**May Market Statistics for NWA**

By all indications, the market is still doing well. Months of inventory (MOI), the ratio of original list price to sale price, and average sales price per square foot all saw very little or no change. A sign of a steady market. The number of new and active listing increased slightly from last month showing more sellers are entering the market, but MOI remaining the same shows buyers are keeping pace with new activity on the market.

Total sales, both by dollars and by count, were down slightly from last year, but up from last month. The discrepancy between 1-month change percent increases between dollar volume and number closed is telling of the increase in final sales prices compared to the prior month. Speaking of....

Median sale price has hovered around $335K for much of the last 10 months, so to see the almost $30K jump from last month was surprising. In fact, $367,500 is the HIGHEST single-month median sales price in NWA history. This may be the peaks for median sales price of 2024, because each year the peak typically occurs in May or June (7 of last 10 years; the COVID years of 2020 and 2021 were the anomaly when the prices just kept rising all year long).

Over the last 10 years, the median sales price has increase over $200K ($154K in 2014 to $267K in 2024). Or another was to interpret it, at that rate of change for each additional year, the median sales price has increased $22K. If that trend continues, 5 years from now the median sales price would be another $100K higher ($469K) and in just 7 years, the median sales price would be over a half million!! This is one time we hope the trend slows to keep NWA still an affordable place to live.

That sums up the interested updates to the NWA residential market. If you have real estate market questions, reach out anytime!