February 2024 Housing Report

In February, the inventory continued its steady ascent, with the median home price in Fort Worth reaching $329,000, marking a 0.9 percent increase from February 2023.

Active listings surged by 25.4 percent in Fort Worth and 28.7 percent in Tarrant County. Despite this, closed sales experienced a slight dip, down 2.2 percent in Fort Worth and 4.1 percent in Tarrant County.

Over the past several months, inventory has been on a consistent upward trajectory, reaching 2.5 months in Fort Worth and 2.4 months in Tarrant County. According to the Texas Real Estate Research Center at Texas A&M University, a balanced market typically sees around 6.5 months of inventory.

Blake Barry, the 2024 President of the Greater Fort Worth Association of REALTORS®, noted a slight decrease in days on the market in Fort Worth, emphasizing the importance for home buyers to be prepared to act swiftly in the spring market.

Nationally, the overall market rebound has been slower than expected. Pending home sales decreased by 4.9 percent in January, as reported by the National Association of REALTORS®. However, sales of newly built homes saw an uptick due to the limited supply of existing homes.

Housing affordability remains a concern for many buyers, with even minor fluctuations in mortgage rates causing significant impacts. Mortgage rates recently saw a slight decline to 6.88 percent for a 30-year fixed-rate mortgage. Additionally, cash transactions accounted for 32 percent of purchases in January, according to NAR.

NAR Chief Economist Lawrence Yun commented on the favorable economic conditions for home buying, though consumers are particularly sensitive to changes in mortgage rates.

In summary, the February 2024 statistics for Fort Worth indicate 766 homes sold, marking a 2.2 percent decrease from the previous year. The median price rose by 0.9 percent, while monthly housing inventory increased to 2.5 months. Homes spent an average of 53 days on the market, down 12 days from February 2023, with an average of 29 days to close.