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Bentonville, Arkansas has experienced significant growth in recent years. The population increased by 2.7% from 2022 to 2023, reaching 59,471 people.
In 2020, the population was 9.8% smaller than it is now. A population boom is boosting Bentonville’s real estate market, with home sales up 8.5% in the first half of 2024 compared to a year ago, The Agency Bentonville agent Katrin Munch told Fox Business told.
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Benton County and two neighboring counties recorded 4,799 home sales in the first half of this year, according to Arvest Bank and the University of Arkansas’ Skyline Report.
This is an increase of 2.7% compared to the second half of 2023. Munk said 39.5% of the homes sold were new construction.
“Our inventory rates are at an all-time low,” Carla House, managing partner at The Agency Bentonville, told Fox Business. “There are a lot of people who are holding on to the two-point interest rate due to the coronavirus, so there are a lot of people who have houses that they don’t want to sell because the interest rates are too high. Prices have also gone up a lot since then, so now… We have a large inventory of new construction.”
Located in northwest Arkansas, Bentonville is home to several major corporations, including Walmart, JB Hunt, and Tyson Foods. The region’s strong economic growth has resulted in a steady influx of new residents and businesses.
Walmart requires its remote workers to relocate to Bentonville and the surrounding area, and many businesses that do business with Walmart are based in the area, contributing to the influx of people into the area.
The Northwest Arkansas Regional Planning Commission projects that the region’s population could exceed 1 million people by 2050, and Bentonville’s real estate market could accelerate further. This has led to a surge in demand for housing, commercial real estate, and various amenities.
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However, this growth has also brought challenges such as increased traffic, pressure on public services and the need for infrastructure development.
Despite these issues, Bentonville remains a very attractive place to live and work. It offers a high quality of life with excellent schools, parks, and recreational spaces. Close proximity to the Ozark Mountains provides easy access to outdoor activities such as hiking, camping, and fishing.
As Bentonville continues to expand, it will face new opportunities and challenges.
“Walmart has put a lot of energy into making this a very recruiting place,” House said. “Our market has been growing rapidly, especially since COVID-19, because a lot of people wanted to get out of the city where they could get outside.”
The region has become the mountain biking capital of the United States, contributing to Walmart’s recruiting efforts. The company is bringing employees back to its headquarters, and a new Department of the Interior campus is set to open next year, potentially drawing more people to the area.
“As Walmart continues to hire and all the companies here continue to recruit people to live in Northwest Arkansas, we will continue to grow and more companies will continue to move into this area.” Mr. House said.
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This article, “Why Bentonville, AR is a hotbed for real estate investors – ‘It’s a great place to hire'” originally appeared on Benzinga.com.
