Fort Worth home sales decreased by 27.7% year-over-year for May, although sales remained slightly from April 2020. However, the market remains competitive. The average listing price for a home in Fort Worth is now $449,000, down from $517,000 in April 2019.
The median home price in Fort Worth jumped 18.2% in April from April last year. While the number of homes sold is still lower than last year, the prices have risen since last April. The price per square foot was $174, up $28 from the year before. This increase was not as significant as in the other central Texas counties such as Travis, Harris, and Dallas.
The current inventory of homes for sale in Fort Worth, Texas, is a tight market. Inventory is already low, and many homeowners were hesitant to sell, worried about finding a new place to live in such a tight market. Also, the thought of inviting strangers into their homes was scary. Inventory levels were at 1.4 months in April, up from 1.3 months a year ago and 3.3 months two years ago. This is below the six-month balance that many consider a good balance between buyers and sellers. The inventory shortage results from builders trying to build more homes than the market can absorb. In addition, construction materials’ cost has increased, pushing prices up and delaying the completion of homes.
Brokers who mutually agree are a valuable resource in the home-selling process. This can benefit a buyer and seller in several ways, including ensuring that the seller gets the best possible deal. When choosing a Realtor, consider the type of property you’re looking for. You can select an agent with extensive local knowledge who is familiar with the local real estate market and has extensive contacts in the area.
The Residential real estate brokerage firm, Williams Trew, represents home sellers and buyers in the Fort Worth area. They have a team of real estate agents dedicated to helping buyers and sellers buy and sell houses. This team works with local and national home buyers and sellers to determine how much their home is worth, offer marketing solutions, and negotiate the sale of their home. The company’s regional office is headed by Carolyn McCann, a real estate professional with 25 years of experience in the real estate industry.
While Fort Worth’s inventory is still relatively low, the housing market is cooling down. In August, the inventory of homes for sale in the Fort Worth area dropped to 1.2 months. That was the lowest level since May. However, in July, the inventory increased, easing the supply crunch in the housing market. Prices have started to stabilize after surging during the housing pandemic. Fort Worth home prices peaked in May at $337,000 but have declined slightly. The low mortgage rates and the backlog of eager homebuyers have helped to keep prices high.
The Fort Worth housing market has cooled recently, but the city still sees impressive price growth. The median home price in Fort Worth was $355,000 in April, up 28.6 percent compared to the same month in 2019. The inventory numbers for Fort Worth, TX, increased slightly in March but remained below four months. However, this does not mean that inventory levels will remain this low for a long. As mortgage rates continue to rise, the competition for lower-priced homes will only intensify.
Days on market
The Fort Worth housing market is competitive and has seen a jump in home prices over the past year. On average, Fort Worth homes spend 19 days on the market before selling, and this is faster than the average 16 days it took last year. Fort Worth has different home prices, including low-priced starter and luxury homes.
With a lack of inventory, many buyers can become frustrated. The Greater Fort Worth Association of Realtors reported that inventory levels in the region were just over a month in May 2022, down from eight-tenths a month a year earlier. While this slowdown, it’s not the beginning of a recession and is a sign of pent-up demand.
Fort Worth home sales are rising, but prices have not yet reached record levels. The median home price in Fort Worth is now $333,099, up 23.4 percent from February 2021. Listed properties spend, on average, 59 days on the market. In Fort Worth, prices of one-bedroom and two-bedroom properties were up by 1.4%, while the prices of three and four-bedroom properties decreased by 0.3%.
The Fort Worth housing market continues to show no signs of slowing down. Fort Worth home prices rose 8.9 percent in April and are up 22.3 percent since August. While the median price of a home in Fort Worth has plateaued, inventory has climbed to 1.6 months. Rising mortgage rates have contributed to home prices in Fort Worth.