West Memphis AR
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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West Memphis, AR Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

West Memphis Housing Market Information

With 24,636 people, 9,742 houses or apartments, and a median cost of homes of $99,682, the cost of homes in West Memphis is among some of the lowest in the nation. Compared to Arkansas, however, West Memphis real state is not on the lower end of the price spectrum.

Single-family detached homes are the single most common housing type in West Memphis, accounting for 69.51% of the city's housing units. Other types of housing that are prevalent in West Memphis include large apartment complexes or high rise apartments ( 16.63%), duplexes, homes converted to apartments or other small apartment buildings ( 9.32%), and a few mobile homes or trailers ( 2.55%).

The most prevalent building size and type in West Memphis are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.50% owning and 51.50% renting.

There is a lot of housing in West Memphis built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in West Memphis built between 1940-1969 ( 36.51%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.38%). There's also some housing in West Memphis built before 1939 ( 2.72%).

Vacant housing appears to be an issue in West Memphis. Fully 11.24% of the housing stock is classified as vacant. Left unchecked, vacant West Memphis homes and apartments can be a drag on the real estate market, holding West Memphis 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.

West Memphis Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in West Memphis, where house values have increased just 4.38%, which is annualized rate of 0.43%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, West Memphis appreciation rates have trailed the rest of the nation. In the last twelve months, West Memphis's appreciation rate has been 2.46%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in West Memphis were at 1.13%, which equates to an annual appreciation rate of 4.61%.

Relative to Arkansas, our data show that West Memphis's latest annual appreciation rate is lower than 80% of the other cities and towns in Arkansas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within West Memphis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West Memphis - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best West Memphis real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$99,682

West Memphis, AR HOME PRICES

Value Range
> $1,123,000 0.2
$842,001 - $1,123,000 0.0
$562,001 - $842,000 0.2
$449,001 - $562,000 0.2
$337,001 - $449,000 2.0
$225,001 - $337,000 5.1
$112,001 - $225,000 21.8
$56,001 - $112,000 48.1
$0 - $56,000 22.4

Average for AR
Very Low for Nation

Value Relative to Nation Value Relative to State
85.8394160583942 58.2456140350877

Number Of Homes And Apartments:
9,742

West Memphis Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AR*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
27.58% 1.21%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$954 / per month

Homeownership Rate

Homeownership
Owners 48.50
Renters 51.50
Vacant 11.24

Housing Market Details

 

Age of Homes

AGE OF West Memphis HOMES
2000 or Newer 13.4
1970 - 1999 47.4
1940 - 1969 36.5
1939 or Older 2.7

Types of Homes

TYPE OF West Memphis HOMES
Single-Family 69.5
Townhomes 1.7
Small Apt. Buildings 9.3
Apt. Complexes 16.6
Mobile Homes 2.6
Other 0.3

Home Size

SIZE OF West Memphis HOMES
No Bedroom 2.01
1 Bedroom 4.94
2 Bedrooms 34.59
3 Bedrooms 45.67
4 Bedrooms 12.07
5 or more bedrooms 0.71