- The real estate market in Northwest Arkansas has demonstrated impressive year-over-year growth, with property values consistently increasing. Analyzing the data from the past six years, NWALook observed the following trends:
Starting in 2018, the average price per square foot was $119. The following year, in 2019, the market experienced a modest increase of 6%, with the average price per square foot reaching $124. This initial growth set the stage for more substantial advancements in the years to come.
In 2020, the market witnessed a leap, with the average price per square foot surging by 8.5% to $134. This significant increase signaled growing demand and confidence among buyers and investors in Northwest Arkansas.
The momentum continued into 2021 when the real estate market experienced its most substantial spike yet. Property prices soared by 19%, driving the average price per square foot to $165. This extraordinary surge demonstrated the region’s increasing attractiveness.
Building upon this success, 2022 demonstrated another notable increase, with the average price per square foot rising by 17.3% to $198 per sqft. This upward trajectory further solidified Northwest Arkansas’ reputation as a thriving real estate hub and reinforced the market’s strength.
As of July 1, 2023, the market maintained its upward course, with prices showing resilience. The average price per square foot reached $210, representing a 6% increase from the previous year. This continued growth highlighted the sustained demand and desirability of properties in the region.
These year-over-year comparisons clearly depict a market that has experienced consistent and impressive growth in property prices. Northwest Arkansas has consistently attracted buyers and investors, with a thriving real estate market that has continued to see growth year after year. Although price per foot is only an indicator of market conditions, here at NWALook, we always recommend you contact your local Realtor for a comparative market analysis of your home.