Real Estate

Skyline Report: NWA housing is pricey and tough to find

Note: Data for H2 2019 and H1 2020 were not provided by the report. Source: Arvest Skyline Report; Chart: Axios Visuals
Note: Data for H2 2019 and H1 2020 were not provided by the report. Source: Arvest Skyline Report; Chart: Axios Visuals

Supply chain issues that slow the delivery of appliances for new homes and electrical transformers used in planned neighborhoods are contributing to NWA's housing shortage.

What's happening: The scarcity is driving prices up and vacancy rates down. Home prices continued to skyrocket in the first half of 2022 — up nearly 27% to an average of $385,821, compared with the same period in 2021.

Northwest Arkansas home price gains outpace nation

Data: National Association of Realtors; Chart: Axios Visuals

The median price of single-family homes in Northwest Arkansas grew faster year over year than any other place in the country, according to the National Association of Realtors.

Why it matters: As price tags climb, it becomes harder for lower-wage earners to afford housing and build personal wealth through equity in a home.

Sami Sparber
Jul 25, 2022 - Business

Northwest Arkansas' real estate market isn't cooling just yet

Illustration of a white picket fence shaped like arrows trending upwards
Illustration: Sarah Grillo/Axios

With pending home sales and median home sale prices skyrocketing, there are no signs of a cooler market in Northwest Arkansas.

Why it matters: We keep hearing about a market crash, but so far, local data doesn't support that claim.

NWA builds even as housing costs skyrocket

Illustration of a plywood house that is also an upward arrow.
Illustration: Maura Losch/Axios

The Northwest Arkansas metro issued 29.8 single-family building permits per 10,000 people in the first quarter of 2022, the latest analysis by real estate company Redfin shows.

Why it matters: As the number of homes for sale remains near all-time lows and monthly mortgage payments are near their record high, building more housing is one way to ease the affordability crisis.

Higher wages required to buy a home in Northwest Arkansas

Illustration of a gold-plated house-for-sale sign.
Illustration: Brendan Lynch/Axios

Northwest Arkansans have to earn 48.3% more than a year ago to afford the region's median-value home, per the latest analysis by real estate company Redfin.

The big picture: The income needed to afford a home has soared as limited inventory and strong demand have driven up sale prices, and surging mortgage rates have made home loans more expensive.

Fayetteville's 112 Drive-In property zoned for mixed-use

A site plan of a neighborhood with houses, apartments and retail shopping.
A proposed plan for the 112 Drive-In property. Courtesy of the City of Fayetteville

Owners of Fayetteville's 112 Drive-In succeeded in getting 22 acres of the 36-acre property rezoned to mixed residential and commercial use, the Northwest Arkansas Democrat-Gazette reports.

  • The Fayetteville City Council approved the request with an 8-0 vote.

NWA commercial real estate vacancy hits an 11-year low

A construction project in downtown Bentonville. Photo: Worth Sparkman/Axios
An office building project in downtown Bentonville. Photo: Worth Sparkman/Axios

Northwest Arkansas commercial real estate hit a new low — the lowest vacancy rate (8.3%) since at least 2005.

  • The number comes from the commercial Skyline Report out Tuesday. The residential report came out in March.

Why it matters: Commercial real estate occupancy is an important indicator of how an area's economy is performing. Vacancy rates in the single digits are good for developers but can make it harder for tenants to find desirable, affordable spaces.

What $300k gets you in Northwest Arkansas

nwa what 300k gets you
1404 W. Ash St. Photo: Courtesy of Darohnn Pender

The average home sales price in Northwest Arkansas in February was $363,110 in Benton County and $348,353 in Washington County, so Axios wanted to see what you can get below that price point in the area's real estate market.

Here's a comparison of three homes that recently sold for around $300K in different neighborhoods in NW Arkansas.

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