NWA real estate remains strong as Skyline Report celebrates 20 years
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Even though prices continue to balloon, Northwest Arkansas' real estate market remains vibrant, according to the latest Arvest Skyline Report, which marked its 20th year today.
Why it matters: Housing prices and rents in part determine who can afford to live in NWA and commercial property is an indicator of an area's economic vitality.
- All are tracked methodically by the University of Arkansas' Center for Business and Economic Research and paid for by Arvest Bank.
By the numbers: The average selling price for a single-family home during the first half of 2024 in Benton County was $432,956, up 2.5% from a year earlier. It was $389,574 in Washington County, up less than 1% in a year.
- Nearly 4,800 homes sold in NWA during the first half of the year, up 8.5% from the previous year. Nearly 40% were new construction, a high in Skyline's history.
While 11 apartment complexes with more than 1,000 units were added to the market, the vacancy rate remained low, climbing to 3.3% compared to 3.1% on Jan. 1.
- Average rental prices for multifamily units rose 9% over the last year to $1,037.
NWA's overall commercial vacancy rate of 6.4% combines all commercial real estate — from class A office space to warehouses — and was unchanged from last year even though more than a half-million square feet were added to the market.
The bottom line: Director of the CBER, Mervin Jebaraj, in a news release said he continues to focus on the need for regional coordination around rezoning along the Highway 71B corridor to help alleviate housing inflation.