Northwest Arkansas home price gains outpace nation
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The median price of single-family homes in Northwest Arkansas grew faster year over year than any other place in the country, according to the National Association of Realtors.
Why it matters: As price tags climb, it becomes harder for lower-wage earners to afford housing and build personal wealth through equity in a home.
By the numbers: The median price for a house in Northwest Arkansas as of June 30, 2022 was $350,000, 15% lower than the national median price of $413,000.
- The national price was up 14.2% from the same period a year earlier.
- In the Little Rock metro area, which includes North Little Rock and Conway, the median home price was $210,700, a 14.2% increase from the previous year.
Yes, but: While still hot, the housing market became more reasonable in mid-June when interest rates went up, Christine Cook, a real estate agent with Collier & Associates, told Axios.
- "It's a much more stable market now," she said, with fewer over-asking-price offers on homes.
- "It's gotten a lot easier for buyers to negotiate," she said.
Of note: Of the top 10 single-family metro areas with the highest home price appreciation, seven are in Florida.