Northwest Arkansas' housing market has cooled from 2022
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NWA's housing market has slowed from its heyday of early 2022, according to data from Redfin. Current sales are roughly on par with the national rate.
Why it matters: It's good news for buyers wanting to take time to shop for a home rather than make offers above asking price, sight unseen.
The big picture: Supply issues continue to affect home prices across the U.S., despite mortgage rates dampening demand.
- This is particularly true in parts of California and the Northeast. Homes in both regions are selling quickly — and above asking — per Redfin.
- In the South, however, supply is picking up and markets are cooling down.
Zoom in: The number of homes sold during the last half of 2023 was down 2% from a year earlier and prices dipped slightly, according to the biannual residential Arvest Skyline Report.
By the numbers: The average selling price for a single-family home in Benton County during the second half of 2023 was $420,144, down 0.6% from six months earlier. It was $386,695 in Washington County, down 1.4%.
The big picture: Florida and Texas may be hotter than ever, but their housing markets are cooling quicker than most other regions, according to Redfin.
- New-home construction, unaffordable home insurance and intense natural-disaster threats contribute to increased supply and lesser demand.
- Homes aren't moving off the market as quickly, and a growing share of sellers are lowering asking prices — all signs these markets are cooling down.
- Yes, but: Florida and Texas were the poster children for the pandemic price boom, so home prices are much higher than five years ago.
What's next: Some relief could be coming for buyers on the mortgage rate front.