Taking a look at the change in the time it takes for homes in Northwest Arkansas to go under contract once they hit the market gives us insight into our housing supply-and-demand situation, and helps us look to the future of the housing market in NWA.
Recent data shows a slight uptick in the average days homes are taking to sell. While Benton County remains steady at 89 days, Washington County has seen an increase from 82 to 84 days in 2024, an increase of about 2.44%. Meanwhile, the national data shows a much larger increase.
So why the change, why does it matter, and how can these numbers help us look to the future for the housing market in NWA?
The Numbers
Benton County
- Average Days on Market to Sell:
- September 2023: 89 days
- September 2024: 89 days
- Average Active Listings:
- September 2023: 2,120
- September 2024: 2,332
Washington County
- Average Days on Market to Sell:
- September 2023: 82 days
- September 2024: 84 days
- Average Active Listings:
- September 2023: 1,140
- September 2024: 1,276
Why the Change in NWA?
Two key factors are influencing this shift:
- Rising Interest Rates: With national interest rates climbing, buyers are more cautious about taking on new mortgages or may delay purchasing decisions altogether. This, of course, will diminish demand, even as the overall market in Northwest Arkansas shows resilience and consistency.
- More Active Listings: A growing inventory of homes for sale gives buyers more options–a basic supply-and-demand principle. While this benefits buyers, it results in longer days on market for sellers.
What’s Really Happening: The Market is Stabilizing
After several volatile years of rapid sales, inflated demand, and inventory shortages during and immediately after the COVID-19 pandemic, the real estate market is starting to stabilize. This shift marks a gradual return to normal trends and a more balanced market for buyers and sellers in NWA.
Demand Resilience in NWA
Though the days on market are trending slightly upward, the increase is notably less pronounced than in many other regions. Northwest Arkansas continues to attract newcomers with our charming appeal, arts, biking, and natural beauty, while companies like Walmart, Tyson, and J.B. Hunt continue to relocate employees to the region, all contributing to maintaining a more stable housing demand compared to the national average.
What’s Next? What’s Happening With Interest Rates?
While it’s unclear when or if national interest rates will decrease in the near future or after the upcoming presidential election, any decline in rates could allow more people to purchase homes, reinvigorating the market, and shortening the average days on market once again.
In the meantime, sellers should adapt to the current environment by pricing competitively and working with local agents who understand how to navigate these trends.
Stay tuned to NWA Look for more updates as we continue to track these developments and keep you informed on the real estate scene in Northwest Arkansas.
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