Hawks’ view
January 13-19, 2025
By Spencer Hawks
“New Year, New Me.” It’s the mantra of the month—one we may have even said ourselves. But what about “New Year, New Market”?
If you’ve followed my articles, you know I’m an optimist, always looking forward to positive changes. The numbers from last year are now in, and we can make some comparisons to 2023—though, frankly, that already feels like ancient history. According to CARMLS (Central Arkansas MLS), 2024 saw an increase of 299 residential home sales across the state, climbing from 19,736 homes sold in 2023. The Little Rock MSA plus Van Buren County contributed significantly, with an increase of 207 sales.
It’s important to note that CARMLS covers more than just Central Arkansas but doesn’t provide a comprehensive picture for areas outside the region. For instance, Northwest Arkansas (NWA) and other areas use separate MLS systems. Still, the takeaway is clear: the market has grown since 2023.
As a broker, I’m personally seeing what I believe to be positive traction for 2025. This optimism isn’t baseless. My team is hustling and busy with activity—they’re reporting buyers ready to purchase and sellers eager to list. Just last week, we listed a commercial property in Bald Knob, and we may already have a buyer. This week, I’ll be helping list homes in Morrilton and Conway. Having a team to cover these areas makes all the difference!
For example, Gabe Turner—who also works with his family’s contracting business, Turner and Son’s Construction—has seen increased interest in their builds around Chenal Valley and West Little Rock.
James Lacey, a Faulkner County top 20 REALTOR® of 2024 with Re/Max Elite, reports an uptick in buyers for self-storage facilities and apartment complexes across the state. He says, “There is very positive momentum going into 2025.” This movement is evident in both commercial and residential spaces.
Tony Furman with Vylla Home in Benton also notes, “I’ve seen an increase in first-time buyers looking for 2-3 bedroom homes, and I know many homeowners are eager to upgrade but are waiting for interest rates to drop.”
Tony’s optimism may not be misplaced. Many economists predict a ¼ percent rate drop in the near future. An increasing unemployment rate could also prevent rates from climbing. Don Rissmiller, chief economist at Strategas, recently made compelling points in a Morningstar article about how new policies under the current administration may influence rates, and the Fed’s anticipation of these changes may affect their timing. Regardless of where we stand politically, a new administration will shape the economic landscape in this new year.
Looking back at December, Pulaski County accounted for all home sales over $1,000,000 reported in CARMLS in the Little Rock MSA. Kudos to Keith Hill with Keller Williams of Little Rock and Emily McCarty of Charlotte John for closing the largest residential sale in the MSA—a stunning 5,000+ square-foot home on North Country Club Boulevard, built in 2022, which sold for $1,785,000.
Other notable transactions outside Pulaski County include 5735 Spencer Lake Drive in Conway, which sold for $844,000. It was listed by Evelyn Dean with Re/Max Elite and sold by Amber Cullipher with Coldwell Banker RPM GROUP. Another noteworthy sale was 7001 Hannah Lane in Benton, listed by Devan Hope with Century 21 Parker and Scroggins and sold by Aleisha McIntire with I-Realty Arkansas-Benton. The latter home sold for $823,000 with minimal market exposure.
Cleburne County and Garland County also had strong months, with multiple lakefront or lakeview properties crossing the million-dollar threshold. I’ll keep an eye on these areas in the months to come.
In total, December’s unit sales rose from 769 in 2023 to 811 in 2024, with every county in the MSA showing increases except Pulaski County, which held steady at 367 units. That number could still improve as post-holiday sales are entered into the MLS. Faulkner County saw the most growth, jumping from 104 units in December 2023 to 135 units in 2024—channeling its inner “Toad Suck Toad.” Hopefully, Saline County isn’t too salty—they weren’t far behind, with a modest gain of 12 units. (For the uninitiated, feel free to Google “Toad Suck Toad”—but proceed at your own risk!)
On a personal note, this past weekend, my friend Hunter and I took our seven-year-old sons hunting during the youth hunt. True to his name, Hunter guided us through the experience. My goal was to give my son, Sebastian, a new experience, as he’s always wanted to hunt, and to allow Hunter’s son -Fisher- and mine to bond while playing in creeks, shooting guns, and riding ATVs. Meanwhile, Hunter got to experience something new himself: a polar plunge in one of our creeks. It’s a tradition I nearly enforce for all guests at the family farm, so be advised if you ever visit!
While we didn’t bag any game, everyone left with a fresh perspective. Similarly, as we look to this new year and the possibility of a new market, my intuition tells me we’re all in for something new. And like our hunting trip, the best experiences may come from careful planning—with just a hint of surprise.
Spencer Hawks is an executive broker for Coldwell Banker RPM in Conway. Email him at hawksfamilyteam@gmail.com