NWA’s hot housing market is worthy of watching in 2023

The Northwest Arkansas metro space is taken into account among the many high actual property markets within the U.S. to look at this 12 months, in keeping with the Nationwide Affiliation of Realtors.

• Benton and Washington counties are No. 4 on the listing, behind Atlanta, Raleigh, North Carolina and the Dallas-Fort Value metro.

Driving the information: There are greater than 9,600 job openings within the space, the Northwest Arkansas Council tells Axios. And, Tyson Meals’ latest announcement to shut places of work in Chicago and Dakota Dunes, South Dakota, means extra employees are anticipated to relocate within the close to future.

• These people and their households want locations to stay, so our energetic residential market might seem much more in demand within the close to time period.

Between the traces: “This is without doubt one of the rising tech hubs the place the everyday household can nonetheless afford to purchase the everyday house,” the NAR report states.

• “Throughout the previous 12 months, jobs within the data business [in NWA] rose twice as quick as nationwide.”
• The affiliation notes that one in three renters can afford a median-priced house right here.

Of notice: NWA’s house costs had been up 27% within the first half of 2022 in contrast with the identical interval the 12 months prior, with a median of $385,821, in keeping with the September Skyline Report.

• Hire was at an all-time common excessive of $860 per thirty days through the first half of final 12 months.