Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Nov. 6, 2023

October 2023 Market Updates - Northwest Arkansas

**New NWA Market Statistics**
The most interesting thing about this monthly statistics update is what didn’t change. Median sell price and median days to sell were the same for September and October. Even if small, we typically see fluctuations in these metrics from month-to-month. Seeing this consistency is a good thing in our opinion.
Median sells price holding steady while price per square foot saw a $5/SQFT increase is an indicator of marginal appreciation in values without the significant jump in overall market pricing conditions. Also reflective of the current market consistency is seeing sale prices versus original list prices remain high. Meaning, we aren’t seeing sellers make large price drops to find buyers.
The total sales volume by dollars and by counts saw decreases from last year and last month. However, the rate of decrease of these two metrics was slower for both the 12-month change (about 17% decrease in Oct 2022) and prior month change (about 12% decrease last month).
The only double-digit change from last month was months of inventory. That’s not significant given a single-unit change in that will yield a double-digit percent change since the number is so small to start with. Similarly, there was only one other metric that had a double-digit percentage change from an annual standpoint. Median days to sell had a 10.7% increase from last year; however, this (still historically low number) is the smallest annual percentage increase in the last 9 months.
All in all, things are pretty consistent with the 12-month and 1-month numbers. No statistic jumps out as attention grabbing or a clear indicator that a market shift has taken hold of NWA.
Oct. 4, 2023

September 2023 Market Updates - Northwest Arkansas

NWA Market Statistics for September

Fall has officially started, and it’s starting to reflect in the data. The overall sales dollars and total closed transactions are down from last month as we enter the slower months for real estate sales. Prices saw very marginal changes from August. Only a 1.5% increase in median sales price and the price per square foot actually saw a $2/SQFT decrease from last month. Both signs the drastic increases in property values are stabilizing. Median days to sell increased by 7 days from last month 62 days, but this is still historically low for NWA.

For the 5th straight month, the ratio of sales price to the original list price has been 100%...meaning generally speaking, sellers are not having to make concessions on the purchase price to sell their properties. The months of inventory (MOI) held steady at 4 for the 3rd straight month. This is partly due to the 17.1% decrease in new listings being all but matched by the 16.5% increase in expired listings, and new listing only saw a slight change. While we cannot know the number of active buyers in the market, the fact that MOI has not changed means we know the market supply of properties and the buyer demand are changing in direct correlation with each other.

With the ratio of sales price to original list price remaining high and MOI remaining well below 12 months indicates we are still firmly in a seller’s market (to no one’s surprise). Interesting to note, NWA has been in a seller’s market continuously for more than a decade! In fact, only 3 of the last 130 months have even reach 8 months of inventory on the market (no month surpassed 8 in that time frame)…meaning in the last decade we haven’t even approached the general rule-of-thumb “transition point” of 12 MOI; at which point we tend to say the market has shifted more to a buyer’s market. Similarly, the fact that the sales price to original list price ratio has only been below 95% ONCE in the last 130 months (94.8% in Jan 2014) is more proof sellers have largely been in control of the market since before 2013.

That pretty much sums up the important points for the NWA market statistics for September. All in all, it’s as expected for this time of year. If you have any questions about the market, reach out!

Sept. 4, 2023

August 2023 Market Updates - Northwest Arkansas

With the cyclical nature of real estate sales, we will see the gradual slowing of the market through the fall and winter months. As the final full-month of summer, August still held strong. Generally speaking, August statistics were pretty neutral, in a safe and stable sense. Any signs of major shifts in the market are not evident in the fact that August slightly outperformed July in dollars and sales, and there were only marginal changes in all three of the listings categories (new, active, expired).  In fact, no metric saw a double-digit percentage change from the prior month. Total sales dollars was the closest statistic to a double-digit change with an increase of 8.5% over July.

In terms of any 12-month changes, the only double-digit change of significance is total closed sales with a decrease of 12.6%; given the 150 fewer sales than August of 2022. (We don’t consider the 12-month percentage change of months of inventory and days to sell significant, because even a 1-unit change in these metrics yields a double-digit percentage change. Not to mention, both of those market performance indicators are still historically low.)

