Overview of the Commercial and Residential
Real Estate Market in Arkansas
Birthplace of Johnny Cash (Kingsland) and the location of Sam Walton's first Wal-Mart store (Bentonville), Arkansas is officially known as The Natural State for good reason. It is home to one of the country's largest municipal parks, North Little Rock, and the one million-plus acre Ozark National Forest. Arkansas boast more than 600,000 acres of lakes and 9,700 miles of rivers and streams. The summit of Mount Magazine is the state's highest point at 2,753 feet above sea level. Of the 2,969,373 people living in the state, 18.7 percent live below the poverty level, according to the U.S. Census. The median household income is $40,531 and based on a per capita income of $22,007. The median value of a single family detached home is $106,300. That is $75,100 less than the U.S. median home value of $181,400. Little Rock is the largest city with 197,357 Arkansans living there. The median home value is $150,800 and 38.4 percent of the city's residents have a Bachelor's degree or higher. Across the state, 19.8 percent of residents have a Bachelor's degree or above. In Little Rock, the homeownership rate is 57 percent compared with 67.2 percent for the state. Thirty-two percent of the city's residents live in multi-unit structures compared with 15.4 percent of the state's residents living in apartments or condominiums.
With Little Rock having about 1,623 people per square mile and Fort Smith having 1,392 people per square mile, retail and office space is most in demand in these metropolitan areas. The mostly rural state of Arkansas averages about 56 persons per square mile. With seven national parks and 52 state parks, the state has a robust tourism industry. It has sparse factories and less than three percent of the population employed in the agriculture industry. Most commercial activity is for restaurants, retail shopping, and office space.
How to Become a Realtor in Arkansas
The 6,580 Realtors in Arkansas are licensed and regulated by the State of Arkansas Real Estate Commission (AREC). Headquartered in Little Rock, Arkansas, the commission list their primary mission as protecting the public interest. They require real estate license applicants be at least 18 years old and be able to pass a background check. Applicants must successfully complete 60 classroom hours of pre-license real estate education. Thirty of those hours must comprise the basic principles of real estate. Applicants must then pass the state exam. They have to pay all applicable fees and apply within 90 days of passing the state exam. Newly licensed salespersons are required to complete 18 continuing education classroom hours within their first 12 months as an agent. Agents wishing to become licensed brokers in Arkansas need to complete 60 hours of real estate education. Forty-five of those hours have to be at an Arkansas Real Estate Commission developed Broker Pre-License Education course from an approved school.