Northwest Arkansas’ residential real estate market continues to defy expectations in the face of the COVID-19 pandemic.
Low inventory and low interest rates are certainly helping.
There were 5,453 homes sold through June this year in Benton and Washington counties, up nearly 6% from 5,159 homes sold during the same period of 2019. That’s according to data from the Matrix software platform used by the Northwest Arkansas Board of Realtors (NABOR), and provided to the Northwest Arkansas Business Journal by Marcus Necessary, vice president and executive broker with Weichert, Realtors-The Griffin Co.
The combined sales volume is up about 13.8% — $1.26 billion in the first six months last year, compared with $1.43 billion in the first six months of 2020.
The average price of each home sale also was up in both counties at the midway point of 2020. In Benton County, the average home sale had a value of $272,301, up 9.3% from $249,030 in the same period last year. In Washington County, the average home sale price through June was $247,322, up 4.6% from $236,451.
Benton County reported 771 home sales worth a combined $219.51 million in June. That compares with 642 and $168.08 million in the same month a year ago.
In Washington County, agents sold 417 homes in June, up from 358 in June 2019, with a combined value of $108.79 million, up from $89.51 million.