FAYETTEVILLE — The average selling prices for homes in three Northwest Arkansas counties jumped nearly 27% for the first half of 2022 when compared with the same period last year, despite more homes being up for sale, according to the Skyline Report released Tuesday
The average sale price for a home in Benton, Washington and Madison counties for the January through June period was $385,821 according to the Multiple Listing Services database, up dramatically from $304,235 a year ago. A rising inventory of homes had no impact on prices. There were 642 homes available for sale according to the Multiple Listing Services database for the year before period and 1,193 on the market in the most recent six-month period.
In an interview, Mervin Jebaraj, director of Center for Business and Economic Research at the Sam M. Walton College of Business at the University of Arkansas said Northwest Arkansas faces a challenge in providing affordable housing options as the region’s population increases.
He said one of the region’s advantages is its relatively low cost of housing, something that’s being eroded as sale prices rise. He said in recent months housing prices have leveled off compared to national trends where home prices are seeing declines.
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