By: Tristan Hill
FAYETTEVILLE, Ark. (UATV) — Arvest Bank and the U of A’s Walton College of Business confirmed earlier this month that even in the middle of the COVID-19 pandemic, home sales in Northwest Arkansas continue to climb.
In their bi-yearly Skyline Report, Arvest and Walton reported some of the largest numbers of homes sold since the report’s inception.
According to the report, the area saw 5,726 homes sold in the second half of 2020 — a 16.6% increase over the same period in 2019.
Arvest officials say that so many homes have sold in NWA, it’s decreased the availability of the market.
“While current inventory levels of homes for sale have fallen significantly, developers appear to be ramping up construction of new homes,” said Karen Gray, Arvest Senior Vice President.
Gray’s report says the area is seeing the highest amount of building permits reported since 2006.
Home prices have also shot through the roof, with the average price of homes sold in Washington County reaching $268,987 — an increase of nearly 12% over the previous year.
Officials conducting the report recognize the importance of the housing market keeping up with the area’s demands.
“It is imperative that housing markets work efficiently in order to meet the demand of new and existing residents,” the Skyline Report reads.
The latest report continues a growth trend in the NWA housing market that has been set over the course of the last several years.