January 2024 Housing Report
The January 2024 Housing Report sheds light on the evolving real estate landscape. Fort Worth witnessed a decline in median home prices to $315,000, marking a 1.6 percent year-over-year decrease, the lowest since fall 2021. In contrast, Tarrant County maintained stability at $335,000. Johnson County experienced a 6.7 percent year-over-year increase, reaching $344,985, while Parker County surged by 10.2 percent to $475,000.
Blake Barry, President of the Greater Fort Worth Association of REALTORS®, emphasized stable mortgage rates and consistent inventory levels, making it an opportune time for homebuyers. However, available homes are spending more time on the market, with Fort Worth’s average days reaching 58, up by nine days from December 2023. Weather-related factors in January contributed to this slowdown.
Buyers facing challenges in finding suitable homes are not alone. Fort Worth and Tarrant County have 2.4 and 2.3 months of inventory, respectively, well below the 6.5 months considered balanced. With mortgage rates stabilizing around 6 percent for most of the year, sellers may be ready to act on delayed plans, potentially boosting inventory. National Association of REALTORS® Chief Economist Lawrence Yun predicts a rise in home sales this year, driven by sellers adapting to changing life circumstances and a more favorable market landscape.
January 2024 Fort Worth Statistics At-A-Glance
582 – Homes sold in January 2024, 1.8 percent more than January 2023
$315,000 – Median price in January 2024, 1.6 percent less than January 2023
2.4 – Monthly housing inventory in January 2024, 0.3 months more than January 2023
58 – Average number of days homes spent on the market in January 2024, 2 days less than January 2023
32 – Average number of days to close in January 2024
What’s Your Home Worth?
Find out with a complimentary home valuation report!
