Arkansans join rest of nation in buying more homes at higher prices
As interest rates hit their highest levels in years, Americans and Arkansans continue to buy homes at record rates and pay more than they ever have before. And the warm market is fueling sales above the asking price in a market flooded with potential buyers as the housing stock dwindles.
As a result, the home price index in the United States rose by around 30% from January 2020 to the end of 2021. Existing homes are selling faster and at record prices, with some regions being hit harder than others. others.
Statewide, Arkansas ranked 42nd nationally with 32% of homes listed for sale in metro areas selling above asking prices last year. Massachusetts led the nation with 61.5%, followed by California with 60.6%.
None of the cities in the state made it to the top 100 metropolitan areas where homes sold above asking prices. The report, available at porch.com, ranks 261 metropolitan areas, including the country’s small, medium and largest cities.
San Jose, Calif., led the nation with 75.7% of homes sold above demand, followed by the San Francisco Bay Area at 74.2%.
The Northwestern Arkansas Corridor of Fayetteville-Springdale-Rogers led the state 39% despite ranking 127th in the nation. Little Rock ranked 185th with 34% of homes selling above asking price. Jonesboro ranked 248th at 25%; Texarkana was next at 249 with sales 22.4% above demand; and Fort Smith was just behind at 251st with 16.9%.
In Arkansas, the median sale price of a home last year was $216,716, up 13% from 2020. Only the Jonesboro metro area lagged in the increase. year over year, with median selling price up 5.6% to $178,860.
Median prices rose the most in Fort Smith in 2021, rising 37.6% to $193,460. Home prices rose 16.2% in Northwest Arkansas to $269,130 while Little Rock saw an 11% gain, with a median sale price of $200,534. Median home prices rose 13.1% in Texarkana to $216,830.
Sales prices are influenced by steep reductions in the country’s housing stock, which has shrunk during the pandemic, as fewer new homes are built due to labor shortages and chain bottlenecks supply. There are fewer houses being built for sale and the houses that are on the market are gobbled up.
Porch reports that the country’s available housing stock, measured by the number of months it would take for current inventory to sell, has fallen from a 2.6 month supply in the summer of 2021 to just 1, 6 months earlier this year.
DIGITAL MARKETING SUPPORT
The Arkansas Small Business and Technology Development Center is offering its first-ever digital marketing masterclass later this month. Four virtual sessions on April 19 and 21 will equip Arkansas businesses with initiatives to create new opportunities and multiple revenue streams.
The sessions will be led by renowned consultant Shane Barker, who specializes in e-commerce, web design and development, social media marketing, lead generation and email marketing.
Barker’s Marketing Growth Podcast ranks in the top 40 in the business category for Apple Podcasts.
“For many small businesses, digital marketing has become a lifeline that has helped them survive during the pandemic,” says Barker. “This is a course designed to help small businesses and entrepreneurs navigate the online world and understand how they can leverage digital marketing for their business.”
The course is for businesses that already have a website and social media presence and are ready to develop a sustainable digital marketing strategy. Registration is $150.
Visit asbtdc.org/digital-marketing-masterclass for more details or to apply.
Women- and minority-owned businesses in Arkansas are encouraged to register for a matchmaking event scheduled for May 11. The initiative provides networking opportunities for small business owners and local, state and federal government buyers in Arkansas.
The one-day event connects minority and women-owned businesses with private and public sector buyers for procurement opportunities. Participants will have a pre-arranged 15 minute matchmaking appointment.
The effort is the flagship event of the Minority and Women-Owned Business Division of the Arkansas Economic Development Commission. The department is partnering with the Arkansas office of the US Small Business Administration and the Arkansas Procurement Technical Assistance Center on the event.
The event is provided free of charge and is scheduled from 8 a.m. to 4 p.m. at the Heifer International headquarters in Little Rock. Details are available at info.arkansasedc.com.
RETURN TO NWA
The Northwest Arkansas Startup Crawl returns Friday to downtown Fayetteville after being postponed for two years due to the pandemic. The fourth annual festival will celebrate the region’s entrepreneurial community by bringing together startups, live music and locally brewed beer.
Labeled “Arkansas’ Biggest Startup Party,” the initiative connects thousands of Arkansans with area innovators, founders, and entrepreneurs around a shared interest in local startups.
“After a few covid-19 cancellations, we’re excited to bring this event back and bring together some of Northwest Arkansas’ most innovative startups in one central location where the community can learn and engage with founders during the Arkansas’ biggest startup party,” said Caleb Talley, executive director of Startup Junkie.
The festivities begin in the square in downtown Fayetteville. Each crawl stop will be associated with a local brewery, taking participants to the Pryor Center at 1 E. Center St., where dozens of Arkansas-based startups will be set up to share information about their operations.
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