Northwest Arkansas' real estate market isn't cooling just yet
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Illustration: Sarah Grillo/Axios
With pending home sales and median home sale prices skyrocketing, there are no signs of a cooler market in Northwest Arkansas.
Why it matters: We keep hearing about a market crash, but so far, local data doesn't support that claim.
What's happening: From May 2021 to this May, new listings were up 9.1%, and pending sales were up 32.7%.
- Meanwhile, median home sale prices shot up 29.4%.
- Yes, but: More than 5,600 homes sold in NWA during the first six months of the year, Talk Business & Politics reports.
Zoom out: Nationally, mortgage applications were down 24%, and, on average, 6.5% of sellers dropped their asking price each week in June, per Redfin's latest market update.
- National pending home sales were down 13% in June from the same time last year — the largest decline since May 2020, Redfin's report stated.
What we're watching: New listings and pending sales. If more listings flood the market this summer and buyers don't bite, that's when we would start to see more power shift into buyers' hands.
The bottom line: Demand is too strong for the market to cool here anytime soon.