The housing market in Searcy, Arkansas, has experienced steady growth over the past year, with home prices on the rise and certain properties in high demand, according to Kelsey Carter, a local realtor with Natural State Home & Land. Carter offered insights on market trends, including what buyers and sellers can expect in the coming months.
“Home prices are steadily rising, but nothing crazy,” Carter said. “I think we will still see a continuation of that or a leveling out. It depends on what interest rates do.”
Carter expects home prices to remain stable or increase slightly over the next six to 12 months, contingent on how interest rates shift. While prices have been climbing, the pace has been measured, providing some balance in the market.
In Searcy, homes priced between $120,000 and $160,000 are in particularly high demand. “Properties in the $120,000-$160,000 range are in hot demand and usually do not last long in this market, especially if they are in good shape,” Carter said. “That’s a common price range, and lots of times they get scooped up by investors for potential rental properties or flips.”
These properties appeal to both investors and first-time buyers, driving competition and quick sales.
Carter pointed to several upcoming projects in Searcy that she believes will have a positive effect on property values. “All the new development to better Searcy, like the community center, ball fields and trails, should make Searcy a more sought-after community for people looking to move into this area,” she said. “My hope is that it would increase property values.”
These improvements are expected to boost demand for homes and make the area more attractive to newcomers.
Current market conditions have created obstacles for both buyers and sellers. “Buyers are facing challenging interest rates, low inventory and sellers who want top dollar for their home,” Carter said. “Sellers are facing challenges on the opposite side of that, in having buyers who cannot afford to offer top dollar because of what they are paying interest rate-wise.”
This push-and-pull dynamic is making negotiations more difficult, particularly in the mid-range market, where affordability is a concern for many buyers.
Inventory in Searcy is tight, especially in the most desirable price ranges. “I would say inventory is down, especially in the range I spoke about in question two,” Carter said. “There are large homes in the $500,000-plus range, but not much in the $120,000-$160,000 range that doesn’t need a ton of work. Also, the $300,000-$350,000 range does not have a ton of inventory.”
For families looking to upgrade from a starter home, options in the $300,000 to $350,000 range are limited, creating further competition for available properties.
As home prices continue to rise and inventory remains tight, the Searcy real estate market poses challenges for both buyers and sellers. With new developments on the horizon and fluctuating interest rates, the market is likely to remain competitive in the coming months.
Follow Kelsey Carter on her Instagram to be updated in the latest news about the real estate market.
Related Articles
Feb. 6th, 2024