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Fayetteville-Springdale-Rogers, AR housing market

Housing market indicators

Indicator	2022	2023	2024	2025*	Change	2022	2023	2024	YTD
Median Listing Price per Square Feet	$194	$203	$212	$218		13.5%	4.6%	4.4%	2.8%
Active Listing Count	1,724	2,032	1,874	2,906		137.5%	17.9%	-7.8%	55.1%
Median Days on Market	60	64	64	61		17.6%	6.7%	0%	-4.7%
Share of listings with price increase	1.8%	1.9%	1.9%	1.5%
Share of listings with price decrease	9.5%	13%	13.9%	16.3%

* last available value


Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED

Housing market overview

Overview of Fayetteville–Springdale–Rogers, AR MSA

• The Fayetteville–Springdale–Rogers, AR (Northwest Arkansas) MSA includes Benton, Washington, Madison (AR) and McDonald (MO) counties.
• Metro population approximately 600k–620k; among fastest‑growing midsize U.S. metros.
• Core urban corridor runs north–south along I‑49: Fayetteville – Johnson – Springdale – Lowell – Rogers – Bentonville – Bella Vista.
• Outlying submarkets: farm/acreage areas in western and eastern Benton/Washington counties, small towns in Madison County, and southern McDonald County, MO.

Key Cities/Towns and Sub‑Areas

Area	City/town	Population (approx.)	Density	Income	Quality of Schools	Crime level	Property tax (%)	Personal income tax	Comments
South urban core	Fayetteville	≈105,000	Urban, medium–high	Upper‑middle, driven by university/professional jobs	Mixed 5–9; strong in central/west Fayetteville	Moderate; higher near student areas, lower in family suburbs	≈0.6–0.8% of market value (Washington Co.)	None (no local income tax)	University of Arkansas; strong rental market; limited infill land.
Central corridor	Springdale	≈90,000	Urban, medium–high	Middle; large working‑class and Latino population	Broad 3–8 range by school/zone	Moderate; some older neighborhoods above metro average	≈0.6–0.8% (Washington/Benton Co.)	None	Historically more affordable; strong demand from food‑processing and logistics workers.
Central‑north corridor	Lowell	≈11,000	Suburban, medium	Middle to upper‑middle	Generally 6–9 via Rogers/Springdale districts	Low–moderate	≈0.6–0.7% (Benton Co.)	None	Heavily commuter‑oriented; distribution and trucking employment; strong freeway access.
North urban core	Rogers	≈80,000	Urban/suburban, medium–high	Upper‑middle; corporate and retail employment	Many 7–10 schools, especially west of I‑49	Moderate overall, lower in new western neighborhoods	≈0.6–0.7% (Benton Co.)	None	Big retail hub; close to Beaver Lake; new subdivisions and townhome product.
Corporate hub	Bentonville	≈60,000	Suburban/urban, medium	High; HQ/professional incomes	Many schools 8–10; among state’s best	Low–moderate; relatively safe citywide	≈0.6–0.7% (Benton Co.)	None	Walmart HQ; vendor offices; strong in‑migration, high price appreciation, limited resale inventory.
North border	Bella Vista	≈30,000	Low–medium; wooded lots, golf communities	Middle to upper‑middle; mix of retirees and commuters	Generally 6–9 via Bentonville schools	Low	≈0.6–0.7%	None	Known for trails and golf; still relatively affordable vs Bentonville core; strong owner‑occupier demand.
West Benton County	Centerton, Gravette, Gentry, Decatur	Small cities 3,000–25,000 each	Low–medium; exurban/suburban	Middle; some lower‑income pockets	Roughly 4–8 depending on town and school	Low–moderate	≈0.6–0.7%	None	Rapid growth in Centerton; more buildable land; popular for price‑sensitive buyers.
East Benton County / Beaver Lake	Pea Ridge, Garfield, rural lake areas	Small towns 2,000–8,000 plus rural	Low; semi‑rural and lakefront	Middle; lakefront enclaves higher	Approx. 5–9; some highly rated schools	Low	≈0.6–0.7%	None	Appeals to second‑home and lifestyle buyers; constrained waterfront supply.
West/south Washington County	Farmington, Prairie Grove, rural areas	Towns 6,000–10,000 plus rural	Low–medium; small‑town/suburban	Middle; more local/regional employment	Many schools 6–9, depending on district	Low–moderate	≈0.6–0.8%	None	Bedroom communities to Fayetteville; comparatively affordable single‑family stock.
Madison County	Huntsville, rural towns	County ≈18,000	Very low; predominantly rural	Lower‑middle; agriculture and small‑business	Typically 4–7	Low	Slightly below 0.6–0.7% typical metro range	None	Lifestyle/acreage market; slower price growth, but low absolute pricing.
McDonald County, MO	Pineville, Anderson, rural	County ≈23,000	Very low; rural	Lower‑middle	Roughly 3–7	Low–moderate	≈0.7–1.0% typical of MO rural counties	None locally	Value‑oriented for cross‑border commuters into Benton County; slower demand growth.

