Pent-up demand among homebuyers continued to increase in the new year, as housing inventory in Fort Worth held steady at historically low levels with just one month of the available inventory in January 2021.
This is 1.1 months less than one year ago when 2020 started out with already low numbers. 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 are balanced.
The demand has driven Fort Worth median home prices up to $259,900, a 15.8 percent increase from January 2020. Meanwhile, active listings are down 50.8 percent year over year.
“Buyers can see the shortage when they get online and input their parameters. The number of properties that they have available to look at is really low compared to a year ago,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association REALTORS®. “With a lot of multiple bid situations, now more than ever, it’s important for buyers to have a REALTOR who can walk them through this competitive market and help get them into a home.”
Closed sales in Fort Worth increased 6.3 percent in January 2021, and homes spent an average of 36 days on the market, 10 days less than in January 2020.
Local data follows a trend nationwide, where the number of homes for sale in January plunged 42.6 percent year over year, a new low, according to realtor.com®. Home shoppers will need to be ready to act quickly and have their financing in order.
“Demand for housing was already strong coming into the year and we don’t see that slowing down with millennials reaching prime home-buying age and many remote workers still in the market for more space,” says Danielle Hale, realtor.com®’s chief economist. “Those thinking of getting into the market this spring should brace themselves for a competitive season, especially in the market for existing homes.”
As well, here at LEAGUE Real Estate, we have some additional thoughts.
Check out our blog Crazy Times in the Real Estate Market!