July 2023 Housing Report

The Fort Worth housing market in July 2023 reflects a number of positive developments that signal opportunities for both buyers and sellers. Notably, the median home price has seen a 7.2 percent reduction from July 2022, now at $329,450. This price adjustment, coupled with relatively stable mortgage rates, has created a favorable entry point for those considering homeownership.

In terms of inventory, both Fort Worth and Tarrant County have maintained a steady supply, each boasting just over 2 months’ worth. Although Johnson County and Parker County have slightly higher levels, the overall balance remains conducive to a reasonable market. Furthermore, the market has experienced a decline in the average number of days homes spend on the market, suggesting a healthy level of activity.

While uncertainties related to inflation and mortgage rates have impacted the market, industry experts maintain a cautiously optimistic stance. The National Association of REALTORS® (NAR) anticipates a moderate 12.9 percent decrease in existing-home sales for 2023, followed by a 15.5 percent increase in 2024. The ongoing addition of jobs is expected to drive buyer interest in the latter part of the year and beyond.

Experts advise prospective buyers to take a pragmatic approach, emphasizing the importance of finding the right property at an appropriate price point. The concept of “marrying the house and dating the rate” encourages focusing on the property itself while considering future refinancing possibilities. Although closed sales have seen a modest 1.8 percent decrease compared to last year, the market exhibits a certain degree of resilience and potential for steady progress in the upcoming months.

Find out with a complimentary home valuation report!