The median Fort Worth home price held steady in April 2021 after months of climbing, but the lack of inventory did, too. The median price in April was $275,000, an increase of 13.4 percent year over year.
Inventory stayed at 0.9 months, which was 1.4 months less than April 2020. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
“More sellers are starting to emerge, but so are more buyers looking to take advantage of the low interest rates still available,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association REALTORS®. “The market is going to get better for buyers, but the change is going to be slow. In the meantime, I think we can expect the highly competitive market to continue.”
The number of days a house remains on the market in Fort Worth continued to drop to an average of 23 days, although many homebuyers have seen houses disappear from the market at even faster rates. The National Association of REALTORS® recently reported that the average days on market for a home are the shortest ever recorded: 18. Nationwide, 83 percent of homes listed in March sold in less than a month.
“When compared to pre-pandemic levels, it is very clear we are still not on par with the number of sellers we saw in 2017 through 2019, which is helping to drive one of the most competitive seller’s markets of all time,” says Danielle Hale, realtor.com®’s chief economist. “Home prices are continuing to surge and sales are occurring nearly three weeks faster than a normal spring homebuying season.”
Although the median home price stayed steady in Fort Worth, numbers for Tarrant, Johnson, and Parker Counties all continued to rise. Hale says prices likely will reach their peak in July or August.