- Brandon Still - Realtor
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- NWA May Market Data - Where Do We Go From Here?
Courtesy of NABOR
Hold your breath.. Our latest data for May 2023 has come out giving us insight into what is going on in our local market. What does this mean for buyers, sellers, & investors in Northwest Arkansas?
What Does The Data Tell Us?
While interest rates proceed on impacting buyers across the country, we continue to see strong data for the Northwest Arkansas Area.
In reality, you’ll notice the average time a home is on the market is up compared to last year (80 days in 2022 for Benton County to 99 days in 2023), and an even bigger delta when you look at Washington County.
On a positive note for homeowners and sellers, average sales prices are up over 11% in Benton County and over 6% in Washington County and the closed residential sales continue to climb compared to last year.
On top of this, in the recent Federal Reserve meeting on June 14th the Fed decided to keep interest rates unchanged, reflecting confidence in the economy's recovery. However, the Fed hinted at potential future rate increases and discussed plans to gradually reduce asset purchases. We should continue to be aware of potential mortgage rate changes and monitor market conditions closely.
Overall, we continue to see fewer buyers in the market giving folks a higher chance of finding their dream home without facing multiple offers or bidding wars. This allows for more negotiating power and potentially better deals on properties. Don't miss out on this advantageous window of opportunity to secure a property in a less competitive environment.
Send me a message to get this data broken down by city. Don’t go into the process without understanding the data and how it effects your decision!
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