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Hey there, folks! If you’re considering making a move to the picturesque Hot Springs area in Arkansas, you have come to the right place for all the local market information you need. Whether you are a current resident or thinking about becoming one, these details will give you a great insight in the community.
Community Snapshot
Let’s start with a quick snapshot of the community:
- Garland County Population: With approximately 100,330 residents, it’s the 7th most populous county in the State.
- Hot Springs City: This charming city is home to around 36,050 people and ranks 11th in the State.
- Median Age: The median age here is 43.2, making it a well-balanced community.
- Median Household Income: The median household income stands at $42,718.
- Housing Stats: In terms of housing, 56% of residents own their homes, while 44% opt to rent.
Education and Taxes
Education is a priority in Hot Springs, with seven individual K-12 school districts and the prestigious Arkansas School for Mathematics, Sciences, and the Arts (ASMSA) for advanced students. Plus, you have National Park College and a Henderson State remote campus for higher education.
When it comes to taxes, there’s a 9.5% sales tax within the City (6.5% state tax, 1.5% city tax, and 1.5% county tax). Keep in mind, though, that there’s an extra 3% tax on prepared food and lodging within the city limits, which goes toward promoting Hot Springs.
Economic Drivers
Major employers in the area are healthcare, education, and tourism. Institutions like CHI St. Vincent and National Park Medical Center lead the way. And let’s not forget Oaklawn Racing Casino and Resort, Magic Springs, and variety of manufacturing, call centers, restaurants, and hotels providing ample job opportunities.
Things to See and Do
Hot Springs has no shortage of attractions to keep you entertained. From the stunning Hot Springs National Park and the adrenaline-pumping Oaklawn Racing Casino and Resort to the serene Northwoods Bike/Hiking Trails and the engaging Mid America Science Museum, there’s something for everyone. Don’t miss the beautiful Lakes Hamilton, Catherine and Ouachita, the magical Garvan Woodland Gardens, and the historic charm of Bath House Row and Downtown Hot Springs.
Lakes Galore
Speaking of lakes, if you’re a water enthusiast like I am, you are in for a treat. Lake Ouachita boasts over 690 miles of shoreline, 66,324 acres of water, and is one of the three cleanest lakes in the US. Lake Hamilton offers over 200 miles of shoreline, 7,200 acres of water, and is 18 miles long, while Lake Catherine has over 56 miles of shoreline and is 12 miles long.
Hot Springs Village
If you prefer a more relaxed lifestyle and gated community, then Hot Springs Village (HSV) is a mere 20-minute drive north. It’s the largest gated community in the US, sprawling across 26,000+ acres of mountains and trees. The population hovers around 15,970, with a median age of 70 and a median household income of $62,938. Here, a whopping 86% of residents own their homes.
Market Update
Let’s not forget the real estate scene (that is what I do by the way). In 2021, there were 2,428 homes sold with a median selling price of $199,000. The list vs. sales price ratio was 96.26%, and homes spent an average of 126 days on the market. In 2022, things picked up slightly with 2,125 homes sold, a median selling price of $215,000, a list vs. sales price ratio of 96.34% and homes spending an average of 117 days on the market.
If you’re interested in real estate in Hot Springs area, Coldwell Banker RPM Group sold 233 homes in 2022 with a median selling price of $254,900. The list vs. sales price ratio was 96.75% and the average time on the market was 107 days.
All this data comes from various sources, including the US Census Report 2020 statistics, Hot Springs Board Of REALTORS MLS Residential sales, and the City of Hot Springs Visitor’s Center.
Now that you’ve got the lowdown on Hot Springs and Hot Springs Village, you can make an informed decision about your future in one of these lovely Arkansas communities. Whether you are into outdoor adventures or seeking a peaceful retirement spot, Hot Springs and Hot Springs Village have something for everyone. So, come on over and experience all that this fantastic area has to offer!
I look forward to you being my neighbor.
Let’s connect!