As has been broadly true for 2023 versus 2022 so far, values are up (median sale price and price per SQFT), but pace (closed transactions) has been slightly down. In fact, only one month of 2023 has surpassed the number of sales for the same month of 2022 (May).

All in all, NWA is humming right along. For a statistic enthusiast, this was actually pretty boring month to talk about, but for the health of a real estate market, it’s a good place to be. If you have any questions about the NWA market or if any of us at Acquire Realty can do to help you on your real estate journey, please reach out!

Aug. 9, 2023

New Construction in NWA Since 2013


As I teased in the July Market Statistics update, I dug into the data for Residential New Construction in NWA and found significant changes over the last 10 years (2013 to 2023). In the most broad statement I can make, new construction has *boomed* in NWA over the last decade; with an especially significant jump in activity levels starting in 2021. We’re talking multiple triple-digit percent increases over that time…some metrics saw over a 500% increase! This is all in response to keeping up with demands from population growth in the area, investors scooping up investment properties during historically low interest rates, and existing homeowners scaling-up to larger properties. Just yesterday, I had a meeting with a mortgage broker, and she was telling me how NWA is still 20,000 housing unit short of the supply needed for the projected growth. This is yet another clear indicator new construction trends will continue to be strong.

One quick note, the data for 2023 includes only January to July. None of the numbers mentioned for 2023 are extrapolations or projections of annual numbers; unless it is specifically indicated as “estimated” or “pace for 2023” for the year. This is to say, take the 2023 numbers with a grain of salt knowing they will obviously be different to end the year. To make it easier to digest, I broke the statistics down into 3 main sections: counts, dollars, and county (corresponding to the 3 rows of the graphic); breaking each of those categories down further into a few subcategories. For those who would rather scratch their eyes out than read through a bunch of statistics, stop here and enjoy the graphic. It tells the majority of the story. For those that love the numbers, let’s dive in!


New Construction Residential Closed Sales

2013 averaged less than 90 new construction properties sold per month. Through July 2023, we average just over 300 sold per month. That’s 3.5 times more than a decade ago. During that time, NWA still averaged less than 200 new construction sold per month until 2021 (230 sold/month in 2021 and 250 sold/month in 2022).

New Construction Closed as a Percentage of All Residential Sales

In 2013 new construction made up about 13.5% of all residential sales. As of the end of July of this year, new construction made up 34.2% of all residential sales. Meaning, new construction makes up 2.5 times more of all sales in NWA as it did 10 years ago. New construction went from barely being 1 out of every 8 sales to being 1 in every 3 sales! New construction made up less than 20% of sales up until 2021, when it finally made up 21% (and 25% in 2022).


New Construction Median Sell Price

For 2013, the median sales price of new construction was $222,900. Whereas the median sales price for 2023 through July is $357,175; a 160% increase. Last year was the first time in NWA the median sales price for new construction surpassed the $300K mark; when it set the benchmark of $341,495. In fact, just in the last 2 years, the median sales price has increased a staggering $82K; an increase that prior to 2021 had taken more than a decade to be realized.

New Construction Price Per Square Foot

Ten years ago, the average price per square foot for new construction was $106/SQFT; a dreamy number now long extinct in NWA. Compare that to through July 2023, the same metric came in at $201/SQFT. That’s an annual inflation rate of about 6.5% per year; well outpacing the 3% to 4% inflation of construction materials during that same 10-year span. However, the majority of this increase (64%) has occurred since 2020. In fact, the average price per square foot was still under $150/SQFT until 2021 ($168/SQFT in 2021 and $196/SQFT in 2022).

New Construction Sales Dollars

2013 had an average just under $22M per month in sales of new construction homes. This year NWA is averaging $123.5M per month. That’s a whopping 564% increase! In fact, this year 1 in every 3 dollars of closed residential real estate in NWA is from new construction. If the pace for 2023 continues, it will be the first year new construction made up more than 30% of total sales dollars. Another couple notable fun-facts are 2022 was the first year new construction total sales surpassed ONE BILLION dollars in NWA; and in just the first 7 months of 2023, NWA has almost matched the total new construction sold for the entire year of 2021! Not surprisingly, 2023 is on pace to set another record year (an active 10+ year streak) for total dollars of new construction at an estimated $1.5 Billion.


