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Duckswater, Arkansas: High Homeownership and Rising Home Values in a Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Duckswater, a neighborhood in Jonesboro, Arkansas, is characterized by a high rate of homeownership and steadily increasing average home prices. This small community has experienced fluctuations in population over the years, with a recent upward trend since 2020.
The ownership percentage in Duckswater has remained consistently high, ranging from 90% to 96% between 2013 and 2022. This strong homeownership trend aligns with the gradual increase in average home prices over the same period. In 2013, the average home price was $270,491, which steadily rose to $385,940 by 2022, representing a 42.7% increase over nine years. The highest jump in average home prices occurred between 2020 and 2022, with a 23.4% increase from $312,867 to $385,940.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2015, interest rates remained extremely low (0.11% to 0.13%), coinciding with high homeownership rates of 94% to 96%. As interest rates began to rise from 2016 onwards, there was a slight dip in homeownership to 90% in 2016 and 2019. However, the neighborhood maintained a high overall ownership rate despite these fluctuations.
The renter population in Duckswater has remained relatively small, ranging from 4% to 10% between 2013 and 2022. The highest renter percentage was observed in 2019 at 10%, coinciding with a period of economic growth and rising home prices. Despite the low renter population, there has been a slight upward trend in renter percentages since 2013, possibly due to increasing home prices making homeownership less accessible for some residents.
In 2023 and 2024, Duckswater saw continued growth in average home prices. The average home price reached $396,466 in 2023 and further increased to $401,900 in 2024. This represents a 2.7% and 1.4% year-over-year increase, respectively. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth.
Looking ahead, predictive models suggest that average home prices in Duckswater will continue to rise, albeit at a more moderate pace. Over the next five years, average home prices are projected to increase by approximately 2-3% annually, reaching around $450,000 by 2029. This forecast takes into account the current high interest rate environment and potential economic factors that may influence the housing market.
In summary, Duckswater has maintained a strong homeownership culture despite rising home prices. The neighborhood has seen consistent growth in property values, with particularly significant increases in recent years. While the renter population remains small, there has been a slight upward trend in renter percentages. The interplay between federal interest rates, homeownership rates, and home prices will likely continue to shape the neighborhood's housing market dynamics in the coming years.