Citizens: Income and Education

• Income distribution:
  • Metro median household income: solidly above Arkansas state median, below major coastal metros.
  • Highest incomes in Bentonville, west Rogers, parts of Fayetteville; lower in older Springdale neighborhoods, rural Madison/McDonald counties.
  • Significant professional and managerial cohort tied to Walmart, Tyson, J.B. Hunt, vendor ecosystem, and the university.
• Education levels:
  • Share of adults with bachelor’s or higher is above U.S. average in Fayetteville/Bentonville submarkets, below average in rural counties and some working‑class neighborhoods.
  • University of Arkansas generates large graduate/doctoral population, particularly in Fayetteville and nearby towns.
  • Technical and community college pathways support skilled trades, logistics, and manufacturing workforce.
• Demographic trends:
  • Young metro: strong share of 20–40 year‑olds fueled by university, early‑career professionals, and in‑migrants.
  • Growing Latino population, especially in Springdale and parts of Rogers.
  • Steady inflow from higher‑cost states (Texas, California, Midwest, Northeast) seeking lower housing costs and remote‑work lifestyle.

Key Economic Sectors

• Corporate HQ and retail
  • Walmart global headquarters and large vendor community centered in Bentonville and Rogers.
  • Supports thousands of high‑income professional jobs in merchandising, supply chain, tech, data, finance, consulting.
• Food processing and agribusiness
  • Tyson Foods HQ and operations concentrated in Springdale and surrounding areas.
  • Cluster of meat processing, packaging, cold‑storage, and allied logistics uses.
• Transportation and logistics
  • J.B. Hunt Transport HQ in Lowell; broader trucking and logistics ecosystem along I‑49 corridor.
  • Regional distribution centers for Walmart and other retailers.
• Higher education and research
  • University of Arkansas in Fayetteville: major employer and driver of student housing demand.
  • Growing research and innovation in engineering, supply chain, and entrepreneurship.
• Healthcare
  • Regional hospitals and clinics in Fayetteville, Springdale, Rogers, and Bentonville.
  • Expanding employment supporting aging population and in‑migration.
• Tourism, outdoors, and culture
  • Crystal Bridges and Momentary (Bentonville), downtown entertainment districts, mountain biking trails, Beaver Lake, Buffalo River access.
  • Drives short‑term rental and second‑home activity in select submarkets (Bentonville, Bella Vista, Beaver Lake, Fayetteville core).

Housing Buying Market – Supply Drivers

• Zoning and land use
  • Core cities have gradually liberalized zoning to allow more townhomes, small‑lot single‑family, and low‑rise multifamily, but neighborhood resistance still limits density in some areas.
  • Plentiful raw land at metro fringe (west Benton County, Madison County, McDonald County) but constrained by infrastructure and commute times.
  • Downtown and campus‑adjacent Fayetteville, and central Bentonville, function more like infill markets with limited vacant land and heavier entitlement risk.
• Regulatory strictness
  • Arkansas generally pro‑growth with relatively streamlined subdivision and building processes.
  • Impact fees and development standards exist but are modest compared with high‑regulation coastal metros.
  • Local design standards and neighborhood concerns in Bentonville/Fayetteville can add time and soft costs to infill or higher‑density projects.
• Construction costs and workforce
  • Material and labor costs have risen sharply since 2020, compressing feasibility for entry‑level product.
  • Strong pipeline of regional builders, but competition for skilled labor with commercial and infrastructure projects leads to capacity constraints in peak cycles.
  • Overall build cost still below national average, but the gap is narrowing as demand and wages rise.
• Infrastructure and utilities
  • I‑49 upgrades, arterial expansions, and new interchanges open additional land to development along the main corridor.
  • Water/sewer capacity is adequate in most urbanized areas; more limited in outer rural submarkets, forcing wells/septic and larger lot sizes.
  • Broadband expansion supports exurban development and remote‑work buyers, particularly west and south of the core.
• Existing housing stock
  • Rapid population growth has kept resale inventory thin relative to demand, especially in Bentonville, west Rogers, and desirable Fayetteville neighborhoods.
  • Older 1960s–1990s housing in Fayetteville/Springdale provides renovation and value‑add opportunities but often needs capex.

Housing Buying Market – Demand Drivers

• Migration and population growth
  • Among the fastest‑growing metros in the central U.S., adding 2–3% population annually in recent years.
  • Net in‑migration from other states is a major driver: cost‑of‑living arbitrage, corporate relocations, and quality‑of‑life moves.
  • Household formation robust among young professionals and families, supporting both ownership and rental demand.
• Growing industries
  • Corporate HQ ecosystem (Walmart + vendors) expanding in data, tech, and analytics – boosts high‑income buyer pool in Bentonville/Rogers.
  • Logistics and warehousing growth tied to e‑commerce and regional distribution – supports stable demand in Lowell, Springdale, and peripheral towns.
  • University‑linked research, startups, and professional services growing in Fayetteville – sustains strong demand for near‑campus and downtown housing.
  • Healthcare expanding with population and aging demographics – steady, recession‑resistant employment base.
• Areas of structural softness or slower growth
  • Certain traditional manufacturing segments show slower employment growth, but are diversified by logistics and services.
  • Some rural areas in Madison and McDonald counties experience much slower in‑migration, tempering long‑term housing demand.
• Interest rates and affordability
  • Even with higher mortgage rates, metro remains affordable compared with major coastal and Sun Belt growth markets.
  • However, rapid price appreciation in Bentonville/Rogers has eroded affordability for local workers, pushing some demand to fringe towns.

