The Latest Numbers for NWA!!

 

First, we’re making a subtle change…. We will now publish the market statistics using data from only Benton and Washington counties. In recent months, our local MLS has incorporated multiple smaller MLS networks. That’s great for agents and the public having access to even more information. However, many of these smaller MLS’s are in outlying area with lower priced homes and closings occurring slower than the main NWA metro, and begins to distort the numbers for the highest demand areas in NWA. Most people think they are getting info about these 2 counties only anyway when they are reviewing the market update posts. As my goal is to provide the most critical information for the most clients, we are making the change. We will now only report the metrics for Benton and Washington County; which currently accounts for ~70% of all closed transactions and ~80% of all closed dollars in the Northwest Arkansas MLS. With that, comparing prior market update posts with future post is not comparing the same sample groups and thus should be interpreted independently.

 

April was the first time active listings were over 4000 in almost 7 years (July 2019 at 4,088). The 12-month changes in active listing have increased the last 31 consecutive months (Sept 2022 last negative 12-month change with -2.8%). Last month had the largest 12-month percent increase in 2 years (April 2023 at 20.3%). In terms of new listings, April had the highest number of new listings in the last 10+ years. In fact, only one other month in the past 10 years has had 1400+ new listings (May 2018 with 1,415).

 

One other change with this market update is the average sales price per square foot is no longer available; only the current price per square foot is available. The difference is subtle, but “current price” includes unsold properties which (in my opinion) is not a fair reflection of the market. Anyone can list a property for sale for any price they want regardless of “fair market value”. Using the “sale price” metric is important because it is a better indicator of what the market is actually willing to bare. But given “current price” is the only data available, we will proceed with this metric until (hopefully) the “sale price” returns. That said, April 2025 saw the highest per square foot price ever at $234/SQFT! That’s a $15/SQFT increase (6.9%) from April of last year. Interesting also to note price per square foot has only had one month with a negative 12-month change in the last 64 months (May 2024, -2.3%).

 

In April, Benton and Washington counties tied the record high for median sell price with $375,000 (July 2024). The rising market values in this area have been so consistent only one month in the last 80 consecutive months has had a negative 12-month change in median sales price (March 2024, -1.7%).

 

Total sales by dollar and by count was up about 5% from March. However, it’s interesting to note the 12-month change in total sales by dollars was up 11.4% while the 12-month change in total sales by count was only up 0.6%, meaning a lot more expensive homes sold this April as compared to last April; accounting for most of the $43M more closed dollars.

 

All of these pricing related statistics are indicators of the strength and consistency of the NWA market. While the value growth continues, we do see indicators the overall market is returning to pre-COVID levels; where buyers and sellers were on a more even playing field. That’s not a bad thing for NWA.

 

If you want information about markets outside of Benton or Washington County, we welcome you to reach out because we are happy to look into whatever we can.