Let’s uncover the latest data on Northwest Arkansas real estate and gain insights into its performance as we move into Q4 2023.
Active Residential Listings
In August 2023, Benton and Washington County had 3,383 active listings, marking a 2% increase compared to August 2022, when there were 3,314 active listings. However, when we look back to August 2019, pre-COVID, and compare it to current inventory, we notice a 13% decrease from 3,894 active listings that year. This data indicates that inventory has improved since the pandemic but remains below pre-pandemic levels.
Closed Sales
Let’s take a NWALook at residential closed sales from January to August 2023, there have been 6769 closings. This represents a 12% decrease from 7674 closings, compared to the same months in the previous year, 2022, and an 8% decrease compared to January-August 2019, with 7290 closings. Despite this decrease in closed sales, the median closed sales price has grown substantially since 2019. The median closed sales price has surged from $210,000 to $342,245 a year to date, a 39% increase.
Day on Market
Days on the market (DOM) is another vital factor to consider when assessing the current market conditions. From January to August 2023, the average DOM in Northwest Arkansas was 57 days, representing an 18% increase compared to the 47 DOM recorded in 2022. Compared to the pre-COVID era, January-August 2019, this figure reflects a 17% improvement from the 69 DOM in 2019.
The graph below reflects the number of sales by price range and demonstrates as home values continue to increase, the number of closed homes under $250,000 has continued to trend downward. The number of sales above $500,000 has continually seen an increase in the number of closings year over year due to significant price appreciation over the past five years.
The real estate market in Northwest Arkansas is anticipated to maintain its upward trajectory in 2023, with pricing trends expected to increase steadily. This stability is reinforced by its recognition as one of the top markets least likely to decline per ATTOM, providing confidence for investors and homeowners in NWA.
Source:
Northwest Arkansas Board of Realtors MLS
ATTOM.com
