The story of this market
The typical home in ZIP 71647 sells for about $104,229, or $72 per square foot.
Prices are down 4.2% from a year ago, which gives buyers more room to negotiate. Homes take about 112 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $850 a month.
ZIP 71647 — Hermitage
The housing market in 71647 remains stable with low inventory and modest price adjustments. Market activity is limited by the rural nature of the area, with demand primarily driven by local residents rather than external investment.
This ZIP is best suited for budget-conscious buyers and those seeking rural living, as it offers high affordability compared to regional urban centers.
Median prices moved down 4.2% year over year.
Homes spend a median of 112 days on market with 4.0 months of supply — a balanced-paced market.
13% of listings have cut prices · homes sell at 96.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.8% · poverty 19.5% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 3.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 3.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 71647, Drew County AR
Schools serving the area are primarily managed by the Drew Central School District, which generally maintains a rural-average performance profile.
The area is subject to standard regional flood risks associated with the Arkansas River basin and requires standard hazard insurance coverage.
Economic momentum is limited, with the local economy primarily supported by agriculture, forestry, and small-scale retail services.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Arkansas) — Arkansas Disabled Veteran Total Property Tax Exemption: Provides a 100% exemption from all ad valorem real property taxes on the principal homestead. Formula: Net Ad Valorem Tax Due = $0.00. State (Arkansas) — Arkansas Senior and Disabled Assessment Freeze: Freezes the assessed taxable value of the homestead at the prevailing assessed value at the time the owner becomes eligible or purchases the property. State (Arkansas) — Arkansas State Homestead Property Tax Credit: Provides a direct reduction against ad valorem property taxes up to $350.00 (increased to $350 by Act 655 of 2009; further statutory increases may apply up to $425 depending on legislative session). Formula: Final Tax Due = max($0, Gross Ad Valorem Tax - Homestead Credit). State (Arkansas) — Arkansas Amendment 79 Assessment Growth Caps (Assessment Limitation): Caps annual assessed value growth following a countywide reappraisal: homestead parcel taxable assessments cannot increase by more than 5% per year, and non-homestead residential parcel taxable assessments cannot increase by more than 10% per year until taxable assessment reaches… State (Arkansas) — Arkansas Ad Valorem Property Tax Assessment Ratio and Valuation: Imposes an ad valorem property tax based on a uniform statutory assessment ratio of 20% of true market value.
Commutes are primarily car-dependent, with residents traveling to Monticello for employment and essential services.
Recreational opportunities are largely rural, featuring access to local hunting, fishing, and community parks in nearby Monticello.
The rental market is characterized by low inventory and limited turnover, with demand driven by local workforce needs.
The economy is anchored by the University of Arkansas at Monticello and regional agricultural and timber industries.
Transportation is dominated by private vehicle use on state highways; public transit options are non-existent.
Development is currently focused on small-scale residential infill and maintenance of existing infrastructure.
The Drew County Assessor manages property valuations based on annual market analysis and state-mandated reappraisal cycles.
Parcels are subject to Drew Central School District taxes and local county-wide service district levies.
Property insurance premiums are influenced by regional wildfire and storm risks, with standard market availability.
Arkansas is a non-judicial foreclosure state, allowing for relatively efficient processing of defaulted mortgages.
Arkansas law requires sellers to provide a property disclosure form, though it is limited in scope compared to other states.
Data retrieved from data.census.gov ZCTA 71647 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Hosts local community events and agricultural exhibitions.
Provides local green space and recreational facilities for the area.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.