The median price for Fort Worth homes increased 8.9 percent year-over-year to $250,000 in September 2020. Fort Worth home sales also increased 21.3 percent during the same time frame.
In addition to the higher prices and increased sales, Fort Worth’s monthly housing inventory was down to 1.6 months, 1.0 month less than the year prior. 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.
“Our lives have changed so much this year, and so has the real estate market,” said Shelby Kimball, 2020 President of the Greater Fort Worth Association of REALTORS®. “We continue to see historically low inventory, causing prices to climb by 9 to 16 percent compared to September of last year. Until more people start putting their homes on the market and new builds increase, we’ll continue with this supply shortage and its effects.”
Homes spent an average of 35 days on the market, four days less than in September 2019. Additionally, active listings decreased 37.3 percent to 1,764 listings in September 2020.