November closed sales were down more than 30 percent year over year in Fort Worth and Tarrant County. The median home price in Fort Worth dropped to $333,009, a return to numbers not seen since February, but a 7.4 percent increase from November 2021.
Inventory in Fort Worth held steady at 2.3 months, which is 1.4 months higher than a year ago, but still a market in which supply and demand are far from balanced. The Texas Real Estate Research Center at Texas A&M University cites that 6.5 months of inventory represents a balanced market.
“This is a great time for anyone who is looking to buy a home, because they have more houses to choose from than we’ve seen since 2020,” said Shannon Ashkinos, 2022 President of the Greater Fort Worth Association of REALTORS®. “Anyone who was in the market over the last two years and kept missing out with their offers should take a hard look at what’s available now.”
Active listings were up 122.3 percent in Fort Worth in November, and well over 100 percent in Tarrant, Parker, and Johnson Counties. In addition, those listings are taking longer to sell, with homes in Fort Worth on the market an average of 41 days.
Another positive sign for homebuyers is a gradual decline of mortgage rates over the last month. After a peak of 7.08 percent, the 30-year fixed-rate mortgage averaged 6.33 percent last week, according to Freddie Mac. Looking ahead, experts are predicting a quieter 2023, with hopes that rates may stabilize around 6 percent.
“Compared to the wild ride of the past two years, 2023 will be a slower-paced housing market, which means drastic shifts like price declines may not happen as quickly as some have anticipated,” says realtor.com® Chief Economist Danielle Hale. “It will be a challenging year for both buyers and sellers—but an important one in setting the stage for home sales to return to a sustainable pace over the next two to three years.”