The number of homes sold in Faulkner County was down 3% in 2022 compared to the previous year, but the median home sale price rose by 13%.
There were 68 more homes sold in 2021 — a total of 1,949 homes — but the median price of a home rose by more than $26,000 in 2022.
Home sales were up more than 7 percent over 2021 through June of 2022, but as interest rates increased, sales fell by 14% in the second-half of the year compared to the previous year. There were 1,010 homes sold through June in 2022 compared to 937 homes in 2021. During the second half of 2022, there were 871 homes sold compared to 1,012 in the same period of 2021.
The average 30-year fixed rate mortgage, opened 2022 at 3.2%, according to the Federal Reserve Bank of St. Louis. Rates peaked in late October and early November at more than 7% and ended 2022 at 6.4%. Even with the fluctuation in rates throughout 2022, the median number of days a home was on the market remained at 3 days, the same as 2021.
The median price of a home sold in Faulkner County in 2022 was $228,925. That was up from $202,000 the previous year. The total value of homes sold was up more than 7% to $488.9 million in 2022 from $455.8 million in 2021.
May saw the most homes sold in 2022 with 258. It also bested any month from 2021. Average 30-year interest rates hovered between 5.1% and 5.3% in the month. There were three months in 2022 the volume of homes sold eclipsed 200, including June and August with 205 and 220 homes, respectively. The number of homes sold only eclipsed 200 once in 2021. That occurred in August with 202 homes sold.