Arkansas Housing Market Analysis - August 2024

The Arkansas housing market in August 2024 presents a complex landscape with a mix of positive and negative trends. The data reveals a nuanced picture of the current state of the market, highlighting both growth and challenges.

The Median Sales Price for homes in Arkansas stands at $264,400, reflecting a year-over-year (YoY) increase of 2.9%. This upward trend is mirrored in the Median List Price, which is $279,000, up by 2.3% YoY. The median Price Per Square Foot has also seen a significant rise, reaching $149, a 5.2% increase YoY. Similarly, the Median List Price per square foot is $157, up by 6.5% YoY.

In terms of sales activity, 3,485 homes were sold in August 2024, marking a 2.2% increase YoY. However, Pending Sales have declined by 2.7% YoY, totaling 3,835. New Listings have remained relatively stable with a slight decrease of 0.1% YoY, amounting to 4,317. Inventory levels have surged by 23.4% YoY, reaching 10,668 homes, which has contributed to an increase in the Months of Supply to 3.10, a substantial 60.0% rise YoY.

The Median Days on Market for homes in Arkansas is now 42 days, a 7.0% increase YoY, indicating that homes are taking slightly longer to sell. The average sale to list ratio has decreased by 0.5% YoY, now at 97.2%, suggesting that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 4.9% YoY, now at 15.4%. Additionally, the rate of Price Drops has increased by 3.3% YoY, now at 27.8%, indicating that sellers are adjusting their expectations in response to market conditions. The percentage of homes going Off Market Within Two Weeks has decreased by 4.0% YoY, now at 32.3%.

Overall, the Arkansas housing market in August 2024 shows a blend of growth in home prices and sales, alongside challenges such as increased inventory and longer time on market. These trends suggest a market that is adjusting to changing conditions, with both buyers and sellers navigating a dynamic landscape.