July 2024 Housing Report
Home prices continued their upward climb in Fort Worth. In July, the median home price was $347,153 – a 6 percent increase year over year and a high point for 2024 so far. In Tarrant County, that number was $362,250, a 2.3 percent increase year over year.
Although prices are up compared to 2023, they have yet to return to the highs of the summer of 2022 when inventory sat at around 1 month. Today, inventory in Fort Worth is at 3.6 months, and in Tarrant County, the number is 3.4 months. Due to increased supply to meet demand, plus higher mortgage rates, housing price increases have been moderate.
Mortgage rates sat just below 7 percent for most of July, but in recent weeks started dropping. In early August, they fell to 6.47 percent for a 30-year fixed rate mortgage – the lowest number in over a year, according to Freddie Mac.
“Many people have been delaying selling their home due to having locked in lower mortgage rates. As the rates fall, that will help encourage more sellers to make those long-delayed changes,” said Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS® (GFWAR). “Lower rates will help ease affordability challenges for prospective buyers as well.”
Days on the market increased to 44 days in Fort Worth and 42 days in Tarrant County, both of which are 8 days more than July 2023. Closed sales were about the same year over year in Fort Worth, but were up in Tarrant, Johnson, and Parker Counties.
"The rise in housing inventory is beginning to lead to more contract signings," said National Association of REALTORS® Chief Economist Lawrence Yun. "Multiple offers are less intense, and buyers are in a more favorable position."
Starting August 17, two process updates may affect the homebuying or selling journey for consumers. First, REALTORS® will require buyers to sign a written representation agreement before touring properties to ensure compensation is understood and agreed upon before beginning the real estate process. In addition, offers of compensation for buyer's brokers will no longer be published in a real estate database called the multiple listing service (MLS). Consumers are encouraged to work with their trusted REALTOR®, who can assist with navigating these changes smoothly.
July 2024 Fort Worth Statistics At-A-Glance
- 993 - Homes sold in July 2024, 0.1 percent less than July 2023
- $347,153 - Median price in July 2024, 6 percent more than July 2023
- 3.6 - Monthly housing inventory in July 2024, 1.4 months more than July 2023
- 44 - Average number of days homes spent on the market in July 2024, 8 days more than July 2023
- 33 - Average number of days to close in July 2024
