So what’s happening here in our Northwest Arkansas Real Estate Market? Are we seeing a housing bubble, should I still consider buying, is it still a sellers market? I’ve been an agent for over 7 years and I can help you navigate this market.
What Makes A Seller’s Market?
According to real estate experts and advisors, anytime inventory levels are at, or below, 6 months of inventory we are in a seller’s market. It’s all about supply and demand, and when there is a limited supply like there is right now, then the prices go up. So let’s see what inventory levels are doing here locally. Is it a good time to sell here in Northwest Arkansas?
NWA August Statistics
Between Benton and Washington Counties, we currently at the time of this post, have 1335 single family homes that are active, and 578 Single Family Homes have already sold this month. The median time to sell is only 11 days, and on average homes are actually selling right at list price. Now this is not what we saw over the past year, where homes were flying off the shelf and selling for significantly more than list price, but that wasn’t normal. The recent adjustments are normalizing the market.
Is Now a Good Time to Sell?
In Northwest Arkansas, the inventory is climbing, and so are interest rates. That may make some buyers weary, but it also is giving many more buyer opportunities that they did not have over the past few years. And as the data shows, buyers are still buying.
It can be scary understanding how to navigate this market, so call the experts. Please reach out to us at no cost for a hassle-free strategy session. I’m looking forward to hearing from you.