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Data: Freddie Mac; Chart: Madison Dong/Axios Visuals

Northwest Arkansas' real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: Northwest Arkansas metro buyers longed for a little relief after two-plus years of plummeting inventory and sky-high home prices.

Mortgage rates started to surge in May and have since passed 7%, squeezing homebuyer budgets.

By the numbers: NWA's inventory is up 27.7%, and pending sales are down 16.5% since May.

Median home sales prices fell from $340,000 to $327,000 from May to September.

Sellers are increasingly dropping their asking prices, the data shows, with roughly 34% of listings seeing price cuts in September, up from 21.5% in May.

Meanwhile, a shrinking share of homes sold above list price. In September, 28% of homes in NWA sold over list price, down from 50.6% in May.

Homes are now sitting on the market more than twice as long. Listings in May sold in five days on average, compared to 13 days in September.

Yes, but: Monthly mortgage payments are significantly more expensive than they were a year ago.

The bottom line: While the Northwest Arkansas market is calmer, rising mortgage rates may keep homeownership out of reach for many.

Homebuying in Northwest Arkansas is finally easier, but not cheaper

NWA's inventory is up 27.7%, and pending sales are down 16.5% since May.

Real estate

Northwest Arkansas&#x27; real estate market is starting to level off, according to the <a class="gtmContentClick" data-vars-link-text="latest data" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="0a50edb7-0131-4727-acda-87e3a07983a2" data-vars-headline="Homebuying in Northwest Arkansas is finally easier, but not cheaper" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">latest data</a> from Redfin/MLS.Why it matters: Northwest Arkansas metro buyers longed for a little relief after two-plus years of plummeting inventory and <a class="gtmContentClick" data-vars-link-text="sky-high home prices" data-vars-click-url="https://www.axios.com/local/nw-arkansas/2022/08/30/northwest-arkansas-home-price-nation" data-vars-content-id="0a50edb7-0131-4727-acda-87e3a07983a2" data-vars-headline="Homebuying in Northwest Arkansas is finally easier, but not cheaper" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/nw-arkansas/2022/08/30/northwest-arkansas-home-price-nation" target="_self">sky-high home prices</a>.

Real Estate

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'Tis finally the season, meaning it's time to partake in local holiday traditions. Here are some ideas to get you started.

Fayetteville's downtown square is illuminated with more than 500,000 LED lights each night until Jan. 1, 2023.

Details: Lights shine daily from 5pm–1am.

Take an immersive walk through "Listening Forest," Crystal Bridges’ new outdoor, nighttime experience.

Cost: Admission to the cashless event is $27.54 and $15.30 for youth ages 7-18. Kids 6 and under get in for free. Get advance tickets online ($5 off through Dec. 7).

Details: The exhibition, created by artist Rafael Lozano-Hemmer, is open Wednesday-Sunday through Jan. 1.

If you go: Wear comfy walking shoes, and organizers suggest planing on 1-2 hours to see and enjoy the installations.

One of the biggest holiday events, the Bentonville Christmas Parade, is happening Dec. 10 down Main Street and around the square.

The parade starts at 6pm, and this year's theme is "colors of the season."

Downtown Bentonville square. Photo: Alex Golden/Axios

Glide atop the 7,000-square-foot Rink at Lawrence Plaza in downtown Bentonville.

Details: Session hours vary weekly. Check the season calendar.

Cost: Skating costs $7 per session, including skate rental. Get tickets.

Kiddos will delight in the bright and inflatable decor, along with a visit from Santa and train and pony rides at the Stewart Family Christmas Light Display.

Cost: Admission is $8 and free for kids 2 and younger.

Details: Hours are 5–10pm weeknights and 5–11pm weekends at 4279 E. Wyman Road in Fayetteville. Open until Jan. 3.

Get into the holiday spirit with a drink (or two) at one of these cheery spots.

❄️ Pinpoint has its holiday theme in full force, featuring immersive decor, games and inventive cocktails.

Details: It opens at 5pm Tuesday–Sunday at 23 N. Block Ave. in Fayetteville. Closing time varies each night.

What to order: A Chai Hard with tea-infused Tito's Vodka or a frozen Blue Christmas sounds delish.

🎄 Miracle on 2nd Street is back at Undercroft, the speakeasy-type bar under The Preacher's Son, through Dec. 31.

Details: Hours are 5–11pm Monday–Thursday and 5pm–midnight Friday–Saturday at 201 N.W. A St. in Bentonville.

What to order: Alex suggests a sweet Christmas Carol Barrel, made with tequila, coffee liqueur, spiced chocolate and dry Curaçao.

Pro-tip: Your best bet is to make a reservation.

Miracle on 2nd Street pop-up bar. Photo: Alex Goldent/Axios

If a night at the theater is calling your name, catch "A Christmas Carol" at TheatreSquared in Fayetteville.

The family-friendly play runs through Dec. 24. Get tickets.

There's no shortage of local businesses offering the perfect gifts for your loved ones. Here's a sampling.

🍸 For the one who loves to host: A serving board, barware or other elevated home goods at City Supply in Fayetteville.

