Homes throughout Garland County and Hot Springs, Arkansas. Currently, there are 729 Hot Springs Homes for sale. This does not include Manufactured or modular homes for sale or condominiums for sale.
The average price for a home in the Hot Springs Board of Realtors® multilist is a tad over $295,000. Sounds impressive... doesn't it? Keep in mind that this is both lakefront and residential. The prices range from $17,900 to almost $4 million as asking prices. Let's split it out.
Lakefront Homes for sale in Hot Springs, Garland County, Arkansas:
There are 185 lakefront homes for sale (these CAN include modular and manufactured homes in the lakefront category in our mls. The average price for a lakefront home in Hot Springs area is a little over $546,000. The median price is coming in at just a tad under $440,000, which indicates that there are more homes below the average than above it. The lowest priced lakefront (which is actually off the water) is a bit over $121,000, while the highest priced lakefront home for sale tops the scales at $3,950,000.00! As you can see, there is quite a spread when you look at averages...and this is the danger in headline news. Averages just don't "cut it" when one is looking at their unique situation.
Now, turning our attention to the residential side of the market, we will find that the average price for a Hot Springs Home for sale in Garland County today is almost $210,000, with a median price of almost $160,000 once again indicating that that more homes are less than the average than above. The price range currently is from $17,900 up to a paltry $2,950,000.00 for a lovely estate. So what does this tell you? Well.... not much. Everyone wants stats and more stats and more stats... meaningless stats.
Let's try to make this closer to home for the "average folks" out there looking. They are looking for mostly a 3/2 home, so lets see how that stacks up.... I'll search for ONLY 3/2 homes in the area... all ages, all neighborhoods:
In the 3/2 market alone, there are 235 homes today. They range from $22,000 to $625,000 and the average price comes out to a little over $169,000 with a median of $153,500. By removing the 22k and the 625K homes, the figures were barely changed.
Of course, there are many factors that will come to play in your unique situation...for instance, if you want a home built after 2005, the stats shift to: 77 homes, with an average of $202,000 and a median of $185,000....
So it is all about what YOU want, not what a website wants to tell you. Things change when you put your own spin on it. The search criteria that a member of a Board of Realtors® can put into their search software is a good bit better than what you have access to.