Austin of the Ozarks |
Bentonville has received a number of positive reviews in specialty publications and online sites in recent months, further enhancing the image of northwest Arkansas as a good place for young professionals to advance their careers. We're not talking about travel publications geared toward tourists, though there have also been plenty of those.
A story on the Realtor.com website last year declared Bentonville to be the "Austin of the Ozarks."
"The northwest corner of Arkansas is experiencing a sustained real estate boom powered by the world's largest retailer," Keith Griffith wrote for Realtor.com. "Home to the corporate headquarters of Walmart, Bentonville is at the heart of a regional renaissance that has seen an influx of residents drawn by the area's lower cost of living, outdoor recreation and cultural amenities.
"Many of the new arrivals have moved in from California, New York and Texas, says Stephanie Funk, a luxury real estate adviser with Engel & Volkers specializing in northwest Arkansas. Bentonville's emergence as a Southern economic and cultural hub has even drawn comparisons to Austin, Texas, including a growing number of people moving into the area from Austin itself."
Funk said: "We've had an influx from Austin, I think, because people see this as Austin before it got too big. It's beautiful, and it reminds them of Austin in the 1990s or 2000s. ... It's not our native Arkansans who are buying $3 million homes. It's the people who are moving in who really see it as almost a bargain."
Realtor.com senior economist Joel Berner said Bentonville saw the same post-pandemic buying craze and price spikes that other markets saw in 2021-22. The difference is that the growth in Bentonville hasn't cooled.
"The continued success of this market is due to its approachable price point and the real economic growth happening in the area," Berner said. "People are moving in, taking jobs, buying homes, and the housing market remains strong as a result."
Griffith told........