August 2024 Housing Report
As the seasonal summer home-buying frenzy calms, Fort Worth median home prices rose to $340,000, a 2.1% year-over-year increase. Tarrant County’s median home prices showed little growth and remained flat, consistent with last year, with a 0.6% decline. August saw 3.7 months of inventory in Fort Worth and 3.5 months in Tarrant County, compared to 2.4 and 2.3 months in 2023. The low inventory continues to highlight the area’s seller’s market.
As the seasonal summer home-buying frenzy calms, Fort Worth median home prices rose to $340,000, a 2.1% year-over-year increase. Tarrant County’s median home prices showed little growth and remained flat, consistent with last year, with a 0.6% decline. August saw 3.7 months of inventory in Fort Worth and 3.5 months in Tarrant County, compared to 2.4 and 2.3 months in 2023. The low inventory continues to highlight the area’s seller’s market.
Mortgage interest rates are expected to drop after the Federal Reserve meets next week. This, coupled with cooling inflation and softening job figures, could indicate more people are likely to buy in the coming months.
“Purchasing before the rates drop could be a wise choice for those who want to get into a home before the end of the year,” 2024 President of the Greater Fort Worth Association of REALTORS® (GFWAR) Blake Barry said. “As rates drop, there will likely be increased competition for some of the area’s most desirable properties.”
Fort Worth's days on the market were up seven days, for a total of 45, and Tarrant County's increased six days, for a total of 43. Parker County homes averaged 66 days on the market, 3 days less than in August 2023, when Johnson County properties were on the market 75 days, 26 more days year over year. Closed sales trended down year over year for the area, with Fort Worth down 12.1% and Tarrant County down 10.5%.
“Historically, outside the Great Recession in 2008-2010, which was led by a housing market downfall, the weakening job market does not negatively affect home sales or prices if accompanied by falling interest rates,” National Association of REALTORS® Chief Economist Lawrence Yun said. “With the unemployment rate at 4.2% in August, over 90% are employed, and around 70% consider themselves to be in a secure job. Therefore, falling mortgage rates exert more power than a weakening job situation.”
August 2024 Fort Worth Statistics at a Glance
- 935 - Homes sold in August 2024, 12.1% less than August 2023
- $340,000 – Median price in August 2024, 2.1% more than August 2023
- 3.7 – Monthly housing inventory in August 2024, 1.3 months more than August 2023
- 45 – Average number of days homes spent on the market in August 2024, 7 days more than August 2023
- 31 – Average number of days to close in August 2024
