As Homeowners, we’ve all heard the phrases “it’s a seller’s market” and “now is the time to sell.”
But are those just clever marketing phrases? Or are there actual stats legitimizing these statements?
At Coldwell Banker Harris McHaney & Faucette, we wanted to list out some of our top reasons why selling in 2022 may make sense for you.
Northwest Arkansas is Booming in Popularity
Northwest Arkansas continues to grow nationally in popularity, and we are seeing more and more people relocating to NWA each day. Information released by the US Census Committee and the Arkansas Economic Development Commission states that Arkansas was ranked #1 for inbound moves in 2021. Let’s face it, most of those moves seem to be going to Northwest Arkansas. Northwest Arkansas Council says NWA is attracting (30) new relocating individuals per day!
NWA is one of the most popular areas to move to for those looking for natural beauty to balance out their lives. That doesn’t touch the multiple Fortune 500 companies that have made NWA their home, the insane trail systems, and all of the other amazing things there are to do in Northwest Arkansas.
Our “small towns” are no longer the secret that they once were. Fayetteville was named one the the “South’s Best Cities on the Rise” by Southern Living and Money Magazine named Bentonville as one of their “Best Places to Live in America”.
How does this help you as a seller? If our area is being touted nationwide by a host of organizations, then your home may have more views than ever before!
Northwest Arkansas Homes Have Experienced Unprecedented Increases in Value
The influx of people relocating as well as incredible demand for the area has led to a large increase in the value of your NWA home!
To put some additional context around these claims, the average sales price of an NWA home was $347,809 for January 2022* as compared to just ONE YEAR prior, where the average sales price was $273,118 in January 2021*.
This is a continued trend from the past several years as seen by the graph below. Homes are selling at an unprecedented pace and are often looking at multiple offers. Using a full-service real estate brokerage like Coldwell Banker Harris Mchaney & Faucette, our agents are experts at helping you determine which offer will be the most beneficial. Price is of course a large deciding factor in competing offers, but there are many other variables that our REALTORS® can help guide you through.
Homes Are Selling Faster!
Last year, the average time from the house hitting the market to being completely through the home sale process was only 79 days*. To give that some context, (pre-pandemic) NWA listings held steady at just over 100 days on the market*. You can see the sharp decline in the graph below. Less time on the market means Buyers must act fast, creating a frenzied demand and a quicker turnaround on the sale of your home.
Less Listings = Less Competition from other Sellers
Because there are so few homes on the market, there is even less competition for sellers. In January 2022, each day the active inventory hovered between 600-700 homes*. This is significantly less than we were seeing pre-pandemic where the active inventory was well over 1,000 homes on the market*. This doesn’t change the fact that the NWA Council is saying that we are seeing 30 people move to Northwest Arkansas every day. These factors combined mean more eyes on your house and the potential for multiple offers on your home.
*Source: NABOR MLS
More information on specific towns and sales trends are available on our NWA Market Stats Video page. These 30-second videos can help get you quick information all broken down by local towns.
If you have considered listing your home and are not sure where to start, Contact us today and we can determine the best course of action. Our full-service REALTORS® are market experts and are with you every step of the way. Visit www.coldwellbankernwa.com to find an agent near you!