Northwest Arkansas Housing Market

The latest Skyline Report, released by Arvest Bank and compiled by the University of Arkansas’ Center for Business and Economic Research, shows that the Northwest Arkansas housing market is not just stable—it’s growing, and going against national trends.

Strong Home Sales & New Construction Boom

In the second half of 2024, home sales in Benton and Washington counties surged by 14.2% compared to the same period in 2023. A total of 5,339 homes were sold, including a record-breaking 2,058 new construction homes—marking the highest number of new builds sold in the history of the Skyline Report. In fact, new builds made up nearly 39% of all home sales in the region.

Building Permits & Growth

While fewer homes were under construction compared to a year prior, building permit activity remains strong with 3,007 permits issued—the highest since 2006. This steady pace signals ongoing confidence and investment in the region’s housing market.

Multifamily Growth & Low Vacancy Rates

Northwest Arkansas continues to see a sharp rise in multifamily development. Over 7,300 new apartment units are currently under construction, with another 21,100 announced. Despite the influx, the regional vacancy rate remains low at just 3.3%, reflecting strong demand. Cities like Springdale and Bentonville saw notable drops in vacancy rates, even as thousands of new units are being added.

Rising Prices, Strong Demand

Home prices continue to climb, with the average Benton County home now priced at $449,750 and Washington County at $402,322. Both counties have seen home prices rise by more than 67% over the past five years.

What This Means for Property Investors and Renters

Northwest Arkansas continues to attract residents and developers alike, thanks to its strong job market, population growth, and relatively low housing inventory. Whether you're looking to invest, build, or rent, the region remains one of the most resilient and active housing markets in the country. Contact Elder Management Company today or visit our vacancies page to search for your next property!