New Construction in Benton County

Benton County averaged 62 sales per month for new construction in 2013, but as of July, the county is averaging 211 sale per month for 2023; 3.4 times more. There has never been a year when Benton County averaged more than 200 new construction sales per month, but if the current trend continues, 2023 will do just that. Benton County has accounted for between 62%-70% of all new construction sales every year for the last 10 years.

New Construction in Washington County

Washington County, always in the economic shadow of Benton County, only averaged 26 sales per month of new construction; which has increased to an average of 95 sales per month in 2023. Still a very respectable 367% growth over the decade. In fact, Washington County had never had a single month with more than 100 closed residential new construction properties until May of THIS YEAR. Each of the last 10 years, Washington County has accounted for between 25% to 36% of all new construction sales.

Depending on the year, approximately 0.2% to 3% of new construction sales listed in the NABOR MLS occurs outside of Benton or Washington counties. But generally speaking, for every 3 new construction houses sold, 2 occur in Benton County, and 1 in Washington County. Or in other words, for every 2 houses built in Benton County only 1 is built in Washington.

As a complete side note, in doing this research I found a listing with a significant error; that skewed the data 5,000% of one month. After providing all information to the MLS about the error, the MLS corrected the listing. If nothing else, I’m thrilled to say this research yielded an actual result (even if I’m the only person that will ever look up the statistic).

Aug. 5, 2023

July 2023 Market Updates - Northwest Arkansas


Can’t believe it’s already time for another monthly statistics update for NWA…It felt like July flew by! After hitting the record-high in total sales dollars in NWA in June, we saw a 20% drop in total sales for July. Or to put it another way, almost a $100M reduction in sales volume. This tightly corresponds to the 14.5% decrease in the number of closed residential transactions last month.

Outside of those 2 metrics, the other statistics were within a reasonable margin of change expected during the June to July time frame; when the annual sales cycle tends to start slowing. Interesting to note the price per square foot price was up slightly from last month, but the median sales price was down slightly. With the days-to-sell of 52 still being historically very low and the months of inventory of 4 still being well below 12, all signs indicate we are still firmly in a seller’s-market.

On a tangential note, recent reports of real estate in major markets are seeing a more prominent slow down, but these past months have shown NWA continues to have a generally strong, stable market. This is likely due to the consistent population growth to the area. This got us wondering about how the sub-market of residential new construction has changed over time for NWA. We decided to dig through the data. We had expected to make a short blurb about new construction in this statistics update post, but the more we looked into it, the more interesting things we found. Needless to say, this subset of the residential market has seen a significant upward trend. We decided there was too much to say. We intend to make a separate post just about residential new construction in NWA. Consider this a teaser… 😊

With that, we wrap up the discussion of July’s numbers. We think the market will continue to cool as we enter the typical fall/winter months slow down. If you want to know anything else about current market conditions, don’t hesitate to ask!

July 12, 2023

June 2023 Market Updates - Northwest Arkansas

📣📣 WE DID IT!! 📣📣 NWA set a new RECORD HIGH for residential real estate sold in any single month!! We surpassed the $475M mark in June!

We've made it half way through the year, and generally speaking, the market is still fairly consistent with the activity of last month. Outside of the exciting history-making moment, there’s honestly not much interesting to say about June.

Many metrics saw marginal, or even no change, from May. Expired listings were the only statistic that had a double-digit percentage change from last month. There is no way for me to prove this, but we suspect the 13% increase in expired listings are from listings that started in January and were scheduled to run for a six-month period (a very common listing timeframe/duration). However, given the months of inventory stayed at 3, there are still plenty of buyers out there, so the jump in expired listings does not appear to be a sign of a drastic shift in the market.

The only other thing of note is new listings dropped 18% from a year ago; which I believe is a sign of the number of owners wanting to take advantage of their accrued equity over recent years has started to slow.

