Bentonville Real Estate Market August 2021 - Where Are We?

Sometimes I feel like I’m not in Northwest Arkansas any more. The real estate market continues its juggernaut upward with no end in sight. In my opinion, as long as the powers that be continue to pour money (thankfully) into our area this trend is not going to end any time soon.

The latest numbers are - 105 homes currently on the market with a Bentonville address, the cheapest being $195,000. Average list price is $275 per sqft but the median is a modest $208 per square foot. Anybody remember when they opened Glenbrook Subdivision over behind the ball park and the homes started at $100 per sqft? We thought it was madness. Anyway…

30 Day sold prices average $187 per sqft and the median is $163 which is a little more in line with reality. What an odd reality it is, too. The Arvest Skyline Report says that the average sales price in both Bentonville and Rogers over the last quarter is just above $350,000. There’s a lot of smaller new construction that make up this lower average, but that figure is up from just over $300,000 at this time last year. The number of homes for sale is at the lowest level since 2009.

In multi-family, every city is experiencing a decrease in vacancy rates from near 5% to just above 3%. lack of rentals is hurting the area as much as lack of homes to purchase, and Bentonville and Centerton alone have 2700 units under construction .

So it’s tight. I would say.

Some advice for those with property to sell - make sure you are dealing with an agent who knows about land sales. There are a myriad of factors to consider when selling your land, and if you list too high, you’re only going to be frustrated. And if you are selling directly to the developer - sorry developers but its true - you are likely getting less than market value for your land, even if you have to pay a commission. You have to have an expert. A stab in the dark won’t cut it, and whatever your neighbor got last spring may be sorely undervalued from where we are today. Give us a call at 479-903-0328. I can give you some advice. And it’s free.