In the midst of economic uncertainty in the last quarter of 2020, the November Housing Report shows a continued strong real estate market. The median price for Fort Worth homes increased 11.1 percent year-over-year to $255,450 in November 2020. Fort Worth home sales also increased 10.8 percent during the same time frame.
In addition to the higher prices and increased sales, Fort Worth’s monthly housing inventory was down to 1.3 months, 1.1 months less than the year prior. 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.
“The numbers can be startling, especially when you consider the combination of an election month, Thanksgiving, and a pandemic,” said Shelby Kimball, 2020 President of the Greater Fort Worth Association of REALTORS®. “We are seeing big increases in prices and few listings to meet the demand. The spring should yield more listings, but with such pent up demand, I don’t think we’ll see much of a buyer’s market soon.”
Homes spent an average of 32 days on the market, 15 days less than in November 2019. Additionally, active listings decreased 45.2 percent to 1,428 listings in November 2020.
According to the National Association of REALTORS®, U.S. home sales will reach 5.52 million in 2020, the highest annual mark since 2006, with the median home price setting a record high of $293,000.