Madison County Growth.
By: Whitney Ray
Updated: May 1, 2007
Even though the numbers show the real estate market slowing down in northwest Arkansas, contractors continue to build. An estimate five year surplus of homes and residential lots remain uninhabited in Benton and Washington County, and for the month of March sales are way down.
"We still have great growth with 1,000 people moving to northwest Arkansas each month." said Larry Kelly, Owner of Larry Kelly and Associates Realty in Bentonville.
Still, some folks moving to northwest Arkansas to work in Benton and Washington county may choose to commute. One sign of their decision, more high end housing in Madison county.
According to the Arkansas Realtors Association the average price of a home sold in Madison county is on the rise. In March of 2006, the average price of a home sold in Madison county was 112,250 dollars. A year later, the price rose 53 percent to 172,158 dollars.
"Its just over flow of the benefits. People are always looking for better value and surprisingly even with gas nearing three dollars a gallon. They are willing to drive to find that." said Kelly.