Key Challenges in the Housing Market

• Affordability pressure
  • Home prices in Bentonville, west Rogers, and central Fayetteville have outpaced local wage growth for many service and blue‑collar workers.
  • Entry‑level single‑family supply is constrained; new builds often target mid‑ to upper‑price segments.
• Supply‑demand imbalance
  • Persistent seller’s‑market conditions in core cities, especially for well‑located single‑family homes and newer townhomes.
  • Limited infill land in high‑amenity areas leads to competition for teardowns and redevelopment sites.
• Infrastructure and congestion
  • Traffic congestion along I‑49 and major arterials has increased, lengthening commutes and raising concerns in fast‑growing suburbs.
  • Infrastructure upgrades lag rapid growth in some fringe areas, slowing subdivision approvals or adding developer cost.
• Income and neighborhood disparities
  • Contrasts between high‑income Bentonville/Bella Vista/Beechwood‑style neighborhoods and lower‑income pockets in parts of Springdale and rural counties.
  • School‑quality differentials amplify price gaps between zones, complicating equitable access to high‑performing districts.
• Development constraints
  • Topography and environmental features (hills, streams, lake shoreline) limit easy development in some submarkets.
  • Community pushback on higher density or rental projects in select neighborhoods can slow approvals.
• Exposure to corporate concentration
  • Housing demand is heavily tied to the fortunes of Walmart, Tyson, and J.B. Hunt; a major corporate downsizing or relocation would ripple through the market.
  • Vendor consolidation or remote‑work policy shifts could reduce in‑person headcount in the Bentonville/Rogers office ecosystem.

Investment Potential by Area

Area	Appreciation potential	Risk	Key drivers
Bentonville (core and near‑core)	High	Medium	Walmart HQ demand, high incomes, cultural amenities, limited infill land, strong national in‑migration; risk from corporate concentration and high entry price.
West Rogers / Pinnacle area	High	Medium	Retail/office hub, proximity to Bentonville, strong schools, ongoing new construction; moderate cyclicality in higher‑end segments.
Bella Vista	Moderate–High	Low–Medium	Lifestyle and retiree appeal, mountain biking and golf, relatively affordable pricing vs Bentonville; some sensitivity to second‑home/recreation cycles.
Centerton and west Benton County suburbs	High	Medium	Strong population spillover from Bentonville/Rogers, plentiful land for new builds, family‑oriented product; risk of overbuilding in certain subdivisions if demand slows.
Fayetteville (downtown, campus‑adjacent)	High	Medium	University anchor, walkability, cultural amenities, constrained infill supply, persistent student and young‑professional demand; regulatory and neighborhood‑opposition risk for denser projects.
Fayetteville (outer suburbs & west/south)	Moderate–High	Low–Medium	Family‑oriented single‑family market, access to good schools, more available land than core; somewhat more exposed to single‑employer shocks and mortgage‑rate sensitivity.
Springdale (established neighborhoods)	Moderate	Medium	Stable working‑class demand tied to food processing and logistics, value pricing, upside via renovation/value‑add; localized crime and school‑perception risks, slower top‑end appreciation.
Springdale (newer west/southwest areas)	Moderate–High	Medium	Newer construction, improved school ratings, convenient I‑49 access; competition from similar product in neighboring towns keeps rent and price ceilings in check.
Beaver Lake / east Benton County	High (select waterfront)	Medium–High	Scarce lakefront supply, second‑home and STR demand, lifestyle premium; exposure to discretionary‑spending cycles and evolving STR regulation or neighborhood sentiment.
Farmington, Prairie Grove, other west/south Washington Co. towns	Moderate–High	Low–Medium	Bedroom‑community growth from Fayetteville, relatively affordable land, family demand; longer commutes and smaller local job base increase cyclical vulnerability.
Madison County (Huntsville, rural)	Low–Moderate	Medium	Low entry prices, acreage and lifestyle appeal, remote‑work niche; slow population growth, limited local jobs, thinner buyer pool, less liquidity.
McDonald County, MO	Low–Moderate	Medium–High	Cross‑border affordability for commuters, rural lifestyles; weaker long‑term demand, different state tax/regulatory environment, and thinner resale market.
Older multifamily near I‑49 (various cities)	Moderate	Medium–High	Strong occupancy and rent growth from workforce and student demand; operational and capex intensity, competition from new Class A product, and sensitivity to local oversupply cycles.

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