New construction homes as of the end of June 2023, in Northwest Arkansas, accounts for 48% of the active listings, while resale homes made up the other 52% of residential listings. Let’s take a look at where buyers may have more buying power.
Currently, new construction has favorable pricing with an average of $206 per square foot while resale homes have an average of $218 per sqft. There are a few things to consider though when looking at pricing as a whole: location, lot size, upgrades, community amenities, and condition to name a few.
Fayetteville (589 active listings) and Centerton (595 active listings) have the largest supply of inventory when it comes to new construction. They also have some of the most favorable pricing, Centerton has an average of $179 and Fayetteville comes in close at $181 per sqft. These two cities currently are the more affordable areas for buyers. Meanwhile, Johnson ($265 sqft), Little Flock ($265 sqft), Garfield ($260 sqft), Goshen ($257 sqft), and Elm Springs ($226 sqft) have the highest price per sqft but several of the homes listed in those areas have larger lots or a prime location.
Now let’s take a look at Resale homes in NWA. Fayetteville also has the largest supply of resale homes with 1211 active listings. Rogers also had a large supply with 907 listings. Bentonville (832 active listings) and Bella Vista ( 822 active listings) were close behind. The lowest average price per sqft were Springdale ($199), Tontitown ($200), Pea Ridge ($201), and Cave Springs ($212) area.
Just keep in mind when reviewing properties that while price per square foot is a great way to understand value, market value is always dictated by what a buyer is willing to pay. Contact NWALook to connect you with a local Realtor.