Inventory dropped once again in November as the real estate market headed into what is typically one of the slowest times of the year. Fort Worth inventory was at 0.9 months – the lowest level since May and 0.4 months less than November of 2020.
Inventory also dropped in Tarrant, Johnson, and Parker Counties, as homebuyers searched throughout the area for available homes. 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.
“Typically, sellers choose to wait at this time of year to list their homes, but with months of pent up demand and continued low inventory, this winter will be a busier time than usual for real estate,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association of REALTORS®. “Available houses are selling quickly, so having a REALTOR® at your side to navigate this fast-moving market is essential.”
Prices also increased slightly in Fort Worth, with the median price inching up to $310,100. The median price in Tarrant County rose to $320,000. While prices are still climbing, it’s at a slower rate than price increases earlier this year. In addition, mortgage rates are also on the rise, but have been holding steady in recent weeks.
“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later,” says Lawrence Yun, chief economist of the National Association of REALTORS®. “This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.”
NAR recently reported that home sales for 2021 are on pace to hit a 15-year high, despite low inventory numbers across the country.