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The Skyline Report-A University of Arkansas report

SKYLINE REPORT 
                                                    SPONSORED BY ARVEST BANK 
Real Estate Summary For Benton, Madison, and Washington Counties 

In the second half of 2023, the average price of a home in Benton  County was  $420,144, 
4.5 percent higher than a year ago. In   Washington County, the  average  was $386,695, 2.8 
percent higher than  a year ago. Average prices  declined  by 0.6 percent and 1.4 percent 
from the first half of 2023 in Benton and Washington  counties,  respectively. 

Home sales decreased 2.1 percent from a year ago to 4,674 in the second half of 2023. 
Absorption rose 18.2 percent from a year ago to 2,131 homes in the second half of 2023, the 
highest level since 2,198 in the second half of 2020. 
Home starts plus homes under construction increased by one to 1,914 in the second half of 2023, 
the second lowest level since the 1,726 in the first half of 2021. 
39.9 percent of all homes sold were new construction (1,864). It was the highest total and 
percentage  of new construction in Skyline history. 

The multifamily vacancy rate increased to 3.1 percent in the second half of 2023 from 
2.2 percent in the first half of 2023. The increase was driven by 10 new complexes with 
1,669 total units and 606 available units. With the 10 new complexes removed the overall 
vacancy  rate   decreased to 2.0 percent. 


The multifamily market has an additional 4,400 units under construction and 17,600 announced 
throughout  the region. This represents 41.4 percent of the current inventory in Northwest 
Arkansas. 
In the second half of 2023, the average rent was $1005.40, 8.5 percent higher than a year ago, 
and 46.3 percent higher than five years ago. 
In the second half of 2023, 19 current multifamily projects had building permits valued at $256.4 
million a decrease from $263.1 million in the first half of 2023. 


The overall vacancy  rate for commercial  property remained 6.4 percent in the second half 
of 2023  as 623,288 square feet of new commercial space entered the market. 


The office vacancy rate remained to 8.8 percent in the second half of 2023. There was strong 
leasing activity in the Class A submarket as 203,815 square feet of new office space was added in 
the  second half of 2023. 
In the retail submarket, the vacancy rate remained 7.9 percent in the second half of 2023 as 
10,898 square feet of new space entered the market. 
The warehouse vacancy rate  decreased from 3.6 percent in the first half of 2023 to 3.2 percent 
in the second half of 2023 even though 262,415 square feet of new space entered the market. 
43,538  square feet of new office/warehouse space but no new retail/warehouse space was added 
as respondents  continued to report increasing demand for new warehouse and flex warehouse 
space. 
$287.6 million in commercial building permits were issued in the second half of 2023. In 
comparison there were $193.9 commercial building permits issued in the first half of 2023. 

                                         Center for Business and Economic Research 
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