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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

West Memphis Housing Market Information

With 25,052 people, 9,704 houses or apartments, and a median cost of homes of $96,633, house prices in West Memphis are solidly below the national average.

Single-family detached homes are the single most common housing type in West Memphis, accounting for 66.76% of the city's housing units. Other types of housing that are prevalent in West Memphis include large apartment complexes or high rise apartments ( 16.22%), duplexes, homes converted to apartments or other small apartment buildings ( 11.94%), and a few mobile homes or trailers ( 2.94%).

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 47.79% owning and 52.21% 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 ( 38.17%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.61%). There's also some housing in West Memphis built before 1939 ( 3.73%).

Vacant housing appears to be an issue in West Memphis. Fully 14.80% 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

West Memphis's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in West Memphis during the period has been just -0.89%, which is lower than 70% of US communities.

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 -1.91%, 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 0.35%, which equates to an annual appreciation rate of 1.41%.

Relative to Arkansas, our data show that West Memphis's latest annual appreciation rate is lower than 90% 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:
$96,633

West Memphis, AR HOME PRICES

Value Range
> $988,000 0.2
$741,001 - $988,000 0.0
$494,001 - $741,000 0.0
$395,001 - $494,000 0.3
$296,001 - $395,000 2.3
$198,001 - $296,000 5.1
$99,001 - $198,000 22.3
$49,001 - $99,000 50.1
$0 - $49,000 19.7

Average for AR
Low for Nation

Value Relative to Nation Value Relative to State
79.7374897456932 46.4788732394366

Number Of Homes And Apartments:
9,704

West Memphis Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AR*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
16.99% 0.91% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$932 / per month

Homeownership Rate

Homeownership
Owners 47.79
Renters 52.21
Vacant 14.80

Housing Market Details

 

Age of Homes

AGE OF West Memphis HOMES
2000 or Newer 11.6
1970 - 1999 46.5
1940 - 1969 38.2
1939 or Older 3.7

Types of Homes

TYPE OF West Memphis HOMES
Single-Family 66.8
Townhomes 1.8
Small Apt. Buildings 11.9
Apt. Complexes 16.2
Mobile Homes 2.9
Other 0.4

Home Size

SIZE OF West Memphis HOMES
No Bedroom 1.69
1 Bedroom 6.23
2 Bedrooms 33.96
3 Bedrooms 46.91
4 Bedrooms 10.55
5 or more bedrooms 0.65