Fort Smith metro home sales, values up in 2024; below 2021 records

Fort Smith metro home sales were up almost 7% in 2024 thanks in large part to gains in Crawford County. The 2024 increase is a recovery from an almost 15% decline in 2023 home sales but is down 20.5% compared with record 2021 metro home sales.

Metro home sales totaled 3,495, up 6.6% compared with 2023. The combined value of the homes sold was $828.359 million, up 14% compared with 2023.

The average home price in the metro in 2024 was $237,013, up 7% compared with $221,708 in 2023, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.

The average days on market in the Fort Smith metro during 2024 was 82, above 73 days in 2023.

“With stalling interest rates and average property sales prices continuing to rise, a lot of potential primary home buyers are trying to hold out. I’ve been hearing of a lot of lenders who are still getting applications but are seeing a decline in their close rates after applicants are discovering their monthly payment requirements,” Milton said.

She also said the historically low interest rates in the past decade have some people tied to their existing homes.

“Additionally, there are still a lot of homeowners holding onto their sub 4% interest rate loans who are having a hard time justifying the sale of the property because they either can’t find another home they want to afford as their primary residence, or see the ability to make monthly earnings on renting out the property. This was a lot of what we saw in 2024,” Milton noted.

The metro set a record in 2021 for home sales and the combined value of homes sold. Following are the past five years of Fort Smith metro home sales and combined value of the sales.
2024: 3,495; $828.359 million
2023: 3,279; $726.981 million
2022: 3,829; $824.491 million
2021: 4,400; $853.409 million
2020: 3,978; $651.925 million

SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County in 2024 totaled 1,533, 5% above the 1,461 in 2023. Home sales in the county represent 44% of homes sold in the metro.

The value of Sebastian County homes sold was $375.961 million in 2024, 10% above the $341.636 million in 2023. The average home sales price was $245,246, above the $233,838 in 2023. Average days on market during 2024 was 80, above the 71 in 2023.

Home sales in Crawford County in 2024 totaled 711, up 17.1% compared with the 607 in 2023. Home sales in the county represent 20.3% of homes sold in the metro.

The value of homes sold was $168.215 million in 2024, up 26.1% compared with 2023. The average home sales price was $236,589, above the $219,818 in 2023. Average days on market was 76, above the 61 in 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)
2024
Homes sold: 3,495
Value of home sales: $828.359 million
Average price: $237,013

2023
Homes sold: 3,279
Value of home sales: $726.981 million
Average price: $221,708

• Sebastian County
2024
Homes sold: 1,533
Value of home sales: $375.961 million
Average price: $245,246

2023
Homes sold: 1,461
Value of home sales: $341.636 million
Average price: $233,838

• Crawford County
2024
Homes sold: 711
Value of home sales: $168.215 million
Average price: $236,589

2023
Homes sold: 607
Value of home sales: $133.429 million
Average price: $219,818