May 2024 Housing Report

For the first time in over a decade, Fort Worth’s housing inventory has surpassed the three-month mark. Not since 2013 have Fort Worth and Tarrant County seen inventory levels this high. Active listings have surged, increasing by more than 50% compared to last year.

In May, Fort Worth recorded 3.2 months of housing inventory, with Tarrant County close behind at 3.1 months. This metric represents the time it would take to sell all current homes on the market at the current sales pace. In recent years, this figure had dipped below one month.

Blake Barry, the 2024 President of the Greater Fort Worth Association of REALTORS®, noted, “The pandemic and lower mortgage rates highlighted a significant housing shortage. The market was flooded with buyers, but there were not enough homes available. Now, the situation has changed, offering buyers more choices than they’ve had in years.”

Despite the increased inventory, home prices remain high, although the rate of increase has slowed. In May, the median home price in Fort Worth was $335,907, marking a 1.2% decrease from May 2023. In Tarrant County, the median price stood at $350,100. Homes in Fort Worth are selling at a similar pace to last year, averaging 44 days on the market, just one day longer than in May 2023.

The current market shift is largely attributed to higher mortgage rates, which have adversely affected affordability. As of late May, the 30-year fixed-rate mortgage averaged 6.95%, according to Freddie Mac. This has led to a decline in both new and existing home sales nationwide.

Sam Khater, Freddie Mac’s chief economist, expressed optimism, stating, “The combination of increased supply and a recent dip in rates is a positive sign for the housing market. While waiting for lower rates might save buyers some money, actively seeking the best rate can be highly advantageous.”