NWA Market Update (Skyline Report)
Arvest Bank released their Skyline Report a few days ago. I've found this report to be a great numbers-based analysis of the Northwest Arkansas real estate market.
Here's a link to the article: https://share.arvest.com/newsr...
My big takeaway is that there's a lot of room to raise rents. The report notes that the average apartment lease has risen 26.4% since 2016, but the overall vacancy rate is at 3.4%.
Anecdotally, I've noticed a little cooling off on MLS over the last month, with less aggressive pricing and longer DOM. However, I'm seeing appraisal turn-around causing issues, especially for multifamily. For rentals, I've seen reports from family members and neighborhood groups of people struggling to find a place; many seem to be listed and have accepted applications same day.
What about you - Is there anything in this report that surprises you?
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