All in all, thing seem to be stable. That said, the market is cyclical, and June is historically the “peak” of the annual cycle for real estate sales. We expect July will still have a good showing, but We anticipate the cycle will hold true, and July will have slightly lower numbers than June. We shall see!

June 7, 2023

May 2023 Market Updates - Northwest Arkansas


The market is still chugging right along!

Home values are still rising. In May, we officially crossed the $350K median sale price threshold. The average price per square foot was up $17/SQFT! That’s the largest single-month change in more than the last 10 years (both by number and by percentage).

With prices up, it’s reasonable to expect total sales volume to be up, but the 32.6% increase from last month was a surprising jump. In fact, May’s total sales volume was only 0.04% off the NWA record high for any month of residential sale. There has only been one month (June 2022) with a higher total sales volume.

Buyers continue to keep pace with supply. Active listings increased by more than 200 (22.4% increase), but the total sale by number also increase 200+ and expired listings increased marginally (1.6% increase); all leading to the number for months of inventory going down (again). Two other indicators the market is still competitive, the median days to sell went down from April, and the ratio of original list price to sale price is back at 100%.

It’s accurate to say May saw even stronger production than April. Historically speaking, June is one of the best preforming months for sales in NWA, so assuming that trend continues, we’d anticipate similar strong numbers in June. We will be watching to see if the buyer’s demand continues to impress.

Want to know anything else about the market? Ask away!

May 9, 2023

April 2023 Market Updates - Northwest Arkansas

It's time to breakdown the April statistics for the NWA market. Honestly, nothing really jumps out as extremely noteworthy for April. It was interesting to see the median sale price down $15K from last month, but the sale price per SQFT increase $6/SQFT. Meaning, it was likely more smaller houses sold in April than prior months, but that’s not a particularly enlightening fact in terms of market stability.
The ratio of sale price to original list price inched higher, 99.9% compared to 99.1% in March. That was a surprise in the sense that based on the number of “price improvement” notifications received in the last couple months, we expected to see the percentage decrease ever so slightly (not go up).
Additional signs the market has not experienced a major change yet, the median days to sell actually went down from last month. The months of inventory stayed the same. Expired listings reduced by over 100 from last month. All three metrics showing there are still buyers out there competing for houses.
All in all, these numbers are pretty neutral in terms of predicting shifts in the residential sale market. Some up, some down, but nothing screams red flag.
Out of curiosity, we looked up how many houses sold as “bank-owned” properties (i.e. foreclosed) or approved “short-sales” (i.e. sale price less than mortgaged amount still unpaid) over the last 10 years. After looking at the data, 3 distinct timeframes stood out as phases in the market: 2013 to 2017, 2018 to 2020, and 2021 to current. Here’s what we found…
Bank-Owned Sold Properties:
2013-2017 had 2,991 sold in 60 months, approx. 50/month
2018-2020 had 341 sold in 36 months, approx. 9.5/month
2021-April 2023 had only 41 sold in 26 months, approx. 1.5/month
Short-Sale Sold Properties:
2013-2017 had 211 sold in 60 months, approx. 3.5/month
2018-2020 had 13 sold in 36 months approx. 1 in every 3 months
2021-April 2023 had only 3 sold in 26 months, approx. 1 in every 10 months
We went from about 53 of these distressed sellers per month to not even 2 per month (over 97% decrease). In fact, there hasn’t been a month with 20+ sold bank-owned properties in the last 5 years. On a similar note, approved short-sales hasn’t seen a double-digit month since Sept. 2013, almost 10 years ago.
That’s great news from an owner’s financial/credit history standpoint. They are not experiencing foreclosures or short-sales near as frequently; events which often dramatically hurt a person’s ability to get financing for anything in the future.
Now, this is not to say people have magically become more financially stable…it is to illustrate how much home values have appreciated. In recent years, when an owner can no longer afford and/or keep up with their mortgage payments, they know they can easily sell the property; at best, allowing them to realize the accrued equity created by the rising values or, at worst, they do not have to fear incurring a loss upon the sale. For the buyers that have been telling us, “We’re waiting to get a good deal on a house when the market crashes and a bunch of houses are foreclosed on.”, their wait continues.
That wraps up stats for another month. If you have any questions or want to understand the market even better, reach out!


