November Market Report 2023

In November, the median home price in Fort Worth reached its lowest point of the year at $320,000, reflecting a 3.9% year-over-year decline and marking the most affordable prices since January. Conversely, housing inventory rose to 2.7 months, the highest level observed throughout the year, presenting increased options for potential homebuyers, especially during the winter season. With an average of 45 days on the market, there is ample time for negotiation.

Bart Calahan, the 2023 President of the Greater Fort Worth Association of REALTORS®, advises prospective buyers to take advantage of the current market conditions and purchase now. He highlights the potential for rising competition and increased multiple offers in 2024 if interest rates continue to decline, emphasizing the dynamic nature of the real estate landscape.

A recent report from the National Association of REALTORS® identified the Dallas-Fort Worth-Arlington market among the top 10 markets with substantial pent-up demand. This recognition is based on evaluations of the 100 largest U.S. metro areas, considering factors such as the size of the potential buyer pool and the likelihood of home price appreciation.

The question of whether mortgage rates will continue to fall remains significant. After surpassing the 7.5 percent threshold in October for the first time in 23 years, rates declined throughout November, dipping below 7 percent for the first time since August. Sam Khater, Freddie Mac’s chief economist, notes that while lower rates provided initial relief, further reductions may be necessary for sustained demand rejuvenation.

In Fort Worth, closed sales in November experienced a 13.5% year-over-year decline, with Tarrant County down 7.7%, Johnson County down 13.7%, and Parker County down 21.7%. The market landscape in November 2023 is characterized by 637 homes sold, a median price of $320,000, a monthly housing inventory of 2.7 months, an average of 45 days on the market, and an average of 32 days to close.