The beautiful city of Fayetteville, AR, has been steadily gaining recognition as a top housing market for those seeking price appreciation and quality living. This past year, the National Association of Realtors included Fayetteville in its third annual Real Estate Forecast Summit's "Hidden Gems" list. The city took the #4 spot on their list of market predictions for 2022. Fayetteville is quickly becoming an attractive destination for house hunters. Surrounded by stunning Ozarks and Boston Mountains, it offers a temperate climate year-round that ensures plenty of outdoor activities. As such, those looking to buy or invest in real estate in Fayetteville can look forward to a great return on investment. Here's the scoop on the Fayetteville real estate market!
Quick Facts:
- The population is at 95,230.
- The average annual salary is $50,470
- Median home price: $360,000
- The average rent is $868.
Fayetteville, AR, in a Nutshell
Nestled in the Ozark Mountains, Fayetteville draws people from all over to become part of this ever-growing community. Home to Walmart and Tyson Foods' headquarters, as well as the University of Arkansas' flagship campus - it's no surprise that many come here for higher education, culture, and entrepreneurial opportunities. But what strikes newcomers most is how friendly everyone is. With waves of hello exchanged on each corner and dozens of volunteer organizations dedicated to giving back--it's impossible not to feel welcome when you arrive in Northwest Arkansas!
Economy
Fayetteville's economy is primarily driven by education, with the University of Arkansas and Fayetteville School District as some of its most prominent employers. But it doesn't end there; three Fortune 500 companies call Northwest Arkansas home - Walmart, Tyson Foods Inc., and J.B Hunt Transport Services - allowing for plenty of career options in manufacturing, distribution, and sales to go along with traditional higher ed positions. Residents experience low unemployment rates compared to national averages.
Employment
With over 43,000 people gainfully employed in Fayetteville, AR's economy is robust. Educational Services lead the way with nearly 8,000 jobs; Health Care and Social Assistance are also big contributors to employment numbers (6,760). Those working in the Management of Companies & Enterprises enjoy the highest salaries ($66k), but those specializing in Utilities or Manufacturing can still expect a respectable wage of more than $50K.
Fayetteville, AR, Real Estate Market
As the economy in northwest Arkansas continues to boom, Fayetteville has become an attractive destination for those seeking jobs at companies like Tyson and Walmart. This influx of new residents has spurred a surge in real estate activity as developers rush to build more housing options; while prices are relatively high compared with other areas of the state, they remain much lower than average U.S home sale prices- making Fayetteville an especially desirable place buy property!
December saw a heated housing market in Fayetteville, with home prices soaring 27.7% to an average of $360K since last year's record-breaking December! The cost per square foot was also up 18.6%. Homeowners in this city are selling fast, too; on average, they're gone within 20 days on the market – six fewer than 2021's 26-day mark! Despite a decrease from last year's housing sales numbers, December still saw an impressive 148 homes sold. Evidently, the real estate market continues to remain vibrant and active!
Final Thoughts
Fayetteville's economy is booming, with wages and jobs on the rise. The city also has a temperate climate that's perfect for outdoor activities. With job opportunities and housing prices still relatively low compared to other areas in the country, Fayetteville is an ideal location for anyone looking to invest in real estate. Its strong economy and vibrant housing market provide potential homeowners with the opportunity to make a smart investment and look forward to a great return on investment.
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