Fort Smith metro home sales fall 14.5% in 2023
by February 8, 2024 4:03 pm 776 views
Higher interest rates, fewer willing buyers and a “dramatic decrease” in homeowners willing to sell combined to push Fort Smith metro home sales down 14.5% in 2023, with Sebastian County seeing a more than 18% decline in home sales.
Fort Smith metro home sales totaled 3,273 in 2023, down 14.5% compared with 3,829 in 2022. The value of the home sales in 2023 was $725.591 million, down 12% compared with $824.491 million in 2022, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.
The average home sales price in the metro during 2023 was $221,690, above the $215,128 in 2022. The average days on the market in 2023 was 73, above the 66 in 2022.
“Around September of 2022, interest rates started to make some buyers’ maximum qualifications simply not meet the housing pricing that had increased so dramatically over the past 2 and a half years,” Milton noted in her analysis.
She said the end of 2023 was “pretty rough” in terms of the decline in available buyers and the number of homeowners willing to sell.
“I have noticed that buyers are starting to come around again now in preparation for income tax return season, but 2023 all around was a hard year for most real estate professionals with fewer buyers to help and a dramatic decrease in those willing to sell,” Milton said.
The 30-year fixed rate mortgage has ranged between 6.12% and 7.79% in the past year as of Feb. 1. The 15-year rate has ranged between 5.25% and 7.03% in the same period. Interest rates held in the 3% range for most of 2022, and began rising to 6% in the latter part of 2022.
SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County during 2023 totaled 1,459, down 18.2% from 1,784 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 $341.165 million in 2023, 14.1% below the $384.827 million in 2022. The average home sales price was $233,835, above the $215,710 in 2022. The average days on the market during 2023 was 71, above 63 in 2022.
Home sales in Crawford County during 2023 were 604, down 17% compared with 728 in 2022. Home sales in the county represent 18.4% of homes sold in the metro.
The value of homes sold was $132.609 million in 2023, below the $160.104 million in 2022. The average home sales price was $219,552, just below the $219,923 in 2022. The average days on the market was 61, above 56 in 2022.
SEGMENT SALES
Sales of multifamily – apartment – properties in the metro totaled 75 in 2023, well below 144 in 2022. The value of those sales totaled $34.307 million in 2023, also well below $67.088 million in 2022. The average multifamily property sale in 2023 was $457,431, just below $465,890 in 2022.
Land sales in the metro totaled 653 in 2023, below the 705 in 2022. The value of those sales totaled $72.486 million in 2023, below the $75.232 million in 2022. The average land sale in 2023 was $111,005, just below the $106,713 in 2022.
Commercial property in the metro totaled 114 in 2023, below the 135 in 2022. The value of those sales totaled $38.874 million in 2023, below the $42.486 million in 2022. The average commercial property sale in 2023 was $341,049, above the $314,715 in 2022.
Farm property sales in the metro totaled 6 in 2023, down from 10 in 2022. The value of those sales totaled $4.276 million in 2023, below the $9.934 million in 2022. The average farm property sale in 2023 was $712,667, just below the $993,400 in 2022.
Metro area data comes from Crawford, Franklin, Logan, Scott, and Sebastian counties in Arkansas and parts of eastern Oklahoma. About 63% of the 2023 home sales are from Crawford and Sebastian counties.
METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
2023
Homes sold: 3,273
Value of home sales: $725.591 million
Average price: $221,690
2022
Homes sold: 3,829
Value of home sales: $824.491 million
Average price: $215,328
• Sebastian County
2023
Homes sold: 1,459
Value of home sales: $341.165 million
Average price: $233,835
2022
Homes sold: 1,784
Value of home sales: $384.827 million
Average price: $215,710
• Crawford County
2023
Homes sold: 604
Value of home sales: $132.609 million
Average price: $219,552
2022
Homes sold: 728
Value of home sales: $160.104 million
Average price: $219,923