This is how much home list prices are up year-over-year in Hot Springs
HOT SPRINGS – In January of 2023, the average home list price increased more than $50,000 in Hot Springs compared to this time last year.
The average price was $329,900 in January 2023, which is up from $274,900 in January of 2021, according to data by Realtor.com. Since then, list prices have continued to increase, topping out around an average of $360,000 in November 2022.
The January 2023 total was up from $299,700 in December of 2022 – the month directly after reaching its peak at $360,000. That means in the course of a month, the median list price fell by about $60,000 in December and rose more than $30,000 for January.
However, January’s figures are more in line with what Hot Springs has seen over the course of the last several months of 2022.
- December 2022 – $299,700
- November 2022 – $360,000
- October 2022 – $337,000
- September 2022 – $334,000
- August 2022 – $340,000
- July 2022 – $340,000
- June 2022 – $334,000
According to Realtor.com, the average list price of homes in Hot Springs is trending up 20% year-over-year.
Though prices remained rather steady in the last half of 2022, those prices are still a significant increase from the average list price in 2021 during the same months on Realtor.com.
- December 2021 – $299,000
- November 2021 – $272,400
- October 2021 – $272,400
- September 2021 – $268,500
- August 2021 – $269,000
- July 2021 – $245,000
- June 2021 – $268,000
Meanwhile, Redfin listed the average sale price for homes in the last month around $242,000, which is up 10% since last year. The average sale price per square foot in Hot Springs is $189, up 52.4% since last year.
However, Redfin categorizes Hot Springs as “not very competitive” on its Redfin Compete Score, which rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive. Hot Springs earned a score of 21 out of 100 because multiple offers are rare on a home.
The average home sells for about 5% below list price and goes pending in around 54 days. “Hot Homes,” which are considered the most competitive homes on that market, can sell closer to list price and go pending in around 38 days.
