Value of Fort Smith metro home sales up 14.4% through June
by September 5, 2024 1:05 pm 125 views
A more than 3% gain in Fort Smith metro home sales during the first half of 2024 appears to be reversing a trend that resulted in double-digit declines in 2023. However, the average days on market is up 11 days in the first half of 2024 compared with the same period in 2023.
There were 1,694 homes sold in the metro in the first half of 2024, up 3.1% 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 $400.851 million, up 14.4% compared with the same period in 2023. The average home sales price in the metro during January and June was $236,630, up 11% compared with the $213,278 in the same period of 2023. Days on market in the first half of 2024 was 86, above the 75 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.
“In pre-Covid years, we normally saw a dip in buyers around summertime and back to school. That dip would bounce back around the middle of September. This is obviously no longer pre-Covid times and interest rates have been a factor at play,” Milton noted in her analysis of the numbers.
She added that “the hint at lowering rates has allowed some buyers who have had pent up buying frustrations to come out recently.”
SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County between January and June totaled 755, above the 720 in the same period of 2023. Home sales in the county represent 44.5% of homes sold in the metro.
The value of homes sold was $190.559 million in the January-June period, 18% above the $161.537 million in the same period of 2023. The average home sales price was $252,396, above the $224,357 in the first half of 2023. Average days on market during the first half of 2024 was 83, above the 71 in the same period of 2023.
Home sales in Crawford County between January and June was 347, above the 325 during the same period of 2023. Home sales in the county represent 20.5% of homes sold in the metro.
The value of homes sold was $78.491 million between January and June, up 12.3% compared with the $69.878 million in the same period of 2023. The average home sales price was $226,201, above the $215,010 in 2022. Average days on market was 77, above the 64 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-June 2024
Homes sold: 1,694
Value of home sales: $400.851 million
Average price: $236,630
January-June 2023
Homes sold: 1,643
Value of home sales: $350.415 million
Average price: $213,278
• Sebastian County
January-June 2024
Homes sold: 755
Value of home sales: $190.559 million
Average price: $252,396
January-June 2023
Homes sold: 720
Value of home sales: $161.537 million
Average price: $224,357
• Crawford County
January-June 2024
Homes sold: 347
Value of home sales: $78.491 million
Average price: $226,201
January-June 2023
Homes sold: 325
Value of home sales: $69.878 million
Average price: $215,010