February 2023 Housing Report
In February 2023, the median Fort Worth home price was $325,000, which was up slightly from January but down 2.1 percent year over year. Inventory continued its downward trend to 1.9 months in Fort Worth and 1.7 months in Tarrant County.
The Texas Real Estate Research Center at Texas A&M University cites that 6.5 months of inventory represents a balanced market, which means inventory is still extremely low. Compared to last year, when mortgage rates were much lower and buyers were in a panic to get into a home, the 2023 buyer is having a very different reaction to the market: watch and wait.
“People pay closer attention to the rates now,” said Bart Calahan, 2023 President of the Greater Fort Worth Association of REALTORS®. “They notice every fluctuation now that we’re getting closer to 7 percent again. February was hindered by those climbing rates and bad weather, but the next several months will bring better indicators on how the year will play out.”
Active listings fell in February to 1,772 in Fort Worth, but that’s still a 153 percent increase from February of 2022. With prices lower and days on the market ranging from 59 days in Tarrant County to 81 in Parker County, buyers have control over so many more variables than they did a year ago. Having the time to make a thoughtful offer, perform a thorough inspection, and not worry about bidding wars can lead to smarter purchases for homebuyers.
Nationally, contract signings increased in January for the second consecutive month, according to the National Association of REALTORS® (NAR). Their Pending Home Sales Index jumped 8.1 percent from December to January, showing that buyers react positively when mortgage rates fall.
“Rates are significantly higher than the previous year, but they are still considered historically low,” said Nadia Evangelou, senior economist and director of real estate research at NAR. “Inventory remains tight, but there are typically about 60 percent more new listings during March and August than the rest of the year.”
February 2023 Fort Worth Statistics At-A-Glance
776 – Homes sold in February 2023, 10.1 percent less than February 2022
$325,000 – Median price in February 2023, 2.1 percent less than February 2022
1.9 – Monthly housing inventory in February 2023, 1.3 months more than February 2022
62 – Average number of days homes spent on the market in February 2023, 36 days more than February 2022
33 – Average number of days to close in February 2023
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