According to the latest data from the U.S. Census Bureau, Arkansas currently has a 66.5% homeownership rate, which is around the national average, with housing units adding up to 1,365,265 in total.
This consistent demand for residential properties in the state creates countless prospects for those pursuing a career in the real estate industry.
Add to this the relatively lower cost of living and home prices in AR compared to other states.
How Much Do Real Estate Agents Typically Bring In in Arkansas?
Like other states, Arkansas real estate agent income depends on factors like:
- Local market conditions
- Price trends in the types of properties sold
- An agent’s experience, productivity, reputation
- Population and economic growth
- The commission split arrangements negotiated with their brokerage
According to the Bureau of Labor Statistics, the mean wage for a real estate agent in Arkansas is $66,750 per year.
Income for new agents often starts lower, growing within 1-3 years as you gain experience and clients. That said, dedicated agents can potentially earn a 6 figure income within their first 5-10 years.
Real Estate License Reacquisition and Inter-State License Acknowledgment in Arkansas
Once licensed, agents must complete 7 hours of AREC-approved Continuing Education (CE) and pay $80 in fees to renew your real estate license every year.1
In July, renewal notices are mailed to the home addresses of all real estate licensees in Arkansas giving instructions on how to renew their licenses. Current licenses expire on December 31 and must be renewed annually from October through December.2 Licenses that are not renewed within the deadline are placed on inactive status. A $30 fee will apply to activate the license.
To renew online, enter your full birth date and license number. Accepted payment methods include credit card and eCheck.
You can also mail in renewal fees with the proper renewal form.
All active license renewals require completing 7 hours of AREC-approved Continuing Education from AREC-approved Continuing Education Providers.3
Most schools report CE electronically, but agents must individually ensure that credits are submitted to the AREC. The CE must cover:
- 1-hour limiting risk to preserve personal safety for agents and clients
- 3-hour salesperson best practices course
- 3-hour elective CE course
License Reciprocity
Arkansas has reciprocal licensing agreements with 16 states:4
- Alabama (AL)
- Colorado (CO)
- Florida (FL)
- Georgia (GA)
- Iowa (IA)
- Kansas (KS)
- Louisiana (LA)
- Mississippi (MS)
- Nebraska (NE)
- New York (NY)
- Ohio (OH)
- Oklahoma (OK)
- Pennsylvania (PA)
- South Dakota (SD)
- Washington (WA)
- West Virginia (WV)
Agents from these states can transfer an active real estate license to Arkansas by submitting:
- A completed application
- Proof of passing their former state exam
- A $161 fee
- Completed fingerprint card
- License histories from all states where you have a real estate license or have had a real estate license.
- Background Acknowledgement Form
Non-reciprocal applicants will need to show proof to the Arkansas Realty Commission of completing 60 hours of pre-license education within the last 36 months in addition to the above requirements.
How Many Homes Were Sold in Little Rock, Arkansas?
According to data from the local Realtors® Association, 757 homes were sold within the city limits in September 2023, a significant increase of 25.5% compared to 603 home sales in September 2022.
What Is the Average Home Price in Little Rock, Arkansas?
The median sale price of a Little Rock home has increased by 7.4% to $247,000, with the price per square foot also rising by 11.6% to $144 since last year. Overall, the average home value in the city is now $201,528.
References
1Arkansas Real Estate Commission. (2022, August). Approved CONTINUING EDUCATION TOPICS FOR 2023. Arkansas Real Estate Commission. Retrieved November 6, 2023, from <https://arec.arkansas.gov/education/arkansas-real-estate-commission/>
2Arkansas Real Estate Commission. (2023). Existing Agent. Arkansas Real Estate Commission. Retrieved November 6, 2023, from <https://arec.arkansas.gov/licensing/existing-agent/>
3Arkansas Real Estate Commission. (2023). Education Providers. Arkansas Real Estate Commission. Retrieved November 6, 2023, from <https://arec.arkansas.gov/education/education-providers/>
4Arkansas Real Estate Commission. (2023). Reciprocal States. Arkansas Real Estate Commission. Retrieved November 6, 2023, from <https://arec.arkansas.gov/licensing/reciprocal-states/>