Northwest Arkansas continues to be named a top relocation destination in the U.S. due to its affordability, thriving economy, and abundant opportunities. According to U.S. Census Bureau data, Arkansas ranks 12th among the top 20 states with the highest net migration in 2023, with a net gain of 22,202 residents.
Why Are They Moving?
Data from the National Association of Realtors® (NAR) 2024 Migration Trends Report states the reasons for moving to areas like NWA:
- Proximity to family and friends (30%)
- More home for the money (21%)
- Favorable tax rates (19%)
- Safer neighborhoods (16%)
NWA offers affordable housing, with a median home sales price of $369,700, significantly below the national median of $418,700, per the NAR Q3 report. Additionally, Arkansas' lower property taxes are appealing compared to many other states, making owning a home more affordable.
Who's Moving to NWA?
NWA has become a destination for individuals and families relocating from cities such as:
● Dallas, Texas: Average Sales Price $384,000
● Austin, Texas: Average Sales Price $482,000
● Houston, Texas: Average Sales Price $348,000
● Tulsa, Oklahoma: Average Sales Price $273,500
● Kansas City, Missouri: Average Sales Price $341,600
● Los Angeles, California: Average Sales Price $947,500
Average Sales Prices are as of Q3 2024
Northwest Arkansas also sees significant intrastate movement from Little Rock and Fort Smith.
Popular Housing Preferences
People seeking relocation often find these features the most appealing when moving to areas like Northwest Arkansas, according to the latest NAR Migration Trends.
● Outdoor spaces (42%)
● Additional square footage (31%)
● Quieter neighborhoods (24%)
Corporate Relocation:
According to the 2023 Atlas Van Lines Corporate Relocation Survey, 31% of companies reported increased relocation activity over the previous year, with corporate relocation budgets also expanding. Improved economic conditions and greater workplace flexibility, particularly with remote work, have enabled more professionals to move to areas like NWA.
Northwest Arkansas is home to several Fortune 500 companies, including Walmart, J.B. Hunt, and Tyson Foods, which play a significant role in attracting professionals to the area. These industry leaders provide job opportunities and potential for career advancement, making NWA an appealing destination for both tradesmen and executive-level employees.
Growth in Population and Economic Opportunities
NWA's population grew by over 2% in 2023 and is projected to reach 1 million residents by 2050. Northwest Arkansas has become a leading destination for relocation in 2024, combining affordability, economic opportunities, and a high quality of life. With strong support from corporate relocation trends and its growing reputation as a lifestyle hub, NWA will likely continue to remain a top relocation destination.
Are you looking to relocate to Northwest Arkansas? Contact the NWALook crew, and we will connect you with a local Real Estate Expert.
Citations: www.NAR.com, https://fred.stlouisfed.org/ , https://www.atlasvanlines.com/ , www.Census.gov
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This article is provided for informational purposes only and is not intended as professional advice. The information contained herein is based on sources and information deemed reliable but is not guaranteed to be accurate, complete, or applicable to every situation. NWALook and any associated parties assume no liability for any errors or omissions in the content of this article or any actions taken based on the information provided. By reading this article, you agree to hold NWALook and any affiliates harmless from any and all claims, liabilities, or damages arising from or related to your use of the information provided.
NWA Real Estate Market Update
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