Corning, AR
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Corning, AR Real Estate Data


Corning Housing Market Information

With 3,162 people, 1,548 houses or apartments, and a median cost of homes of $57,536, house prices in Corning are some of the most affordable in Arkansas as well as the nation.

Single-family detached homes are the single most common housing type in Corning, accounting for 78.58% of the city's housing units. Other types of housing that are prevalent in Corning include large apartment complexes or high rise apartments ( 8.91%), duplexes, homes converted to apartments or other small apartment buildings ( 6.55%), and a few mobile homes or trailers ( 4.24%).

The most prevalent building size and type in Corning are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.53% owning and 41.47% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Corning's housing was primarily built during this period, from the '40s through the '60s. A full 46.16% of the city's housing hails from this era. Other housing ages represented in Corning include homes built between 1970-1999 ( 44.55%) and housing constructed between 2000 and later ( 5.26%). There's also some housing in Corning built before 1939 ( 4.03%).

Vacant housing appears to be an issue in Corning. Fully 16.91% of the housing stock is classified as vacant. Left unchecked, vacant Corning homes and apartments can be a drag on the real estate market, holding Corning real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Corning Home Appreciation Rates

Appreciation rates for homes in Corning have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.81%, which ranks in the top 50% nationwide. This equates to an annual average Corning house appreciation rate of 0.08%.

Over the last year, Corning appreciation rates have trailed the rest of the nation. In the last twelve months, Corning's appreciation rate has been 0.93%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Corning were at 0.23%, which equates to an annual appreciation rate of 0.91%.

Relative to Arkansas, our data show that Corning's latest annual appreciation rate is lower than 70% of the other cities and towns in Arkansas.

Average Home Values

 

Median Home Value:
$57,536

Corning, AR HOME PRICES

Value Range
> $1,033,000 0.0
$775,001 - $1,033,000 0.0
$517,001 - $775,000 0.8
$413,001 - $517,000 1.3
$310,001 - $413,000 3.0
$207,001 - $310,000 4.7
$103,001 - $207,000 9.1
$52,001 - $103,000 29.8
$0 - $52,000 51.3

Very Low for AR
Very Low for Nation

Value Relative to Nation Value Relative to State
98.4120473455994 92.9577464788732

Number Of Homes And Apartments:
1,548

Rent & Ownership

 

Average Market Rent:
$632 / per month

Homeownership Rate

Homeownership
Owners 58.53
Renters 41.47
Vacant 16.91

Housing Market Details

 

Age of Homes

AGE OF Corning HOMES
2000 or Newer 5.3
1970 - 1999 44.6
1940 - 1969 46.2
1939 or Older 4.0

Types of Homes

TYPE OF Corning HOMES
Single-Family 78.6
Townhomes 1.7
Small Apt. Buildings 6.5
Apt. Complexes 8.9
Mobile Homes 4.2
Other 0.0

Home Size

SIZE OF Corning HOMES
No Bedroom 2.36
1 Bedroom 15.08
2 Bedrooms 27.54
3 Bedrooms 50.83
4 Bedrooms 3.38
5 or more bedrooms 0.81

Corning Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AR*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
36.32% 1.81% 5 4
* 10 is highest

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Zip Codes in Corning, AR