In March, home prices remained stable in Fort Worth, with the median home price reaching $329,995, marking a slight 0.3 percent increase compared to March 2023.
Inventory levels continued to rise as homeowners waiting for opportune moments began listing their properties. In March, Fort Worth saw inventory levels at 2.7 months, while Tarrant County recorded 2.6 months. Although this trend indicates progress, there remains a significant demand for available homes. According to the Texas Real Estate Research Center at Texas A&M University, a balanced market would ideally have 6.5 months of inventory.
"As mortgage rates stabilize, we're seeing a resurgence of activity among spring buyers and sellers," noted Blake Barry, the 2024 President of the Greater Fort Worth Association of REALTORS®. "Being prepared with a financing strategy and relying on a trusted REALTOR® will be crucial for swift action when the right property becomes available."
Active listings surged by 29.9 percent year-over-year in Fort Worth in March, accompanied by a decrease in the average days on the market to 50. Tarrant County witnessed a 28.8 percent rise in active listings, while Johnson County and Parker County experienced increases of 32.4 percent and 20.7 percent, respectively. However, closed sales declined compared to the previous year across all three counties.
On a national scale, pending home sales saw a 1.6 percent growth in February, as reported by the National Association of REALTORS® (NAR) Pending Home Sales Index, signifying gradual progress from the lows observed late last year. According to NAR Chief Economist Lawrence Yun, ongoing job growth is driving demand alongside increased inventory.
Following the announcement of the proposed settlement agreement by NAR, real estate consumers have been monitoring the market closely. As changes are not slated to take effect until July, buyers and sellers should anticipate business as usual in the short term, with a smooth transition to adjustments in how compensation is negotiated and communicated in the long term. For further details, visit competition.realtor.
Key Statistics for Fort Worth in March 2024:
- 944 homes were sold, marking a 7.7 percent decrease compared to March 2023.
- The median price in March 2024 was $329,995, representing a 0.3 percent increase from March 2023.
- Monthly housing inventory in March 2024 stood at 2.7, indicating an increase of 0.7 months from March 2023.
- The average number of days homes spent on the market in March 2024 was 50, a decrease of 9 days from March 2023.
- The average number of days to close in March 2024 was 30.
