Multiple offer situations continue to be the norm, as an unusual and highly competitive real estate market persisted into the spring. Homebuyers are struggling to find suitable options with only 0.9 months of inventory in Fort Worth and active listings down 55 percent from March 2020.
The increased demand means that home prices keep rising: The median price of a home in Fort Worth climbed to $275,000 in March, a 17 percent increase year over year.
“The best plan for finding a home in this competitive market is simply to be prepared,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association REALTORS®. “Have your finances in order, expect to be in a multiple offer situation if you find a home you like, rely on the services of a REALTOR®, and most of all, have patience. There’s a good chance you’ll need to make offers on more than one property before getting one under contract.”
In the past, looking to suburban areas offered up more options for homebuyers, but that may no longer be the case. The lower inventory numbers can be seen in Tarrant County at 0.8 months, but also in Parker County at 1.3 months and Johnson County at 0.9 months. 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 is balanced.
Closed sales in Fort Worth increased 6.8 percent in March 2021, as any homes that were available got snapped up quickly. Homes spent an average of 30 days on the market, 12 days less than in March 2020.
“We expect to see more sellers emerge in the weeks ahead, which should give buyers more options,” said Danielle Hale, realtor.com®’s chief economist. “Homes will likely continue to sell fast, but increasing interest rates and monthly costs could slow the pace of price gains unless we see a boost in demand from equity-rich repeat buyers.”
The national median list price in March increased to $370,000, a 15.6 percent jump compared to a year ago and an all-time high, realtor.com® reports.