Fort Smith metro home sales rebound, up 6.5% through August

BusinessFort Smith

by Michael Tilley ([email protected]) ago 0 views 

The Fort Smith metro appears to be rebounding from an almost 15% decline in 2023 home sales and a 12% decline in the combined value of home sales. Metro area sales are up more than 6% through August, with the value up more than 17%.

There were 2,371 homes sold in the metro in the first eight months of 2024, up 6.5% compared with the same period of 2023, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.

The value of metro homes sold in the period was $566.433 million, up 17.13% compared with the same period in 2023. The average home sales price in the metro during January and August was $238,900, up 10% compared with the $217,240 in the same period of 2023. Days on market in the first eight months of 2024 was 84, above the 73 in the same period of 2023.

The metro ended 2023 with a 14.5% decline in home sales and a 12% decline in the value of home sales.

Milton said the interest rate reduction – from a top line of 5% to 4.75% – announced Nov. 7 by the Federal Reserve could help “shy buyers” return to the housing market. She has said that lowering interest rates helps release pent-up demand.

Freddie Mac on Nov. 21 reported that the U.S. average for the 30-year fixed-rate mortgage was 6.84%, below the 7.29% in the same period of 2023. The 15-year rate was 6.02%, below the 6.67% in the same period of 2023.

SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County between January and August totaled 1,050, above the 987 in the same period of 2023. Home sales in the county represent 44.3% of homes sold in the metro.

The value of homes sold was $265.585 million in the January-August period, 17.5 above the $225.938 million in the same period of 2023. The average home sales price was $252,939, above the $228,914 in the first half of 2023. Average days on market during the 2024 period was 82, above the 68 in the same period of 2023..

Home sales in Crawford County between January and August was 484, above the 438 during the same period of 2023. Home sales in the county represent 20.4% of homes sold in the metro.

The value of homes sold was $113.577 million between January and August, up 19.5% compared with the $95.069 million in the same period of 2023. The average home sales price was $234,664, above the $217,053 in 2022. Average days on market was 78, above the 62 in the first half of 2023.

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

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-August 2024
Homes sold: 2,371
Value of home sales: $566.433 million
Average price: $238,900

January-August 2023
Homes sold: 2,226
Value of home sales: $483.576 million
Average price: $217,240

• Sebastian County
January-August 2024
Homes sold: 1,050
Value of home sales: $265.585 million
Average price: $252,939

January-August 2023
Homes sold: 987
Value of home sales: $225.938 million
Average price: $228,914

• Crawford County
January-August 2024
Homes sold: 484
Value of home sales: $113.577 million
Average price: $224,664

January-August 2023
Homes sold: 438
Value of home sales: $95.069 million
Average price: $217,053