Our NWALook team has gathered data from the NWA Multiple Listing Service platform (NABOR) and added our own findings through June 2024. This provides a comprehensive snapshot of the Northwest Arkansas real estate market.
Sales Trends: When comparing sales figures from 2023 to 2024, the period fromJanuary to June witnessed a 2% increase. When looking at a more long-term perspective, the data reveals a positive trend. Comparing sales to 2020, Northwest Arkansas still shows a 1% increase in closed sales. This suggests that despite the recent dip, the region has maintained relative stability and resilience in its real estate Market.
Supply and Demand: A key factor impacting the market dynamics is the persistent Inventory shortage. Currently, Northwest Arkansas has approximately 3.5 months of supply, indicating an ongoing seller market. When comparing new listings from 2023 to the same period in 2024, the region experienced a 5% increase, with an average of 670 new listings from January to June 2023 and an average of 702 new listings from January to June 2024. Although we see an uptick in new listings, the scarcity of available homes continues to pose challenges for prospective buyers, contributing to the competitive nature of the Market.
Affordability Advantage: On a national level, Northwest Arkansas stands out as a more affordable housing market. According to NAR’s Q1 2024 data, the average price of homes in the Benton and Washington County is $375,450, notably lower than the national average of $412,000. This affordability advantage has attracted homebuyers looking for more accessible real estate options.
Equity Appreciation: Homeowners in Northwest Arkansas have experienced favorable equity gains over the past year. The year-to-date median sales price has reached $360,795, marking a 3.1% increase from the $350,000 median sales price observed in 2023. This positive trend reflects a steady growth in home values in the region, offering current homeowners a significant opportunity to build equity. As the market continues to appreciate, residents can look forward to increasing their investment value, making now an opportune time for
Median Days on Market: The median days on market (DOM) for homes in Benton and Washington Counties have increased over the past year, averaging around 63.5 days, when the average DOM January to June 2023 was approximately 61. This quick turnover indicates a healthy market with strong buyer interest and swift transactions. Homes are selling quickly, which is beneficial for sellers looking to close deals promptly.
Economic Factors: As of June 2024, Northwest Arkansas benefits from promising economic conditions, with a low unemployment rate of 2.1% and a 4.8% increase in job growth over the past year. These factors support a thriving job market and economic stability, attracting individuals seeking both employment opportunities and affordable homeownership. Despite a slight dip in short-term sales, the market remains stable, with the region's affordability, substantial equity gains, and ongoing housing permit activity contributing to its appeal. (www.nar.realtor).
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NWA Real Estate Market Update
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