The Northwest Arkansas Real Estate Market is staying hot here in the Summer of 2023, we’re still seeing strong buyer demand and lower available inventory.
As we have been forecasting here at the LoneRock Home Team, our Inventory is staying below 4 months of supply, which means we are firmly in a Seller’s Market this Summer.
In this chart below, you can see the number of Active/Pending Homes in June matching our level from May, which was just slightly above our peak numbers from last year. Also, our number of Closed transactions matched last month’s numbers almost perfectly.
Most homes are finding a buyer fairly quickly. At the Mid-to-Lower price points, we’re seeing multiple offer situations back in full force. This is keeping the prices high and rising.
Our May Average Home Sale Price had skyrocketed all the way up to $437,126! That was an all-time record for our area. Our June number ticked down just slightly to $429,204.
Median price also tracked pretty closely, with $359,000 in June staying pretty even with the $363,800 from May. That was also the highest Median Price on record, beating last summer’s previous record of $344,722.
I expect this pricing level to continue, at least into the Fall. With this new higher Average price level being established, I’d say the level around $400,000 will now act as a floor to prices when we go into our winter downcycle. They may stay even higher!
After a full year of Mortgage Rates over 5%, Buyers are finally settling in to the new reality, and going ahead with their purchases. Despite The Federal Reserve continuing to raise its Federal Funds Rate for banks over the last several months, Mortgage Rates have hovered below their peak of around 7% and are now at about 6.71%.
Average Prices Per Square Foot held this month, now generally around $200/SqFt.
What it all Means for You
Our Northwest Arkansas real estate market is heading into a big Summer season.
Right now, I’m seeing a big window of opportunity, especially for sellers since prices are on the rise again. If you’ve been thinking about selling, now might be a good time to consider putting real plans in place to cash out on that equity.
If you’ve been thinking you’ll wait till next year or later to make your move, I’d like to share a strategy to save you $20,000 to $30,000 and potentially hundreds of dollars off your monthly bills, depending on the equity position you have in your current home. Would that be a conversation worth having? If so, leave me a message below.
To see the strategies we’ve been implementing to sell for the most the market will bear, Watch my “Pre-Listing Price Accelerator” Guide Here and see How To Maximize Your Home Sale. It will walk you through everything I’ve been doing to get amazing results for my home sellers.
Buyers will soon be facing a challenging market again. We’re already seeing Multiple Offers back in the norm. In fact one of my recent listings locked in at 4% over List Price with very favorable terms to the seller. It’s odd to see so much competition, even with these higher interest rates, but that’s the current reality of our market.
If mortgage interest rates fall in the future, there will be an even bigger flood of buyers coming into the market and competing for the few homes that are available. In that scenario, prices will jump even higher. So locking in a good price right now may be a smart bet. And if interest rates happen to go lower in the future, a refinance is always a possibility.
Our lender partners can fill you in on all your options, including mortgage programs that may allow you to Buy Down your rate.
Also, I’ve put together a program to find “Hidden Inventory, Off Market Homes” for my clients without all the hassle and competition from other buyers.
This has been and will continue to be our #1 Strategy to get you and your family out of your current home and into your dream home. Let’s see what we can find together!
Just click here to learn all about the “Dream Home Finder” Program!