Damian Eales Chief Executive Officer | realtors.com
The city of Bentonville, Arkansas, is witnessing a significant surge in its real estate market and population. Known as the home of Walmart, Bentonville has transformed into an attractive location for new residents and businesses. The city's population grew by 2.7% in 2023, with a 9.8% increase since 2020. Experts anticipate this trend to continue, with Northwestern Arkansas projected to house over one million residents by 2050.
Bentonville's growth is partly driven by major corporations headquartered in the area. "We’re the home of Walmart, and we’re the home of J.B. Hunt and also the home of Tyson," said Kaala House, Managing Partner at The Agency Bentonville. She noted that Walmart has invested significantly in making Bentonville an appealing place for recruitment.
The housing market reflects this influx, with 4,799 home sales recorded in Benton County and nearby areas during the first half of 2024—an 8.5% increase from last year—with nearly 40% being new constructions. Despite high demand, inventory remains low due to homeowners holding onto favorable pandemic-era interest rates.
"There’s a lot of people holding on to that COVID two-point interest rate," House explained. "Prices have gone up so much since that time...we average 37 people a day increase in population."
While there are signs of a shift towards a buyer's market due to rising interest rates and election-related uncertainties, experts believe Bentonville's growth will persist. Walmart plans to open a new "Home Office" campus next year, which is expected to attract more residents.
"As Walmart keeps recruiting...we’re just going to keep growing," stated Katlyn Munch from The Agency Bentonville.
Walmart's influence extends beyond direct employment; many associated companies have established operations in the area as well.
Surrounding regions are experiencing similar booms as people seek affordable housing alternatives after being priced out of Bentonville itself.
The transformation has drawn attention from outside figures like Blackstone COO Jon Gray who praised the city’s amenities and atmosphere in a LinkedIn video: "This is obviously the home of Walmart...And this is just a fun spot."
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