June 2023 Housing Report

The real estate market in the greater Fort Worth area is showing positive signs for prospective home buyers. Despite challenges like inventory levels and mortgage rates, there are encouraging aspects to consider.

Inventory has increased, with Fort Worth reaching 2.2 months and Tarrant County at 2.1 months. Johnson and Parker Counties have also seen inventory growth, providing more options for buyers.

Housing prices have remained steady, making homes more affordable. In June, Tarrant County saw a modest increase with a median price of $360,000, representing a 4.1 percent decrease year over year. Fort Worth’s median price was $338,000, showcasing a 6.7 percent decrease from the previous year.

Although closed sales have declined by 6.4 percent in Fort Worth, active listings are on the rise. This indicates a healthier market compared to the historically low inventory and rapidly escalating home prices of the previous year. The current mortgage rates play a key role in the market’s positive shift.

While pending home sales have decreased nationally and in the region, the market remains dynamic and presents opportunities for buyers. Limited inventory has been a factor affecting purchasing decisions, and efforts are being made to boost existing-home inventory.

In Fort Worth, the number of days on the market has decreased to 39 days in June, a decrease of six days compared to May. This indicates that homes are still selling relatively quickly, sometimes even receiving multiple offers. Persistent buyers and sellers can benefit from this trend despite market challenges.

Overall, the current real estate market in the greater Fort Worth area offers positive prospects for buyers and sellers. With increased inventory, stable prices, and shorter days on the market, those navigating the market with determination can find success.