Decline continues in Fort Smith metro home sales; sales value down 15% through October

Fort Smith metro home sales are down more than 16% through October compared with the same period in 2022, and are well below the record pace in 2021. The average home price is up year-over-year, but the value of all homes sold in the metro is down 15%.

Thanks in large part to significantly higher interest rates, the number of homes sold in the metro between January and October totaled 2,776, down 16.3% compared with the same period in 2022. The average home price for sales in the first 10 months of 2023 was $219,932, just above the $216,564 in the same period of 2022. Average days on market in the January-October period was 73, below the 65 days in the same period of 2022, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.

The value of January-October sales totaled $610.529 million, down 15% compared with the same period in 2022.

“This year has slowed down dramatically. Real estate professionals who have years of experience are even talking about how much slower it has been as of late. The buyers who are prequalified and submitting offers are not experiencing many situations of calling for the highest and best offer. It still happens occasionally, but it is becoming much less frequent,” Milton said.

Interest rates nationwide as of Nov. 22 were around 7.3%, above the 6.6% during the same period in 2022, according to Freddie Mac. Interest rates at the end of October 2021 were around 3.09%.

The metro had 3,827 homes sales in 2022, down 13% from 4,400 in 2021. The value of sales totaled $824.117 million, down 3.4% compared with the same period in 2021. Home sales in 2021 were up 10.6% over 2020, with 2020 home sales up 13.4% compared with 2019. 2021 marked a record of 4,400 home sales in the Fort Smith metro. Average home prices in Sebastian and Crawford counties topped $200,000 for the first time in 2021.

Metro area data comes from Crawford, Franklin, Logan, Scott and Sebastian counties in Arkansas, and parts of eastern Oklahoma. About 63.4% of the January-October home sales are from Crawford and Sebastian counties.

SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County during the first 10 months totaled 1,239, down 19.1% from 1,532 in the same period in 2022. Home sales in the county represent 44.6% of homes sold in the metro.

The value of homes sold was $286.758 million between January and October, 14.1% below the $333.514 million in the same period of 2022. The average home sales price was $231,444, above the $217,699 in the same period of 2022. Average days on market during the first 10 months was 69, above the 62 in the same period of 2022.

Home sales in Crawford County during the first 10 months was 521, down 18.7% compared with the 641 in the same period of 2022. Home sales in the county represent 18.8% of homes sold in the metro.

The value of Crawford County homes sold was $112.312 million in the 10 months, below the $141.070 million in the same period of 2022. The average home sales price was $215,571, below the $220,078 in the same period of 2022. Average days on market was 61, above the 56 in the same period of 2022.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-October 2023
Homes sold: 2,776
Value of home sales: $610.529 million
Average price: $219,932

January-October 2022
Homes sold: 3,317
Value of home sales: $718.343 million
Average price: $216,564

• Sebastian County
January-October 2023
Homes sold: 1,239
Value of home sales: $286.758 million
Average price: $231,444

January-October 2022
Homes sold: 1,532
Value of home sales: $333.514 million
Average price: $217,699

• Crawford County
January-October 2023
Homes sold: 521
Value of home sales: $112.312 million
Average price: $215,571

January-October 2022
Homes sold: 641
Value of home sales: $141.070 million
Average price: $220,078