June 2024 Housing Report

The housing market in Fort Worth experienced a notable trend in June as inventory levels continued to climb, accompanied by a slight increase in home prices. The median home price in Fort Worth for June was $344,700, reflecting a year-over-year increase of 1.8%. In Tarrant County, the median price rose by 0.5% to reach $359,945.

June saw Fort Worth with 3.5 months of housing inventory and Tarrant County with 3.2 months, both figures representing the highest levels seen in the past decade. This steady rise in inventory is beginning to shift the market dynamics, giving buyers more choices and potentially more leverage in negotiations.

Despite the recovery in inventory, home prices have not yet returned to their pre-pandemic levels. Coupled with elevated mortgage rates, which remain just under 7%, affordability remains a significant challenge for many prospective homebuyers.

Blake Barry, the 2024 President of the Greater Fort Worth Association of REALTORS® (GFWAR), commented on the situation: “If mortgage rates decrease further, we could see more buyers entering the market. It’s crucial for buyers to be prepared when they find the right home by having their finances in order and working with a REALTOR® to secure the best deal.”

In contrast to the increase in inventory, closed sales have declined across Tarrant, Johnson, and Parker Counties, while active listings have risen. The average days on the market in Fort Worth decreased from 44 days in May to 41 days in June. On a national scale, pending home sales dropped by 2.1% in May, according to the National Association of REALTORS® (NAR).

Lawrence Yun, NAR’s Chief Economist, noted, “Increased housing supply is beneficial for consumers, offering them more choices and potentially stabilizing home prices in the coming months.”

As the summer progresses, buyers and sellers can expect continued activity in the housing market. NAR is currently working towards a settlement agreement to resolve litigation related to broker commissions, with changes anticipated to take effect in August 2024. GFWAR and Texas REALTORS® are preparing their members for a smooth transition to the new protocols regarding REALTOR® compensation negotiation and communication.

This evolving landscape indicates that while the market remains challenging, the increasing inventory offers a glimmer of hope for buyers looking for more options and better deals.

The Fort Worth housing market remains robust, with opportunities for both buyers and sellers. Sellers can take advantage of the slight increase in home prices and the relatively short days on the market, indicating that well-priced homes are still attracting attention and closing quickly. As inventory continues to rise, sellers should work with their REALTORS® to strategically price their homes to attract serious buyers and negotiate favorable terms.