NWA Market Heating Up or Cooling Down?

Jun 6, 2024
6 min read
Photo by David Veksler / Unsplash

Northwest Arkansas, encompassing both Washington and Benton counties, is buzzing with excitement in the real estate market! The latest data from Realtors Property Resource® for April 2024 shows a hot seller's market, with home prices climbing and properties selling fast. 

Washington County Market Insights: Strong Seller's Advantage

In Washington County, it's a fantastic and exciting time to be a seller. The months of inventory, a key indicator of market balance, have decreased by 7.65% from the previous month, now standing at 2.11 months. Homes are selling quickly, with the median days on the market decreasing to just 15 days, a 6.25% decrease from the previous month. 

Furthermore, it's worth celebrating that properties are now selling at an impressive 98.2% of their listing prices, showing a slight increase of 0.32%. The median sold price for single-family homes has climbed to $338,000, a 3.68% increase from March. Meanwhile, the median estimated property value now stands at $326,330, showing a modest 0.1% increase from the previous month and a significant 5.3% rise over the past year. 

Benton County Market Trends: Rapid Sales and Rising Prices

The positive trend continues in Benton County, with strong real estate activity signaling a favorable market for sellers. The inventory is at 2.17 months, showing a 9.21% decrease. Homes are selling quickly, with a median of just 15 days on the market – although this marks a 37.5% increase from the previous month, it still shows how vibrant the market is. Properties are selling for 98.9% of their listing prices, a slight 0.2% increase that reflects strong buyer interest. The median sold price is $365,000, up by 0.91%, and the median estimated property value is $349,350, showing a slight 0.1% decrease from March but a strong 4.7% rise over the past year, marking a huge progression.

New Listings Surge: Confidence Among Sellers

Over the past four years, we've faced an inventory crunch, but there's great news on the horizon as listings have dramatically increased. Washington County saw 461 new properties listed in April, a substantial 29.1% increase from the previous month. The median list price for these new listings is now $369,700, which marks a 1.3% increase and signals growing confidence in the market. The total volume of new listings in the county has surged by an impressive 34.2%, reaching a staggering $213,975,955. 

Benton County is also joining the trend with a whopping 6.6% increase in new listings, welcoming 689 properties to the market! The median list price for these new listings is $409,925, up 5.2% from last month. The total volume of new listings has grown by 0.7%, reaching an impressive $352,396,203. 

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Active Listings Expansion: Opportunities in Washington and Benton Counties

Active listings are booming heavily across both counties. In Washington County, active listings have surged by 7.7%, totaling 589 properties with a median list price of $425,000, marking a 1.8% increase. These homes are spending more time on the market, with the median days on the market increasing by 17.5% to 47 days.

Meanwhile, Benton County boasts 1,159 active listings, an 8.3% increase, with a median list price of $449,000, up by 2.6%. The median days on the market for these listings is 60 days, showing an 11.1% increase. 

Pending Sales Surge: Strong Demand Continues

Pending sales are on fire, showcasing the strong demand in Northwest Arkansas.  In Washington County alone, there are 501 pending listings, marking an impressive 18.2% increase. These homes, with a median list price of $367,000, are flying off the market in just 21 days. 

But the excitement doesn't stop there, Benton County is also experiencing a surge in pending listings, totaling 1,054 at a whopping 15.6% increase! With a median list price of $395,000, these properties are in high demand, spending just 15 days on the market before going pending.

Sold Listings Analysis: Competitiveness and Value Increases

In April, the real estate market in Washington County saw a 4.2% increase in the number of properties sold, totaling 300 properties. The median sold price rose by 3.7% to reach $338,000. The total volume of sold listings in the county reached an impressive $113,939,442, a 6.4% increase from the previous month.

Additionally, Benton County experienced even stronger growth this month, with a 10.7% increase in the number of properties sold, totaling 540 properties. The median sold price in Benton County increased to $365,000, representing a 0.9% rise. The total listings sold in Benton County reached a remarkable $227,450,060, marking an 11.5% increase from the previous month. 

Public Records Insights: Median Sold Prices and Sales Volumes

The latest public records indicate high confidence in the market for both counties. In Washington County, the median sold price has risen to $317,950, a slight increase of 0.3%. Even more impressively, the number of properties sold has surged by 26.8%, with a total sales volume reaching $66,619,806—that's a substantial increase of 28.1%!

Now, let's turn our attention to Benton County, where the median sold price has soared to $354,000, marking a notable increase of 14.3%. The number of properties sold in Benton County has also seen a remarkable surge, with a whopping 81.2% increase, totaling $28,597,049 in sales volume – an impressive 83.7% increase compared to previous records.

Thriving Real Estate Markets in Northwest Arkansas

The real estate markets in Washington and Benton counties are experiencing strong growth, with home prices steadily on the rise and properties being sold at a rapid pace. The recent market trends from April prove the exciting trends in the Northwest Arkansas scene.

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