March 2024 Housing Report

In March, the housing market in Fort Worth continued to demonstrate its resilience, maintaining stable home prices with a median of $329,995, marking a slight increase of 0.3 percent compared to March of the previous year. This stability was accompanied by a gradual uptick in inventory, as more homeowners opted to list their properties for sale. Fort Worth saw inventory levels reach 2.7 months, while Tarrant County recorded 2.6 months of inventory. Despite this positive trend, the demand for homes still exceeded the available supply, with real estate experts suggesting that an ideal balanced market would ideally have 6.5 months of inventory.

Blake Barry, the President of the Greater Fort Worth Association of REALTORS® for 2024, emphasized the importance of preparedness in the current market environment. “With mortgage rates stabilizing, both buyers and sellers are becoming active in the spring market,” Barry noted. “Having a solid financing plan and a trusted REALTOR® are crucial for ensuring a swift response when the right property becomes available.”

During March, active listings in Fort Worth surged by 29.9 percent compared to the previous year, while the average time a property spent on the market decreased to 50 days. This increase in listings was reflected across neighboring counties as well, with Tarrant County experiencing a 28.8 percent rise, Johnson County at 32.4 percent, and Parker County at 20.7 percent. However, despite the uptick in listings, closed sales experienced a decline year-over-year across all three counties.

Nationally, the real estate market displayed promising signs, as pending home sales saw a growth of 1.6 percent in February, according to the National Association of REALTORS® (NAR) Pending Home Sales Index. Lawrence Yun, the Chief Economist at NAR, highlighted the steady progress observed, stating, “While modest sales growth might not spark immediate excitement, it signifies a gradual recovery from the lows seen late last year.”

In the midst of these developments, real estate consumers have been keeping a close eye on updates from NAR regarding the proposed settlement agreement. With changes set to take effect in July, buyers and sellers can anticipate business as usual in the short term, with a seamless transition expected in how compensation is negotiated and communicated in the long term. For those seeking further information, the competition.realtor website offers comprehensive insights.