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.
Worth Sparkman
Jan 5, 2023 - News

Rodents run rampant in Fayetteville

Illustration: Allie Carl/Axios

Pest control companies and residents tell Axios there's a rat problem in east Fayetteville.

Why it matters: The animals can infest a home's attic and walls, contaminate food, carry disease and even spark electrical fires.

Five Northwest Arkansas stories to watch in 2023

Illustration of the Axios logo moving sidways like a rightward arrow, and revealing the year 2023 over a field of blue and black streaks.

Illustration: Brendan Lynch/Axios

The start of a new year is a good time to reflect and goal-set for the future.

  • Here are five trends and narratives we'll be watching as 2023 unfolds:

Northwest Arkansas' housing forecast even pricier in 2023

Data: Zillow; Chart: Erin Davis/Axios Visuals

Home prices in the Northwest Arkansas metro area are expected to rise 3.7% by October 2023 compared to the same time in 2022, according to data from Zillow.

State of play: Existing home sales nationwide have fallen for nine months as mortgage rates were on the rise. They've been trending down over the past few weeks.

Northwest Arkansas' most expensive ZIP codes

Note: "Typical" refers to the average home value in the middle 30% of estimated home values in a region; Data: Zillow; Map: Erin Davis/Axios Visuals

Despite rising mortgage rates and fewer listings, home prices continued to climb in most of Northwest Arkansas' ZIP codes from July to October, according to data from Zillow.

What's happening: The national housing market has cooled somewhat since the Federal Reserve started raising rates this summer in an effort to curb inflation.

Homebuying in Northwest Arkansas is finally easier, but not cheaper

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.

Investment firms net 2 Arkansas properties in $500 million apartment deal

Illustration of a hand about to pick up the last house surrounded by leftover imprints of other long gone houses. 

Illustration: Aïda Amer/Axios

A trio of investment firms led by Dallas-based RREAF Holdings have closed a $500 million deal to snap up 10 multifamily properties in seven states. Glen at Polo Park in Bentonville and River Pointe in Maumelle are part of the transaction.

The big picture: Investors see the promise of economic growth across the South as workers migrate for jobs, affordable housing, quality of life and warmer climes.

Northwest Arkansas is low on commercial space

Source: Skyline Report; Chart: Axios Visuals
Source: Skyline Report; Chart: Axios Visuals

Less than 1% of warehouse space in NWA is available for lease — meaning there is functionally zero square footage to rent.

  • The vacancy rate has fallen sharply from the 5.3% available at the beginning of the year.
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