Newhope, AR 71959 housing market

What this means

• Valuation. Prices are 17% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are down 3.9% over the past year (U.S.: +1.2%), 15% below their 2022-23 peak.
• Supply. Listings are 25% below the 2017-19 norm and falling (−75% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is low (6/100; U.S.: 54): homes typically sell at or above asking (105.0% of list); 0% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 16% of the median household income (U.S.: 35%); it takes about $39k a year to keep the payment at 30% of gross pay. That includes about $1,594 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $239 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding. Flood isn't covered by standard homeowners insurance.
• Outlook. No clear direction: likely −10% to +6% over the next 12 months (45% chance of a rise).

Next 12 months

No clear direction

A fall is somewhat more likely than a rise, but not by enough to call. Likely change: −9.9% to +6.4% (80% range; middle estimate −0.7%), chance of a rise 45%, of a 5%+ drop 24%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Other ZIP codes in Pike County, AR