January 2024 Housing Report

The median home price in Fort Worth took a downturn in January, dropping to $315,000, marking a 1.6 percent decrease compared to the previous year and hitting the lowest point since fall 2021. Meanwhile, the median price in Tarrant County remained unchanged from January 2023 at $335,000.

In Johnson and Parker County, however, prices saw an upward trend, mirroring the national pattern of increasing home prices. Johnson County witnessed a 6.7 percent year-over-year increase in median home price to $344,985, while Parker County surged to $475,000, reflecting a substantial 10.2 percent rise from January 2023.

“Mortgage rates and months of inventory have held steady,” noted Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS®. “For those able to find what they’re seeking, it’s an opportune time to purchase a home. Seek guidance from a REALTOR® to navigate the process effectively.”

Despite the availability of homes, properties are lingering on the market slightly longer than usual. Fort Worth saw an average of 58 days on the market, 2 days fewer than the previous year but 9 days longer than December 2023. While January’s slower sales may partly be attributed to weather conditions, the arrival of spring is anticipated to reduce days on the market. Utilizing this additional time for negotiation and inspections can lead to more informed purchasing decisions.

Buyers facing challenges in finding suitable homes within their budget aren’t alone. According to the Texas Real Estate Research Center at Texas A&M University, a balanced market typically maintains 6.5 months of inventory. Presently, Fort Worth and Tarrant County possess 2.4 and 2.3 months of inventory, respectively, indicating limited options for buyers.

With mortgage rates stabilizing and expected to hover around the 6 percent range throughout the year, sellers may be inclined to act on delayed decisions, potentially bolstering inventory levels.

“Many postponed home sellers may reconsider due to changes in life circumstances, even with rates at 3-to-4 percent,” remarked National Association of REALTORS® Chief Economist Lawrence Yun. “Anticipate a rise in home sales this year.”

Key Fort Worth Statistics for January 2024:

• 582 homes sold, a 1.8 percent increase from January 2023
• Median price of $315,000, marking a 1.6 percent decrease from January 2023
• 2.4-month housing inventory, up by 0.3 months from January 2023
• Average of 58 days on the market for homes in January 2024, 2 days fewer than January 2023
• Average of 32 days to close in January 2024