Jan 9, 2023 - Real Estate

NWA's hot housing market worthy of watching in 2023

Illustration of a real estate for sale sign with a fire emoji on it.

Illustration: Brendan Lynch/Axios

The Northwest Arkansas metro area is considered among the top real estate markets in the U.S. to watch this year, according to the National Association of Realtors.

  • Benton and Washington counties are No. 4 on the list, behind Atlanta, Raleigh, North Carolina and the Dallas-Fort Worth metro.

Driving the news: There are more than 9,600 job openings in the area, the Northwest Arkansas Council tells Axios. And, Tyson Foods' recent announcement to close offices in Chicago and Dakota Dunes, South Dakota, means more workers are expected to relocate in the near future.

  • These folks and their families need places to live, so our active residential market may appear even more in demand in the near term.

Between the lines: "This is one of the emerging tech hubs where the typical family can still afford to buy the typical home," the NAR report states.

  • "Within the past year, jobs in the information industry [in NWA] rose twice as fast as nationwide."
  • The association notes that one in three renters can afford a median-priced home here.

Of note: NWA's home prices were up 27% in the first half of 2022 compared with the same period the year prior, with an average of $385,821, according to the September Skyline Report.

  • Rent was at an all-time average high of $860 per month during the first half of last year.

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