October 2023 Housing Report
In October 2023, Fort Worth’s housing market experienced a continued shift, painting a nuanced picture for prospective homebuyers and sellers. Let’s delve into the key indicators that defined the real estate landscape during this month.
The median price of a home in Fort Worth saw a decline, settling at $330,000. This marked a 2.9% decrease compared to the same period in 2022. Correspondingly, the number of closed sales also followed suit, experiencing a 4.6% dip from October the previous year, with 786 homes changing hands.
One notable bright spot amid these trends was the increase in housing inventory. Both Fort Worth and Tarrant County saw a slow but steady climb in inventory, reaching 2.6 months. However, according to the Texas Real Estate Research Center at Texas A&M University, a balanced market typically boasts 6.5 months of inventory. This suggests that more homes are needed to meet the existing demand.
A notable development in October was the adjustment in mortgage rates. The 30-year fixed-rate, which had been hovering around 8 percent, saw a slight reduction to 7.5 percent, according to Freddie Mac. Whether this signals a broader trend is uncertain, but the overarching challenge for homebuyers remains affordability.
Bart Calahan, 2023 President of the Greater Fort Worth Association of REALTORS®, emphasized the current opportunity for buyers. “There’s less competition right now because everyone is still waiting for the interest rates to come back down,” he said. “My advice is to take advantage of the current market conditions and do so with the expertise of a REALTOR®, which will be key to navigating shifting rates and limited inventory.”
While Fort Worth experienced a decrease in active listings, neighboring counties such as Tarrant, Johnson, and Parker saw an increase. Tarrant County, for instance, witnessed a rise in inventory, reflected in a median home price of $340,000—the lowest since March.
Despite the cooling effect of mortgage rates, the average number of days homes spent on the market held steady at around 38 days. This created a window of opportunity for homebuyers to potentially avoid multiple offer situations and negotiate favorable prices. Refinancing later remains a viable option for those who can seize these opportunities rather than waiting for mortgage rates to fall.
As consumer inflation became more manageable, National Association of REALTORS® Chief Economist Lawrence Yun suggested that the Federal Reserve should consider cutting interest rates. Yun further stressed the need for Congress to explore incentives to boost housing supply and inventory, ensuring broader accessibility to the housing market.
In conclusion, the October 2023 housing report for Fort Worth paints a complex picture of market dynamics. As the real estate landscape continues to evolve, strategic navigation with the guidance of a REALTOR® remains crucial for both buyers and sellers.
October 2023 Fort Worth Statistics At-A-Glance
786 – Homes sold in October 2023, 4.6 percent less than October 2022
$330,000 – Median price in October 2023, 2.9 percent less than October 2022
2.6 – Monthly housing inventory in October 2023, 0.3 months more than October 2022
38 – Average number of days homes spent on the market in October 2023, 2 days more than October 2022
31 – Average number of days to close in October 2023
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