Home price values up more than 22% in Fort Smith metro

by Michael Tilley ([email protected]) 468 views 

Home sales are up almost 12% in the Fort Smith metro during the first nine months of 2021 with the average home price up almost 23%. Multifamily property sales are up almost 19% and commercial property sales are up more than 60%.

There were 3,267 homes sold in the metro between January and September, up 11.8% compared with the 2,922 during the same period in 2020. The value of those homes sold was $628.65 million, up 37.1% from the $458.59 million in the same period in 2020, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith.

The pace of activity is slowing. The gain in homes sold is down from 17% in the first six months, and the value of homes sold is down from the 47.8% increase in the first six months.

The average home sale price in the Fort Smith metro in the first nine months of 2021 was $192,425, up 22.6% compared to the same period in 2020. The highest average home price in the six-month period was $202,799 in Sebastian County.

There were 3,965 homes sold in the metro during 2020, up 16.2% compared with the 3,412 during the same period in 2019. The value of those homes sold was $649.338 million, up 13.4% compared with 2019.

SEBASTIAN, CRAWFORD NUMBERS
Home sales in Sebastian County, the region’s largest county, accounted for 48.4% of area sales in the first nine months of 2021, with the number of homes sold totaling 1,582, up from 1,438 in the same period of 2020.

The value of homes sold in the first nine months was $320.828 million, up 34.4% compared with the same period in 2020. The average home price in Sebastian County was $202,799 in the first nine months, up 22.2% from the $165,979 in the first nine months of 2020. Days on market during the first nine months was 68, well below the 100 days during the same period in 2020.

Crawford County home sales accounted for 19% of regional home sales with 621 homes sold in the first nine months of 2021, up from 579 during the same period in 2020. The value of homes sold in the county was $125.27 million during the first nine months, up from the $95.162 million in the same period of 2020. The average home sales price was $201,724, up from $164,357 in the same period of 2020.

Days on market in Crawford County was 56, also well below 86 in the same period of 2020.

MULTI-FAMILY, COMMERCIAL SALES
There were 102 multifamily property sales in the Fort Smith metro during the first nine months of the year, up from 86 in the same period in 2020. The value of the sales was $33.562 million, up from the $28.495 million in the same period of 2020.

The region had 109 commercial property sales in the first nine months, up 60.3% compared with the 68 in the same period of 2020. The value of the sales totaled $38.859 million, up 92% compared with the $20.095 million in the same period of 2020.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-September 2021
Homes sold: 3,267
Value of home sales: $628.65 million
Average price: $192,425
Days on market: 71

January-September 2020
Homes sold: 2,922
Value of home sales: $458.595 million
Average price: $156,946
Days on market: 102

• Sebastian County
January-September 2021
Homes sold: 1,582
Value of home sales: $320.828 million
Average price: $202,799
Days on market: 68

January-September 2020
Homes sold: 1,438
Value of home sales: $238.677 million
Average price: $165,979
Days on market: 100

• Crawford County
January-September 2021
Homes sold: 621
Value of home sales: $125.27 million
Average price: $201,724
Days on market: 56

January-September 2020
Homes sold: 579
Value of home sales: $95.162 million
Average price: $164,357
Days on market: 84