Real Estate Directory - Arkansas

Population: 2,673,400
Capital city/population: Little Rock (184,053)
Largest cities/population:

Little Rock - 184,053
Fort Smith -81,562
Fayetteville - 62,078
North Little Rock - 59,687

(2005)

As the 29th largest state, with a land area of 53,182 square miles, Arkansas became a state on June 15, 1836. Early in the state’s history, several U.S. Senators disagreed on the spelling and pronunciation of Arkansas. One preferred to be called the senator from “Arkan saw” and the other preferred to be called the senator from “Ar Kansas”. In 1881, the conflict was resolved when the state General Assembly passed a resolution stating that the state's name was to be spelled "Arkansas" but pronounced “Arkan saw”. Long, hot summers are common, with mild winters producing abundant rainfall.

HOUSING

(chart www.homegain.com)

Little Rock/North Little Rock – With the real estate market in the city shifting slightly toward home buyers, an average home is selling for $181,000. The rise in mortgage rates is being blamed for the change.

Fort Smith – This area has been experiencing significant growth in new home building, which has helped to increase property values. This is a highly competitive market for buyers, shown by many properties receiving multiple offers at one time.

Fayetteville – To date in 2005, over 900 homes have been sold, with prices ranging from $16,000 to $850,000. Of these, 260 have been new construction, with prices ranging from $84,500 to $729,000. Appreciation has been steady at 20% for the past three years.

Real Estate Market Data	Little Rock
Total Housing Units	43,807
Average Home Price	$133,859
Median Rental Price	$389
Owner Occupied	54%
Rental Units	37%
Vacant Units	9%
HomeGain Agents	306

BUSINESS/ECONOMY

Principal industries include manufacturing, agriculture, tourism, and forestry. Important manufactured goods include food products, chemicals, lumber, paper, electric motors, furniture, automobile components, airplane parts, machinery and steel. Agricultural products include soybeans, rice, cotton, tomatoes, grapes, apples, peaches, and wheat. Total gross state product for 2003 was $76 billion, with a per capita income of $24,384, the lowest in the nation.

SCHOOLS

Arkansas has over 45 universities, colleges, community colleges, and technical schools. Most counties have at least three public high schools, with the average 1994 student-teacher ratio at 17:1. The average 1995 teachers’ salary was $29,322.

HISTORY

Cherokee, Choctaw, Osage, and Caddo tribes lived in the area during the arrival of Europeans. The first French settlement, Arkansas Post, was led by Henri de Tony in 1686. In the 1762, the area was ceded by France to Spain, returned in 1800, and then made part of the Louisiana Purchase in 1803 under Jefferson’s administration. It achieved territorial status in 1819, and became a state in 1836.

RELIGION

Arkansas, like most other Southern states, is overwhelmingly Protestant. The religious affiliations of the people are as follows:

Christian – 86%
- Protestant – 78%
  - Baptist – 39%
  - Methodist – 9%
  - Pentecostal – 6%
  - Church of Christ – 6%
  - Assemblies of God – 3%
  - Other Protestant – 15%
- Roman Catholic – 7%
- Other Christian – 1%
Other Religions – <1%
Non-Religious – 14%

DEMOGRAPHICS

As of 2003, the state's population was 2,673,400 according to Census Bureau estimates.
48.8% is male, and 51.2% is female.
Racially, Arkansas is:

78.6% White non-Hispanic
15.7% Black
3.2% Hispanic
0.8% Asian
0.7% Native American
1.3% Mixed race