NWA Real Estate | S1E7 | Moving to Bentonville (Northwest Arkansas)

Why is Everyone Moving Here?

-April 20th, 2022-

Today we'll do a deep dive into what the housing market is doing, what it takes to get a home under contract and how long they are staying on the market before accepting an offer. Then we'll highlight some of the biggest cultural, economic, and jaw dropping attractions bringing people to Northwest Arkansas.

Are you moving to Bentonville, Arkansas? What about Rogers, Fayetteville, Springdale? Northwest Arkansas is quickly becoming one of the TOP AREAS to move to in the country receiving national recognition in publications like Forbes, Fortune, and US News. With local attractions like The Crystal Bridges Museum of American Art and Collegiate Athletic Events with the Arkansas Razorbacks our small corner of Northwest Arkansas has everything city life has to offer minus the traffic jams. In 2010 Bentonville began its Downtown Revitalization Program which set off a surge in area development, attracting new businesses and developers ready to invest in our future. NWA is no longer the sleepy small town it once was. Our region is emerging as the premier mountain biking destination in the country and becoming a hub for the performing arts.

Housing Supply

Current Interest Rates | ⬆️ 5.25%

Weekly Spot Check Active (vs 2Wks ago) | 427 ⬆️ 430

New Listings (vs 2Wks ago) | 179 ⬇️ 177

Avg Sales Price from Q1 of 2021 vs 2022 | ⬆️ 21%

Number of Homes Sold from Q1 of 2021 vs 2022 | ⬆️ 11%

Links from the Podcast

💻 1 Million People in NWA | https://www.arkansasonline.com/news/2020/apr/13/planners-consider-how-to-fit-1-milllion/

💻 "Woodstock of the Ozarks" | https://talkbusiness.net/2022/04/with-walton-backing-lollapalooza-promoter-plans-music-art-festival-in-bentonville/

💻 Brightwater Culinary School | https://brightwater.org/

💻 Bentonville Film Festival | https://bentonvillefilm.org/

Agenda

Today we'll show you the coolest attractions driving the growth in Northwest Arkansas.

CHAPTERS:

00:00-04:48 - Intro

04:49-17:34 - Market Update

17:35-18:57 - Housing

18:58-23:08 - Notoriety

23:09-27:00 - Cultural Development

27:01-39:12 - Economic Development

Talking Points

Arkansas has a population of about 3,000,000
NWA Metro Area is about 550,000 people
Corporate clients relocating to NWA from larger cities are shocked when their morning commute drops from 1-2hr/ to 15-30min
Everything in NWA is about "15-20min away"
Listings are starting to ramp up as we begin our approach to summer
So far in 2022 only 3 houses out of 2,527 (re-sale) homes expired. That's 0.1% of the total
Of the 2,242 homes YTD that are either closed or currently under contract 53.4% where under contract in the first 3 days. That number expands to encompass 78.7% if you extend it to 7 days
52% of the homes sold YTD closed over asking price
If you want to feel confident writing an offer right now you likely want to consider offering 10-14% over asking price with an appraisal gap