Bentonville Housing Market - Bentonville and Northwest Arkansas - What a Difference a Few Months Makes
/I’ve been going through and reviewing the data from the last several months. As most people know, Northwest Arkansas is in the midst of the largest seller’s market I’ve seen in 33 years in local real estate.
December, 2018 figures are shown for comparison:
Total Bentonville residential listings - 507 Bentonville
sales last 30 days - 97 6 months sales - 812
The lowest price in Bentonville is $133,000
Average price - $127 per sqft Median - $123 per sqft (outside of downtown) months
Today, there are 117 listings in Bentonville. The lowest price is $165,000. Unless my math is wrong, that’s a 77% drop in the number of homes available on the multi-list over the course of 22 months. Average sold price per square foot is $146 per sqft over the last six months but that includes the more expensive downtown homes. Taking those homes out of the equation leaves us still at $137 per sqft average sold price.
Development is moving along at a fairly quick pace but much of the new home construction is occurring outside of Bentonville in Centerton and the surrounding area. That leaves us with fewer homes available in the Bentonville specific market area.
Centerton has 53 listings currently with 455 sold in the last 6 months and the larger subdivisions are rapidly selling out.
What have we learned?
Fewer homes available means higher prices obtained for sellers. Buyers are paying a premium.
The time is perfect to sell your home, business or development property. Many factors play into the development of a piece of land but prices are at an all-time high.
If you are considering selling, make sure you have someplace to go. Agents may not make this readily clear since there are a tremendous number of agents fighting for the same listings. It’s all well and good to sell your home for a profit but the limited supply available means you must be looking for a home now, before you commit to selling. Apartments are at a 95 to 98% occupancy rate and the rental market is slim. There are 67 homes for rent in Bentonville but only 5 are below $1100 per month.
Homes that are available often have multiple offers and sell for thousands above list price.
Bentonville and Northwest Arkansas will NOT slow down in development! Unless something catastrophic happens - and hey, 2020 has been nothing but the country being on the brink of catastrophe - this market will continue to grow by leaps and bounds due to the influence of the largest retailer in the world. Bentonville and Northwest Arkansas is being remade into a paradise for good living - trails, biking, restaurants, upscale activities, clean and safe cities. As the old movie says, “if you build it, they will come.”
Call me if I can help you sort things out. Maybe you just need advice or maybe you want to buy your dream home or sell the family farm. I can help. 479-903-0328