Bentonville Housing Numbers Update

It’s been a while since I’ve updated the numbers but now, what with Covid-19 more or less in the rear view mirror, let’s take a look at the Bentonville market. These numbers will reflect nearly all of Northwest Arkansas but I’m keeping with Bentonville as the prime example.

There are currently 79 listings, 69 of which are below a million dollars. The least expensive listing today is $249,500 which is an astounding number and reflects the lack of listings on the market vs. the number of buyers. Of course it’s a seller’s market as we are all acutely aware.

Average price per square foot is $260 on properties less than a million; I exclude these because in many instances they include acreage or properties better suited for commercial/residential. The median is $209 per square foot.

Pending sales are at an average of $160 list and sold listings over the last six months are at $155 per square foot.

Looking at the pending sales over the last 30 days the average price per square foot was $157.

The explanation for all of this is that there are a number of homes on the market that are priced far above market in hopes that someone will come along and pay the price.

33 of the homes have been listed in the last month, 12 between 30 and 60 days ago, and 10 between 60 and 90 days ago, and the remainder - 14 - being listed over 90 days ago. Average days on the market of Bentonville listings is 61 and median is 33.

What does all this mean then?

It means that there are 36 homes that are priced above market enough that they are hard to sell in a hot market. The median price of homes listed in the last 30 days is $177 per sqft which is slightly above the average pending sales but the median reflects more accurately the actual market value than the average, which is skewed by higher price-per-square-foot homes.

The lesson here is that, sure, you can buy a home on your own. You can list your home yourself too, it’s easy to do and quickly sells. But - you are far better off with an agent on both ends. Your agent can tell you, or should be able to tell you, minute by minute market stats and housing availability. If you are buying you absolutely need an agent to be watching the market constantly for homes to be listed that will suit your needs. I can guarantee if you are looking at a third party real estate site you are getting stale information. What they don’t tell you are of the number of homes that agents are aware of that are coming on the market soon or have just been listed. In a market this hot you have to have help if you don’t want to make a mistake. Remember, when you use an agent,. at least at Bentonville Real Estate, it costs you nothing to be represented by an agent. Commission is collected from the seller, not the buyer.

If you are selling you may well be able to determine market values on your own. But agents have vast resources at their fingertips that allow you to price your property at market instead of guessing what it should be based on what you to believe to be a valid comparison. We also take care of things such as advertising and disclosure. Did you know that you can be liable for your advertising? That you can be held liable for non-disclosure of salient issues with your home? A real estate company can be expensive but is the safest way to market your property correctly and at an accurate price point.

Those who know me know that you can call me any time, 479-903-0328 or 273-2684. I answer promptly. Or email questions or requests to bentonvillerealestate@Hotmail.com. I serve all of Northwest Arkansas.