However, real estate prices, as well as quality can change depending on the area that the home is located in, given the area's socio-economic background, the amount of land available for sale, and the proximity to major cities, etc.



Using Arkansas as a reference point, here are some examples of how housing prices can vary dramatically from point to point and therefore can be more (or less) affected by the economy as well as our current housing crisis.

For example, the areas of Arkansas that are near major cities (Memphis, Little Rock, Fort Smith, and Fayetteville) are more likely to have urban/suburban prices that could make a huge difference in their appeal to the average homebuyer. However, convenience is also a factor, and a home near your place of work (in one of those major cities) could be weighed heavily as well.

Memphis is the 17th largest city in the US, according to the 2000 census and its very close proximity to Arkansas means that it can affect Arkansas real estate prices just as easily as it affects real estate prices in its own state, Tennessee. The greater Memphis area stretches mostly into North Mississippi and parts of Tennessee both east and north of the city itself, but the western border of Memphis, the Mississippi River, is all that separates Memphis from Arkansas and some of the great suburban areas that make up east-central Arkansas.

Cities such as West Memphis, Blanton, and Mound City offer residents a suburban type of environment, with more land and more privacy available, while still being extremely close to Memphis proper. West Memphis, the largest of these cities, offers real estate in Arkansas that feels like Tennessee real estate, but without the burden of high city taxes. For instance, Shelby County where Memphis is located, passed funding for a new basketball arena for the Memphis Grizzlies, the residents of West Memphis (being in another state, let alone another county) can still benefit from the team's presence, but without the added burden of raised taxes.

Depending on your individual plans and preferences, you should find real estate in Arkansas that fits your life and your budget. No particular area is right for everyone, but chances are, there are options for most people somewhere in the state of Arkansas.