Value of Fort Smith metro home sales up 31% in 2021

by Talk Business & Politics staff ([email protected]) 494 views 

Fort Smith metro home sales were up almost 11% in 2021 compared with what was a record 2020, and the 2021 average home price in Sebastian and Crawford counties topped $200,000 for the first time.

There were 4,400 homes sold in the metro in 2021, up 10.6% compared with 3,978 in 2020. The value of those homes sold was $853.409 million, up 31% from $651.925 million in 2020, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith.

Metro area data comes from Crawford, Franklin, Logan, Scott and Sebastian counties in Arkansas, and parts of eastern Oklahoma.

The average home sale price in the Fort Smith metro in 2021 was $193,957, up 18.4% compared with 2020. The highest average home price in 2021 was $203,332 in Sebastian County. The average days on market in the metro area fell from 98 in 2020 to 69 in 2021.

The 2021 record home sales follow what was a record 2020. 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, accounted for 48% of area sales in 2021, with the number of homes sold totaling 2,116, up 8.9% from 1,943 in 2020.

The value of Sebastian County homes sold in 2021 was $430.249 million, up 28.8% compared with 2020. The average home price in Sebastian County was $203,332 in 2021, up 18.2% compared with the $171,983 in 2020. Days on market in Sebastian County during 2021 was 68, below the 96 days in 2020. The largest residential sale in the county during the year was $1.95 million.

Crawford County home sales accounted for 19.6% of regional home sales with 861 homes sold in 2021, up from 788 in 2020. The value of homes sold in the county was $174.701 million in 2021, up 30.6% from the $133.719 million in 2020. The average home sales price was $202,905, up from $169,695 in 2020. Days on market in Crawford County in 2021 was 57, well below the 79 in 2020. The largest residential sale in the county during the year was $895,000.

MULTI-FAMILY, COMMERCIAL SALES
There were 146 multi-family (apartment) property sales in the Fort Smith metro in 2021, up from 102 in 2020. The value of the sales was $54.974 million, up from the $32.365 million in 2020. The largest sale was $5.625 million, more than the top 2020 deal of $2.156 million. Average days on market for multi-family property was 58 in 2021, well below the 89 in 2020.

The region had 149 commercial property sales in 2021, up 52% compared with the 98 in 2020. The value of the sales totaled $58.077 million, well ahead of the $27.492 million in 2020. The largest transaction was $6.194 million, more than the top 2020 deal of $5.8 million. Average days on market for commercial property was 250 in 2021, higher than the 198 in 2020.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-December 2021
Homes sold: 4,400
Value of home sales: $853.409 million
Average price: $193,957
Days on market: 69

January-December 2020
Homes sold: 3,978
Value of home sales: $651.925 million
Average price: $163,883
Days on market: 98

• Sebastian County
January-December 2021
Homes sold: 2,116
Value of home sales: $430.249 million
Average price: $203,332
Days on market: 68

January-December 2020
Homes sold: 1,943
Value of home sales: $334.162 million
Average price: $171,983
Days on market: 96

• Crawford County
January-December 2021
Homes sold: 861
Value of home sales: $174.701 million
Average price: $202,905
Days on market: 57

January-December 2020
Homes sold: 788
Value of home sales: $133.719 million
Average price: $169,695
Days on market: 79