Hot Springs Hype vs. Reality ....

Garland County Residential Real Estate Market Report: First Quarter 2024

Greetings, homeowners and real estate enthusiasts! It's time for an update on the residential real estate market in Garland County, Arkansas. Despite some fluctuations, there's plenty of positivity to be found.

Inventory Surge:

The numbers are in, and inventory has spiked by a remarkable 51% compared to this time last year. This surge may be attributed to various factors, one of which is the bustling vacation rental market that has seen a surge of interest in recent years.

Vacation Rental Hype and Reality:

Some were banking on the Solar Eclipse weekend in April to be a big win, with expectations soaring high. However, the reality didn't quite match the hype. Rental rates during that weekend skyrocketed to outrageous levels, leaving many disappointed with the lack of visitors to Hot Springs. The news broadcasters may have spun some outlandish predictions, but thankfully, the roads weren't grid-locked, cell service remained reliable, and gas stations and supermarkets were well-stocked.

Thriving Hot Springs:

Despite the temporary blip, Hot Springs continues to thrive! Tourists are still flocking to enjoy the lakes, hiking trails, biking routes, and camping spots. Oaklawn casino remains a popular attraction, and downtown Hot Springs is alive with the charm of its natural hot water springs, historic bathhouses, vibrant arts scene, and diverse dining options.

Market Trends:

While sales are down 9% compared to last year, there's still reason to be optimistic. Prices have seen a healthy increase of 4%, indicating stability and growth in the market. Moreover, today's mortgage interest rate for a 15-year fixed term is 6.83%. While this is slightly higher compared to last year, it's still a favorable rate for those looking to save on interest costs in the long run.

Embracing Opportunity:

A 15-year term offers lower rates and significant savings on interest for those who can manage the higher monthly payments. It's a smart choice for those looking to build equity faster and pay off their homes sooner.

Conclusion:

In conclusion, while there have been some ups and downs in the Garland County real estate market, the overall outlook remains positive. With increased inventory, stable prices, and a range of attractions drawing visitors to Hot Springs, there's plenty of opportunity for both buyers and sellers to make their mark in this vibrant community. Let's embrace the opportunities ahead and continue to celebrate the beauty and charm of Garland County.