April 2024 Housing Report

In April, the real estate landscape in Tarrant County painted a picture of stability, with the median home price holding steady at $350,000 compared to the previous year. Fort Worth saw a slight dip in median price, down 3.2 percent to $325,500. However, this slight decline didn’t deter buyers, as evidenced by the 8.7 percent and 8.8 percent year-over-year increases in closed sales for Fort Worth and Tarrant County respectively.

One notable trend was the increase in inventory, particularly in Fort Worth, where it climbed to 2.8 months, up 0.8 months from the previous year. While more options are becoming available for buyers, the challenge lies in affordability, with mortgage rates hovering above 7 percent for much of the past month.

Blake Barry, the 2024 President of the Greater Fort Worth Association of REALTORS®, emphasized the resilience of the local market amidst these challenges. He noted that spring typically ushers in a flurry of activity as homeowners and buyers make moves driven by various factors such as upsizing, downsizing, or job-related relocations.

Looking ahead, Lawrence Yun, Chief Economist of the National Association of Realtors® (NAR), provided insights into the national real estate market. He forecasted an increase in existing-home sales to 4.46 million in 2024, citing job gains, steady mortgage rates, and the gradual release of inventory as contributing factors. However, Yun also cautioned that the housing shortage will continue to exert upward pressure on prices, albeit at a slower pace than before.

Amidst these market dynamics, NAR is actively working on a proposed settlement agreement to address litigation regarding broker commissions. While the agreement awaits final approval, consumers can anticipate a seamless transition to new protocols in REALTOR® compensation negotiations by August 2024. This development aims to enhance transparency and efficiency in the real estate transaction process.

In summary, while challenges such as rising mortgage rates and inventory constraints persist, the real estate market in Tarrant County, particularly in Fort Worth, demonstrates resilience and adaptability. As we move forward, buyers and sellers can expect continued activity driven by a combination of economic factors and evolving industry practices.