April 8, 2023

March 2023 Market Updates - Northwest Arkansas

Spring is here, and more activity is happening! Here's the latest numbers for the NWA market.
The total number of sales by dollars and by volume are both up 20%+ from February. The number of closed transactions increased by almost 200 sold properties, accounting for the $75M increase in overall dollars of sales.
It was slightly surprising to see the months of inventory lower from the prior month. That’s a sign there are still plenty of buyers out there closing on properties. Even though new listings are up 20%+, the number of buyers is keeping pace.
While median days to sell increased again, this is not necessarily surprising as the market returns to a more typical timeline for listing to close. 70 days to sell is still historically low. If there were drastic signs the market was flipping to a buyer’s market, we would expect to see months of inventory increasing, the ratio of sale price to original list price decreasing repeatedly over several months, and the number of active listings increase much more than 1.3% from last month. This indicate we are still in a seller’s market.
The median sales price and price per SQFT inched higher in March as well. To illustrate the pace home values have increased in the NWA area, I looked at the data over the last 5 years for two distinct categories: 1) number of properties sold UNDER $200K, and 2) number of properties sold OVER $500K.
#1 For properties sold under $200K, in March 2018 there were 544 residential properties sold. Compared that to March 2023 there are only 83 sold under $200K. That’s 6.5 time FEWER homes available. Meaning the buyers in the “under $200K price range” are competing over fewer and fewer house. This is most impactful for first-time home buyers and lower income buyers trying to participate in home ownership.
#2 In the same 5-year time frame, March 2018 had 41 residential properties sold over $500K. Whereas in March 2023, there were 183 properties over $500K. That means 4 times MORE properties sold over a half million dollars in just a 5-years span. This price point is often buyers with higher incomes or greater net worth.
The large and divergent changes of these two metrics perfectly exemplifies how quickly prices have increased and is one indicator of how much money has been coming into NWA.
One final note, while I have no empirical data for this yet, based on the number of “price adjustment” notifications I have seen over the last month, I would anticipate seeing the ratio of sale price to original list price decreasing in the next month or so.
If you have any questions about the numbers or the current market conditions, reach out!


March 5, 2023

February 2023 Market Updates - Northwest Arkansas

What’s Up?!? (Pun intended…) Here’s the new NWA market stats!
As you would expect with shaking off the winter-lull, most metrics are up from last month….for 2 of the 3 metrics that are lower, that’s actually a good thing.
While the total volume of sales (both by count and dollars) is still down versus a year ago, the 35%+ increase in both categories over last month is a positive sign. Similarly, the fact that final sales prices are still very close to the original list price and the number of expired listings went down are both indicators that sellers are still finding buyers. It’s also good news for sellers to see months of inventory drop from January to February (7 MOI in Jan).
The 41% and 24% increase in median days to sell over last year and last month, respectively, could make you nervous, but 61 days to sell is still historically low. Compare this to the same time frame in 2019….the NWA market was considered “hot” (before we could fathom the red-hot COVID-driven market demand), and the median days to sell in was 88 days. Or in 2015 when the market was “good” and considered a seller’s market, the median days to sell was 123 days. More than double last month!
For another month, residential sale prices are trending marginally higher (median sale price and average $/SQFT both increased). While continuing higher, the rate of increase of those metrics is getting smaller. That matters! Historically, the median sales price had never exceeded $200K in NWA until April of 2019, (a threshold it has never been below since). Yet in less than 3 year, by March of 2022, we surpassed the $300K mark; also a number we have not gone back below since. While everyone loves their home’s value appreciating, the drastically inflating prices outpacing income growth is shrinking the affordability in NWA.
Generally speaking, the February statistics are down from a year ago but an improvement over last month. March/April/May normally see a gradual uptick in market activity. How the numbers play out during the Spring will likely be telling of any serious market shifts.
If you’re are curious about other statistics, ask away. Always love an excuse to dig into the numbers!