November 2023 Housing Report

In November 2023, the Fort Worth real estate market witnessed a positive shift, with the median home price dropping to $320,000—the lowest since January, marking a 3.9 percent year-over-year decrease. Concurrently, the inventory climbed to 2.7 months, reaching its peak for the year and providing potential homebuyers with increased options at more affordable prices. The average number of days homes spent on the market rose slightly to 45, allowing for potentially more time for negotiations.

Encouragingly, Bart Calahan, the 2023 President of the Greater Fort Worth Association of REALTORS®, advised prospective buyers to capitalize on the current market conditions by making their purchases now. With predictions hinting at lower interest rates in 2024, he emphasized the potential for heightened competition and increased multiple offers. A recent report from the National Association of REALTORS® underscored the Dallas-Fort Worth-Arlington market’s presence among the top 10 markets with significant pent-up demand, citing factors like a large pool of potential buyers and a likelihood of home price appreciation.

The question of falling mortgage rates remains pivotal. After October saw rates surpassing 7.5 percent for the first time in 23 years, the subsequent drop in November, falling below 7 percent, has positively impacted housing affordability. However, experts, including Sam Khater, Freddie Mac’s chief economist, suggest that further reductions are necessary for sustained demand revitalization.

Despite a decline in closed sales—13.5 percent year-over-year in Fort Worth and 7.7 percent in Tarrant County in November—real estate professionals emphasize the importance of acting swiftly. The average number of days to close in November stood at 32, indicating a relatively efficient process. As the real estate landscape evolves, the advice is clear: seize the opportunity in the current market to embark on your homeownership journey with the guidance of a trusted REALTOR®.