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Bentonville, Arkansas has experienced significant growth in recent years.
According to the Arkansas Democrat-Gazette, the city’s population in 2023 will be 59,471, an increase of 2.7% from the previous year and 9.8% from 2020.
Bentonville is located in northwest Arkansas and is a fast-growing region home to companies such as Walmart, JB Hunt, and Tyson Foods.
More than 1 million people could call Northwest Arkansas home by 2050, according to projections by the Northwest Arkansas Regional Planning Commission.
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Bentonville’s real estate market is gaining traction as the city continues to grow.
Pedestrians riding bicycles on the main square in downtown Bentonville, Arkansas, United States, Monday, November 21, 2022. In the spring of 2022, Walmart created a new position with a very specific mission: Director of Workplace Mobility. Understand how (Terra Fondriest/Bloomberg via Getty Images / Getty Images)
“We’re home to Walmart, we’re home to J.B. Hunt, we’re home to Tyson, and Walmart has put a lot of energy into making this a very recruiting place,” Bentonville said. said Carla House, managing partner. fox business. “Our market is growing very intensely, especially since COVID-19, because a lot of people want to be able to get out of the city and get outside. ”Being the Bicycle Capital of the United States in Bella Vista makes us very easy to hire for Walmart, which also brings back employees. ”
The Bentonville-area real estate market saw an 8.5% increase in home sales in the first half of 2024 compared to the same period last year, said Katrin Munch, an agent with The Agency Bentonville.
Benton County, where Bentonville is located, and two neighboring counties saw 4,799 home sales in the first half of this year, according to a recent Skyline Report from Arvest Bank and the University of Arkansas published online by the NWA homepage.
This figure represents a 2.7% increase compared to the second half of 2023, the report said.
Munk also noted that 39.5% of all homes sold were new construction.
“We have extremely low inventory rates. There are a lot of people who are clinging to the two-point interest rate because of COVID-19. So there are a lot of people who are stuck with homes that they don’t have.”Very high rates. I have one and would like to sell it, but the price has gone up a lot since then,” House said. “So there’s a lot of new construction inventory right now. On average, if we closed on 29 new homes per day, we wouldn’t have enough homes, because the population is growing by an average of 37 people per day. Because there is.”
He said there is “a little bit more” of a buyer’s market in Bentonville at the moment, citing factors such as interest rates and the upcoming election.
The agency’s Bentonville experts credited Walmart and other companies with driving Bentonville’s growth.
The original Walton’s 5&10 opened in May 1950 in Bentonville, Arkansas. This building is now a visitor center and museum. (Ketty Meyers/Kansas City Star/Tribune News Service via Getty Images) (Ketty Meyers/Kansas City Star/Tribune News Service via Getty Images/Getty Images)
Walmart has been located in Bentonville for nearly 60 years. In addition to the company’s current recruiting efforts, Munk cited the retailer’s new “home office” campus, scheduled to open next year, as something that could draw more people to the area.
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“As Walmart continues to recruit and businesses here continue to recruit people to live in Northwest Arkansas, we continue to grow and bring more businesses to the area, including the number of restaurants. will continue to expand.”
Walmart’s invitation to remote workers to move to Bentonville has drawn more people to Bentonville and the surrounding area, House said. FOX Business reported that they may move to Hoboken, New Jersey or Southern California.
According to Bentonville real estate agents at The Agency, many well-known companies that do business with Walmart are located in the area, which also contributes to the influx of people into Bentonville.
When it comes to Bentonville’s real estate market, including the price per square foot of homes, The Agency expects Bentonville to continue to grow.
Munk noted that the surrounding area is also starting to grow “at an exponential rate” as Bentonville residents seek affordability and more affordable housing options.
Homes in Benton County sold for an average of about $430,000 in the first half of this year. According to the Skyline Report, this is a modest increase year over year and represents a 72.5% increase over five years.
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Bentonville recently drew praise from Blackstone Chief Operating Officer John Gray as a “place to add to your bucket list” in a video posted to LinkedIn earlier in the week.
“This is a bucket list place,” Gray said while jogging in the area. “It’s been a great ride. We have great bike trails, museums, and incredible food here. The Walton family has done a great job. This is obviously the home of Walmart. Serving customers from all over the world. It’s a great company that offers great value. There’s a lot of work and it’s just a fun place to be, so I’ll definitely come back.”
