Pine bluff homes sell for $400 amid shrinking population concerns

Homebuyers seeking affordable deals might be intrigued by Pine Bluff, Arkansas, where homes are selling for just over $400. Located 45 miles from Little Rock, a home in Pine Bluff was recently sold for $402.74 at a tax auction.

The town gained attention following the release of a documentary titled “The City Left Behind: $400 Abandoned Homes in Pine Bluff,” which garnered 1.6 million views on YouTube within three weeks.

“There is a surplus of properties—cheap!—that are prime for restoration and redevelopment,” filmmaker Michael Schwarz told Realtor.com®. “But not enough people willing to move to Pine Bluff, or not enough people currently living in Pine Bluff who can afford it.”

However, according to the 2020 U.S. Census, Pine Bluff is the "fastest-shrinking city" in America, losing over 12% of its population in a decade due to limited job opportunities and poor-quality schools.

In response to the documentary's popularity, Mayor Shirley Washington stated: “We are dedicated to revitalizing our neighborhoods and ensuring that Pine Bluff remains a safe and thriving place to live. The city has implemented several programs to address the issue of abandoned homes.”

Schwarz pointed out that while new housing developments are being discussed, there aren't enough residents to occupy existing homes.

Historically, Pine Bluff was prosperous post-World War II due to its farmland and paper mills. As these industries declined, so did the city's economy. Increased crime rates followed as the population decreased and many homes were abandoned.

“If Pine Bluff works to bring in more job opportunities, it will create a more enticing reason to move to town,” Schwarz added.

Mayor Washington emphasized economic growth and community development as key factors for revitalization: “With a commitment to economic growth and community development, Pine Bluff is working to create a vibrant future for all its residents.”

Real estate agent Marty Reed from Century 21 United noted increased interest from investors: “We are seeing investors coming in to fix up properties from the West since it’s so much more affordable here.”

Despite this interest, challenges remain. Realtor.com® senior economic research analyst Hannah Jones highlighted that the housing market has slowed down over the past five months with longer market times and falling home prices annually.

“The typical home in Pine Bluff spent 140 days on the market last month,” said Jones. This duration is nearly triple compared with nationwide averages. Additionally, inventory has increased annually since September 2021 with 274 active listings recorded in July.

While median list prices have dropped by 8.6% year-over-year as of July ($228,000), they remain significantly higher than pre-pandemic levels by about 38%.

Some believe that despite these challenges, Pine Bluff could experience revitalization similar to Detroit's transformation into a real estate boomtown within a decade.

Pine Bluff’s slogan is "City of Progress," but whether it lives up to this promise depends on attracting enough homebuyers willing to invest in this small town's potential.