Here’s how the NWA housing economy stacks up against the national average

Northwest Arkansas News

FAYETTEVILLE, Ark. (KNWA/KFTA) — Home prices across the country rose again in October and Northwest Arkansas is no exception.

The latest S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index report indicates that the average cost of purchasing a house is up 18.41% over last year.

Recent data from the Northwest Arkansas Board of Realtors indicates that the average home price in Benton County has increased by 12.06% over last year, as of November; and for Washington County, that number is 18.9%.

Chris Laury, from Fayetteville, is one of many who have felt the recent market trend’s effects when buying a home.

“The speed that the market was moving at was kind of crazy. A house would be listed and within three days it was sold,” he said.

Realtor Becky Carter with Urban Cottage in Fayetteville said that sometimes it can be difficult to match buyers with houses in such a high demand market.

“There are a lot of highs and there are a lot of lows, — just trying to encourage my clients when they are going through that process of trying to find the home and they’ve had to make three and four, sometimes nine and ten offers,” Carter said.

For that reason, she says she doesn’t expect the trend to change course any time soon, as there aren’t many homes available on the market at the moment.

Due to the climbing prices and limited options, Laury said searching the housing market felt difficult.

“There were times that it was a little bit stressful, but it was just challenging for sure,” he said.

Despite the challenge, Carter, who helped Laury and his wife close on their home, said sometimes buyers just need a little bit of perseverance and patience.

“Just be encouraged to keep trying. I’ve always joked with my buyers — I promise I’ve not had anyone go homeless yet. Just hang in there, you will get to the house that is right for you,” she said.

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