☕️ For the coffee fiend: Simple syrups from Pink House Alchemy in Fayetteville to elevate their at-home lattes.

💿 For the music lover: New or vintage vinyl, plus CDs, tapes, posters and more at Block Street Records in Fayetteville and Bentonville.

🕯 For the cozy one: Winter scents from The Little Candle of NWA in Rogers (Balsam & Berry, Gingerbread Cookie and Champagne Toast, to name a few).

👕 For the one with a graphic tee collection: A comfy, clever shirt referencing local spots or pop culture at Bentonville Mercantile.

🏈 For the superfan: Razorback tees, hoodies, bags and other game day gear at Stache in Fayetteville.

To get your fill of holiday favorites, catch "A Very SoNA Christmas," featuring the Symphony of Northwest Arkansas.

Shows run Dec. 10 at 2pm and 7:30pm at Walton Arts Center in Fayetteville. Buy tickets.

The Victory Theater in Rogers is showing "The Polar Express" on Dec. 10, followed by "National Lampoon's Christmas Vacation" on Dec. 17. 

What's your favorite NWA holiday tradition? Email us at nwarkansas@axios.com, and we may feature your idea in an upcoming newsletter.

10 must-do holiday activities in Northwest Arkansas

From local gift ideas to light shows, here's how to make the most of the holidays.

Illustration of holiday string lights in the shape of a heart.

holidays

&#x27;Tis finally the season, meaning it&#x27;s time to partake in local holiday traditions. Here are some ideas to get you started.

Things to Do

Data: RentCafe; Note: Includes buildings with 50 or more units; Table: Kavya Beheraj/Axios

Roughly 2,826 new apartment units are expected to be built in Northwest Arkansas this year, as developers ramp up construction, according to a new report.

Why it matters: A housing shortage in the U.S. has contributed to the rising cost of both renting and buying.

What's happening: A surge in new apartment supply — 1.2 million units were completed during the pandemic — helped slow rent growth nationwide, but some parts of the country saw more housing being built than others.

The bulk of those new apartments are in 20 metro areas, where roughly 41% of U.S. renters live, per the report by RentCafe, which analyzed data from real estate intelligence service Yardi Matrix. (NWA ranks No. 37.)

The big picture: Many first-time buyers feel priced out of the brutal housing market.

Nearly three-fourths of renters say they're renting in an area where they couldn't afford to buy, according to a new survey from RealPage, a real estate analytics and software company.

Yes, but: Around 89% of the units completed from 2020 through 2022 are high-end, per the report, and not the type of affordable apartments many renters want.

Reality check: Affordability isn't the only reason people rent.

"Many renters will eventually buy homes. But in their current life stage, most renters are content to be renters" and enjoy the flexibility that comes with renting, RealPage chief economist Jay Parsons writes on LinkedIn.

What's next: 1 million rental units are slated for completion through 2025, but higher costs and other headwinds could slow developers' pace in future years.

"Tightening of bank lending standards — combined with rising costs of construction materials, labor and land — has made new projects harder to pencil," senior analyst Doug Ressler at Yardi Matrix says in the RentCafe report.

NWA is booming with new apartments

Roughly 2,826 new apartment units are expected to be built in Northwest Arkansas this year.

Northwest Arkansas

Roughly 2,826 new apartment units are expected to be built in Northwest Arkansas this year, as developers ramp up construction, according to a new report.Why it matters: A <a class="gtmContentClick" data-vars-link-text="housing shortage" data-vars-click-url="https://www.axios.com/2023/06/20/housing-shortage-prices-high" data-vars-content-id="ba5d9478-0014-4718-a6fa-aff74aff814f" data-vars-headline="NWA is booming with new apartments" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/06/20/housing-shortage-prices-high" target="_self">housing shortage</a> in the U.S. has contributed to the rising cost of both renting and buying.

Development

The season of giving is almost upon us, so we found a few volunteer opportunities with local organizations that need your help.

But don't stop here. There are dozens of other worthy causes in and around NWA.

Walk dogs or socialize cats at the Fayetteville Animal Shelter.

Why it matters: Volunteering helps animals at the shelter find a caring home.

What to expect: Opportunities include advocating for pet adoption, foster care, bathing and grooming dogs and more.

Details: While anyone can volunteer, those under the age of 16 will need a parent or guardian present. You must be at least 18 years old to walk dogs.

What's next: Attend an upcoming volunteer orientation or contact the shelter to learn more.

Donate supplies to Socks and Cookies, a local nonprofit that sends care packages to deployed troops.

Why it matters: The donated snacks, hygiene kits and other items provide troops a "piece of home" while they are away from loved ones.

How to help: Purchase items from the organization's Amazon charity list or drop off donations at their Rogers office.

Other needs: The organization also collects donations for baby care packages that support deployed military families.

Get involved at the Northwest Arkansas Food Bank.

Why it matters: Last year, the organization distributed more than 14 million pounds of food and provided 11.3 million meals in the region.

What to expect: Volunteers sort and pack items in the distribution center or prepare and load mobile pantries.

