May 2023 Housing Report

Fort Worth’s real estate market has maintained stability over the past few months, with inventory levels remaining consistent. Although the number of available listings has been limited, this has sparked a sense of urgency among prospective homebuyers, making it an exciting time to be a part of the market.

Despite the gradual increase in home prices, it’s important to note that they are still lower compared to the prices seen in spring 2022. The median home price in Fort Worth currently stands at $340,000, representing a modest 7.4 percent decrease year over year. Similarly, Tarrant County’s median home price is $356,500, reflecting a 5.1 percent decrease from the previous year. While the market continues to favor buyers, it’s worth mentioning that a balanced market typically consists of 6.5 months of inventory, indicating that inventory remains a factor to consider.

The thriving growth of our city plays a significant role in the limited inventory situation, as Fort Worth continues to attract new residents. Mortgage rates also come into play, with many homeowners opting to delay their move due to their current low interest rates, which range between 3 to 4 percent. They are understandably hesitant to purchase a home at higher rates, such as the current 7 percent.

Moreover, buyers may be exercising patience as they navigate the challenges of affordability. A recent report from the National Association of Realtors® and Realtor.com® highlights that middle-income buyers are most affected by the country’s housing inventory shortage. Currently, this income group can afford to purchase only 23 percent of the available listings, compared to 50 percent five years ago.

“Despite the persistently high housing costs and limited availability, we remain optimistic that prospective buyers will find suitable options in due time,” expressed Danielle Hale, Chief Economist at Realtor.com®. She further added, “While some buyers may choose to remain in the rental market or delay their purchase, we anticipate conditions will improve, allowing more buyers to enter the market.”

Encouragingly, active listings have seen a notable increase, with a 47 percent rise in both Fort Worth and Tarrant County. Parker County has experienced even greater growth, with active listings surpassing 100 percent compared to the previous year. This surge in options provides prospective buyers with a broader range of choices than in the past. Additionally, the average days on the market are decreasing, with homes in Fort Worth spending an average of 45 days, while those in Tarrant County take approximately 41 days to sell. Multiple offer situations still arise when the perfect home becomes available, indicating a high level of demand.

Overall, the Fort Worth real estate market presents a promising outlook for both buyers and sellers. While challenges persist, such as limited inventory and affordability concerns, the increased number of active listings and declining time on the market signify positive developments. Whether you are looking to buy or sell, now is an opportune time to participate in the dynamic and thriving Fort Worth real estate market.