Jonesboro Real Estate Market Trends
January is the month of new beginnings and reflection. People make resolutions. Major industries take inventory, review stats and make forecasts. How much product was sold, and for what price? How much business was repeat business? How much was new? Was more sold this year or less?
Real Estate as a major industry also takes stock. National market observers research the hottest selling markets, average home prices, trends and compare prices? Then articles are published about the national markets.
The Jonesboro area is a part of that overall National market and is affected by its ups and downs, but it also exists in its own little ecosystem. This was evident in 2008 when several US Real Estate markets tanked while Jonesboro, in comparison, experience much less trauma. Therefore, national average home prices, trends, bubbles and downturns may not accurately portray what’s happening here.
JONESBORO AREA MARKET STATS
Let’s answer some of these same questions about the Jonesboro area market. The following stats were taken from the Northeast Arkansas Board of Realtors Multi Listing Service. All homes for sale in the Jonesboro area listed by a realtor will be found on this internet platform. For this report, data was gathered and compared by the school districts of Valley View, Jonesboro, Nettleton, Brookland and Westside. A comparison was made of three years: 2016, 2017, 2018.
Approximately 1,077 single family homes were sold in these areas in 2016, 1,167 in 2017 and 1,267 in 2018. These numbers include both new construction and resale homes. They do not include For Sale By Owner stats. The information displayed on the two following charts were divided by new construction homes and resale homes.
The above chart displays resale home values by average home sales price and average price per square foot in each district by year. For example, the average resale home price in the Valley View School District in 2016 was $230,000. The average price per square foot was $93. Therefore a 2400 square foot home cost approximately $223,200 in 2016. In 2017 the price per square foot increased by $5 to $98 making the price of a 2400 square foot home $235,200. Homes values in the Valley View district remained steady in 2018.
Although the average Valley View home sale price went down from $247,000 in 2017 to $234,000 in 2018, the fall can be attributed to a decrease in the size of homes sold in 2018. That means, overall in the Valley View School District, the resale homes sold were smaller in size than in 2017.
The chart shows homes in each school district increased in value over the three-year period. In some cases, the average home price declined, but the increase in the cost per square foot shows home values went up.
Statistics shown on the chart above are taken from new construction home sales in the same five Jonesboro area school districts. The chart displays average new construction home sale prices and average price per square foot from 2016 to 2018.
There were approximately 596 new homes sold overall in the three-year period. Prices per square foot ranged from $87 to over $150. Except for the Jonesboro school district, the chart shows a slow and steady upward trend.
In the Jonesboro district, the jump was more dramatic from $101 per square foot in 2016 to $126 per square foot in 2018.
Fewer new homes were built in the Jonesboro district than in any of the other districts. Nineteen new construction homes were built in Jonesboro over the three years. However, most of those built in 2017 and 2018 fit into the upper end or luxury category of homes.