NWA real estate holding strong as Skyline Report celebrates 20 years

Data: Arvest Skyline Report; Chart: Axios Visuals

Even though prices continue to balloon, Northwest Arkansas' real estate market remains vibrant, according to the latest Arvest Skyline Report, which marked its 20th year today.

Why it matters: Housing prices and rents in part determine who can afford to live in NWA and commercial property is an indicator of an area's economic vitality.

---

• All are tracked methodically by the University of Arkansas' Center for Business and Economic Research and paid for by Arvest Bank.

By the numbers: The average selling price for a single-family home during the first half of 2024 in Benton County was $432,956, up 2.5% from a year earlier. It was $389,574 in Washington County, up less than 1% in a year.

• Nearly 4,800 homes sold in NWA during the first half of the year, up 8.5% from the previous year. Nearly 40% were new construction, a high in Skyline's history.

While 11 apartment complexes with more than 1,000 units were added to the market, the vacancy rate remained low, climbing to 3.3% compared to 3.1% on Jan. 1.

• Average rental prices for multifamily units rose 9% over the last year to $1,037.

Data: Arvest Skyline Report; Chart: Axios Visuals

NWA's overall commercial vacancy rate of 6.4% combines all commercial real estate — from class A office space to warehouses — and was unchanged from last year even though more than a half-million square feet were added to the market.

The bottom line: Director of the CBER, Mervin Jebaraj, in a news release said he continues to focus on the need for regional coordination around rezoning along the Highway 71B corridor to help alleviate housing inflation.