October 2024 Housing Report
In October 2024, Fort Worth saw a slight dip in home prices, with the median price at $327,995, a 0.6% decrease from the previous year. Inventory continued to grow, with Fort Worth’s months of inventory rising to 3.7, up from 2.7 in October 2023. Tarrant County had 3.5 months of inventory. While more homes are hitting the market, demand remains strong, with the Texas Real Estate Research Center at Texas A&M University noting that a balanced market typically has about 6.5 months of inventory.
Active listings in Fort Worth increased by 35.9% year-over-year, and the average days on market rose to 55, an increase of 17 days as the holiday season slowed activity. Sales were up across Fort Worth, Tarrant, Johnson, and Parker counties, with Johnson County seeing a 44% rise in listings. Closed sales were higher in all three counties compared to the previous year.
Experts predict further market shifts in the coming year, particularly with mortgage rates potentially stabilizing. At the 2024 NAR NXT: The REALTOR® Experience conference, NAR Chief Economist Dr. Lawrence Yun discussed the impact of a new administration on mortgage rates, forecasting that rates will likely hover around 6% and fluctuate between 5.5% and 6.5%. Yun also projected that new home sales will rise 11% in 2025 and 8% in 2026, accompanied by a 2% increase in the national median home price.
October 2024 Fort Worth Statistics At-A-Glance:
837 – Homes sold in October 2024, 6.8 percent more than October 2023
$327,995 – Median price in October 2024, 0.6 percent less than October 2023
3.7 – Monthly housing inventory in October 2024, one month more than October 2023
55 – Average number of days homes spent on the market in October 2024, 17 days more than October 2023
32 – Average number of days to close in October 2024
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