Hey everybody! My name’s Phillip Shepard, and I’m a real estate agent in Northwest Arkansas. Today, we will talk about the price point of real estate, how much you can afford, and what you can buy.
Home prices in Northwest Arkansas range from $200,000 to between $700,000 and $800,000. Those prices allow you to buy a decent property with several amenities, including a pool, if your budget is large enough.
If you’re looking for a great home on a tight budget, you’ll want to stick around! We’ll discuss all this and more, so let’s get started.
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Fun Homes
The first price point that I want to talk about falls under the “fun” category, and these are the homes that are going to be around $200-$275,000. They’re usually going to be for sale in the outlier cities, such as Pea Ridge, West Fork, and other smaller cities and towns in Northwest Arkansas.
Some of these homes need a little work or are older, but they’re still in good shape. It’s a great way to grab a home in an upcoming area for little money.
So I wanted you to know what to expect within that price range.
However, you can also get some great newer homes in Centerton at this price point. They are going to be smaller. While they might not be strictly “tiny homes,” they are smaller than many other homes in the area at a higher price point.
They’re around 1,000 to 1,200 square feet, with 2-3 bedrooms and 1-2 bathrooms. The properties have very small yards, if any at all. But if you want to get in on the growth of Northwest Arkansas when you’re on a tight budget, you’d be wise to start with this category.
Sweet Spot Homes
Most people who relocate to Northwest Arkansas look for houses in the $300,000 to $400,000 range, otherwise known as the “Sweet Spot” category. It’s a sweet spot because most of the houses you’ll find in this area are at or around that price point.
You can find new construction homes within that price range in Bella Vista, Belleville, and Pea Ridge. While you won’t find new construction in that range in Bentonville, Centerton, or Fayetteville, you can still find some pretty nice properties.
If you’re coming to this area with that price range in mind, you most likely won’t have trouble finding what you want, even if it’s near trails. I’ve sold many homes near the trails in Rogers in that range, so you’ll definitely find something you’ll like.
Best Bang For the Buck
The next price point that I call the “best bang for the buck” category. If your budget is a little larger, say in the $450,000 to $650,000 range, you can find larger homes in the more prestigious areas.
We’re talking Pinnacle Hills, Downtown Bentonville, and other well-known areas people flock to.
You’ll also find larger homes within that price range, such as over 2,000 square feet. Because they are larger, you end up paying less per square foot, which is why this is the best bang for your buck category.
The homes in Rogers or near Fayetteville in this price range won’t be new construction, but they will be larger and older homes that have been renovated. However, you’ll have more square footage and unique opportunities for your money. You might even get a pool in the deal!
Other times, you might get a workshop or some extra land for your money.
But these properties are more on the outskirts of the cities, and one of the cool things about when you move towards the country is that, at this price point, you get more of a bigger, niche property. Maybe not as niche as what you might get on a larger budget, but you’ll still have plenty of great options in this range.
The Niche
The last price point to look at is above $650,000, and for that kind of budget, you can get a very niche property. The locations for these properties are going to be closer to Downtown Bentonville, Downtown Rogers, and other more “up and coming” locations. You’ll most likely get land in these areas for that price, as the house might not be worth much.
However, there are several great opportunities to get the following with your home:
- Workshops
- Pools
- Bigger homes
- New construction in popular areas
- Near the trails
This price point might also get you lakefront property, which is great if you love watersports. And if you have a lakefront property in the Bella Vista Lakes area, you’ll automatically be eligible to use the lakes.
Bella Vista Lakes permits only residents and their guests to use the lakes. You’re welcome to swim, kayak, or fish in the lakes. There are also golf courses, if that’s your thing, or you can lay out in the sun to get a tan if you wish.
Many of the best properties happen to be between $750,00 and $850,000, which is much more affordable compared with other cities like Chicago or LA. If you were to spend $850,000 on a home in Beverly Hills, CA, you might get a one-bedroom, one-bath home under 1,000 square feet.
But here, you can get a newer home with a pool, workshop, 2,000 to 3,000 square feet, and at least 3-4 bedrooms. That’s why several people who might move out of this area and go to LA or Chicago have sticker shock. Properties are much more expensive there than here.
Conclusion
Properties in Northwest Arkansas are very reasonable when you compare them to other areas in the US. But the thing about NWA is that, while the properties are affordable here, the area is highly cultural and has an urban feel.
If you’re going to be in the area, let me know, and I can give you my $10 tour. We might also be able to find a great property for you.