Details: Peruse the schedule and register to volunteer online. You must be at least 13 years old to participate, and those under 16 need an adult present.

Other needs: Join or host a food drive for items on the food bank's needs list.

Donate books or pick up shifts at The Friendly Bookstore, an all-volunteer operation supporting the Rogers Public Library.

Why it matters: The store is stocked with donations, and sales proceeds go toward the library's lunch and learn programs, summer reading club and other community services.

What to expect: Jobs range from greeting customers and checking them out to curating book sections and leading shifts.

Details: Volunteers are asked to commit to at least four three-hour shifts a month. Apply online.

Other needs: Donations are accepted at the store from 11am-3pm Tuesday through Saturday.

5. Support those experiencing homelessness

Volunteer at 7hills Homeless Center or donate from the organization's needs list.

Why it matters: The center supplies food and other basic needs and resources to people experiencing homelessness and provides housing services.

What to expect: Weekly shifts include serving meals, helping in the food pantry and organizing items in the donation room.

Details: Commit to at least one day per week for at least two hours between 8:30am-3pm. Sign up online.

Volunteers must be at least 18 years old.

Other needs: Clothing, hygiene products and other items can be dropped off on weekdays at their Day Center in Fayetteville.

Know a worthy cause? Email us at nwarkansas@axios.com, and we may feature your nonprofit in an upcoming newsletter.

5 ways to give back in Northwest Arkansas

A few local opportunities to help the Northwest Arkansas community.

Illustration of a welcome mat that reads "help"

Nonprofit

The season of giving is almost upon us, so we found a few volunteer opportunities with local organizations that need your help.<ul><li>But don&#x27;t stop here. There are dozens of other worthy causes in and around NWA.</li></ul>

Data: Census Bureau; Note: Based on household income. Householder is the person/people in whose name the housing unit is owned or rented. Renter housing costs includes monthly contract rent and utilities paid by the renter while owner costs includes monthly mortgage payments and other debts, utilities, real estate taxes, insurance, etc.; Chart: Simran Parwani/Axios

43% of Northwest Arkansas' youngest renters spent at least 30% of their income on rent last year — above the national average. 

Of renters 65 and older, the stat jumped to 58%, according to the latest U.S. Census data.

Driving the news: Average NWA rent prices were $952 this summer, up more than 10% from a year earlier, according to the Arvest Skyline Report.

Why it matters: Steep prices and mortgage rates pose seemingly insurmountable hurdles to homeownership — and renting isn't necessarily an affordable alternative.

Spending 30% of income on rent is "the new normal," according to economists at Moody's Analytics.

What's happening: One in three Gen Z-ers (34%) surveyed nationally by Freddie Mac say owning a home feels impossible in their lifetime, up from 27% in 2019.

Saving for a down payment is the biggest obstacle, they say. It's one reason the typical first-time homebuyer last year was a record-high 36 years old.

The big picture: Across the U.S., pinched young people are fanning out from big cities, returning to their childhood bedrooms or moving in with partners.

In all of the 100 biggest U.S. metros, more than one-third of renters ages 15-24 spend 30% or more of their income on housing, Axios' Simran Parwani reports.

Threat level: Older Americans on fixed incomes are also especially burdened by high housing costs, contributing to rising homelessness among Baby Boomers, The Wall Street Journal reports.

Yes, but: Particularly among older homeowners, ownership costs in Northwest Arkansas were generally more affordable than renting last year, per the census.

Only 18% of homeowners over 65 and just 15% of those 35-64 reported spending more than 30% of their income on housing — far less than the same age groups reported spending on rent.

Zoom in: As of June 30, home prices soared by 77% in Benton County and 66% in Washington County since the middle of 2018. Average selling prices were $422,564 and $392,306, respectively.

Be smart: The typical NWA resident spent 52% of their income on housing and transportation in 2021, per the Northwest Arkansas Council.

Transportation costs generally climb as people move farther from town centers and large employers for more affordable housing.

Go deeper: Student loan interest has started again, adding to affordability pressures.

Gen Z'ers, Baby Boomers spend most on rent in Northwest Arkansas

43% of Northwest Arkansas' youngest renters spend at least 30% of their income on rent.

A chart showing data sets of renters and owners who spent 30 percent of their income on housing in Northwest Arkansas with the highest percents being in the 15 to 24 age groups — 43% of renters and 39% among owners.

43% of Northwest Arkansas&#x27; youngest renters spent at least 30% of their income on rent last year — above the national average. <ul><li>Of renters 65 and older, the stat jumped to 58%, according to the latest U.S. Census data.</li></ul>Driving the news: Average NWA rent prices were $952 this summer, up more than 10% from a year earlier, according to the Arvest Skyline Report.

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Sami Sparber

Featured stories

Gen Z'ers, Baby Boomers spend most on rent in Northwest Arkansas

NWA is booming with new apartments

10 must-do holiday activities in Northwest Arkansas

Homebuying in Northwest Arkansas is finally easier, but not cheaper

5 ways to give back in Northwest Arkansas