August Fort Worth Market Report 2023

In August, Fort Worth’s housing inventory continued to rise, reaching its highest point in 2023 with 2.4 months of available inventory. This increase offers potential homebuyers a wider selection of choices.

The Texas Real Estate Research Center at Texas A&M University defines a balanced market as having 6.5 months of inventory, indicating that 2.4 months is still relatively low. Consequently, homebuyers who do find suitable properties often face challenges related to affordability.

In August, the median home prices in Fort Worth and Tarrant County were $335,000 and $351,561, respectively. Both figures show a year-over-year decrease of 4.3 percent and 3.7 percent. However, when combined with mortgage rates exceeding 7 percent, which hit a multi-decade high in August, monthly mortgage payments have significantly increased compared to a year ago.

Bart Calahan, the 2023 President of the Greater Fort Worth Association of REALTORS®, stated, “Until mortgage rates begin to decrease, buyers will continue to have limited options within their price range.” He also noted that home sellers are feeling constrained as they contemplate transitioning from a low-rate loan to a much higher one.

Despite these obstacles, 35 percent of homes are selling above their asking price due to the limited housing supply, as explained by Dr. Jessica Lautz, deputy chief economist at the National Association of REALTORS®. Multiple offers are still common when the right home becomes available.

Throughout 2023, closed sales in Fort Worth have consistently declined year over year. In August, Tarrant County witnessed a nearly 10 percent drop in closed sales compared to 2022, while Fort Worth experienced a 4 percent decrease.

Dr. Lautz emphasized that “until the Federal Reserve makes the appropriate decision regarding the Fed Funds rate, homebuyers will continue to face higher purchasing costs.” These elevated rates are expected to exacerbate housing inequality and restrict the number of first-time and minority buyers.

Here are some key statistics for Fort Worth in August 2023:

Homes sold: 1,071 (4.1 percent fewer than August 2022)
Median home price: $335,000 (4.3 percent lower than August 2022)
Monthly housing inventory: 2.4 months (0.3 months more than August 2022)
Average days homes spent on the market: 36 days (15 days more than August 2022)
Average days to close: 33 days in August 2023.