June 2024 Housing Report
Inventory continued its upward trend in Fort Worth as home prices increased slightly. The median home price in June was $344,700 in Fort Worth, an increase of 1.8 percent year over year. The increase in Tarrant County was 0.5 percent year over year to $359,945.
Fort Worth had 3.5 months and Tarrant County had 3.2 months of inventory in June, both higher numbers than have been seen in a decade. The steady increases are starting to tilt the market in favor of the buyer, who now finds themself with more options to choose from.
While inventory has rebounded, home prices have not returned to pre-pandemic levels. With the addition of higher mortgage rates, affordability is still an issue for many homebuyers.
“The mortgage rates continue to sit just below 7 percent, but if they come down lower, more buyers will likely enter the market,” said Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS® (GFWAR). “The key for buyers is to be ready when the right home comes along. Have your finances in order and rely on the expertise of a REALTOR® to assist you in getting the best price in the negotiation process.”
Closed sales were down in Tarrant, Johnson, and Parker Counties, while active listings were up. Days on the market in Fort Worth fell from 44 days in May to 41 days in June. Nationally, pending home sales in May slipped 2.1 percent, according to the National Association of REALTORS® (NAR).
“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months,” says NAR’s Chief Economist Lawrence Yun. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
Buyers and sellers should expect business as usual this summer as NAR works toward its proposed settlement agreement to end litigation of claims related to broker commissions. GFWAR and Texas REALTORS® are preparing members for the upcoming change by working toward a seamless transition to new protocols in how REALTOR® compensation is negotiated and communicated. Changes are set to go into effect in August of 2024.
June 2024 Fort Worth Statistics At-A-Glance
- 1,044 - Homes sold in June 2024, 7.6 percent less than June 2023
- $344,700 - Median price in June 2024, 1.8 percent more than June 2023
- 3.5 - Monthly housing inventory in June 2024, 1.2 months more than June 2023
- 41 - Average number of days homes spent on the market in June 2024, 4 days more than June 2023
- 33 - Average number of days to close in June 2024
