Sebastian County Leads Arkansas in Property Value Surge

In a recent reappraisal, Sebastian County experienced a remarkable property value increase of 60.23%, the highest among 17 Arkansas counties. This surge underscores the dynamic shifts in the local real estate market.

 

Following closely, Johnson County saw a 55.46% rise, with Independence County and Crittenden County reporting increases of 55.1% and 54.75%, respectively.

 

Notably, Calhoun, Logan, and Sevier counties also experienced growth exceeding 50%. All but two counties in this reappraisal cycle reported increases of at least 34%.

 

The reappraisal, the first since 2020, reflects the impact of the COVID-19 pandemic on the housing market, which led to construction challenges and a surge in property values.

 

According to the Sebastian County Assessor's Office, property valuations are based on actual sales activity, ensuring that market fluctuations are accurately represented.

 

Taxpayers experiencing an increase in property value will be notified by mail, while those with unchanged or decreased values will not receive notifications. 

 

In 2024, Sebastian County recorded 1,533 home sales, a 5% increase from 2023. The total value of these sales reached $375.961 million, marking a 10% rise from the previous year.

 

The average home sale price was $245,246, up from $233,838 in 2023. However, the average days on market increased to 80, compared to 71 in 2023. 

 

Homeowners aged 65 or older, or those who are disabled, may qualify for a property value freeze, ensuring that their property's assessed value remains constant despite market fluctuations.

 

This measure aims to provide financial stability for eligible residents amidst rising property values. 

 

The substantial increase in property values across these counties highlights the evolving real estate landscape in Arkansas, influenced by recent economic and social factors.