When Should I Buy a Home in 2023?

Hot Springs AR Market Update

Buying a house in any market is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.


Trying to predict what might happen this year is not the best homebuying strategy. “Buyers sitting on the sidelines today in anticipation of lower prices tomorrow may end up disappointed,” says Neda Navab, president of the U.S. region at Compass, a real estate tech company. Instead of waiting for much lower prices, experts suggest buying a home based on your budget and needs. If you find a home you love in an area you love, and it also fits your budget, then chances are it might be right for you. 


After reviewing the residential real estate market in the Hot Springs area today, we have some brief housing market updates to share with you:

Low Supply

The supply is still very low yet it’s up 30% compared to this time last year.


Low Demand

Residential sales volume is down 40% compared to this time last year.


Price Increase

The average sales price is $282,386, which is a 7% increase from this time last year.

Take a look at the latest real estate market for residential properties sold in Garland County.  


Average Days on Market

1/1/23 – 2/28/23: 110
1/1/22 – 2/28/22: 81

Number of Properties Sold

1/1/23 – 2/28/23: 173

1/1/22 – 2/28/22: 262      


Average Price of Sold Listings

1/1/23 – 2/28/23: $282,386
1/1/22 – 2/28/22: $261,770

MLS Sold Volume

1/1/23 – 2/28/23: $48,852,803
1/1/22 – 2/28/22: $68,583,971


(Data obtained from the Hot Springs Board of REALTORS® MLS, and it does not include home sales by owner, or other sales not reported thru our local MLS).

Click here to take a look at the next report that shows a more detailed overview of the current home sales in Garland County, AR. This report will give you a better look at the supply and demand of homes. 

We are committed to guiding you through the home buying and selling process as smoothly as possible as it is our goal to always exceed your expectations. Questions? We have the answers. Call (501) 655-6247 today.

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When you work with Jeff Kenned and his team, you benefit from professionals who understand your needs and will work their absolute hardest to ensure excellent results for you and your family. Give Jeff a call today and discover the difference we can make for you!

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