March 2024 Housing Report
Home prices held steady in March in Fort Worth, with the median home price at $329,995, a 0.3 percent increase from March 2023.
Inventory continued to climb as home sellers who have been waiting for the right moment to list their homes started to make some moves. Fort Worth inventory in March was 2.7 months and Tarrant County was 2.6 months. Though the movement is in the right direction, the need for available homes is still great. The Texas Real Estate Research Center at Texas A&M University states that 6.5 months of inventory would represent a balanced market.
“Now that mortgage rates have stabilized, the spring buyers and sellers have started to enter the market,” said Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS®. “Having a financing plan in place and a REALTOR® you can trust will be essential to moving quickly when the right home hits the market.”
Active listings were up 29.9 percent year-over-year in Fort Worth in March, and days on the market decreased to 50. In Tarrant County, the increase in active listings was 28.8 percent, in Johnson County it was 32.4 percent, and in Parker County it was 20.7 percent. However, closed sales were down year-over-year in all three counties.
Nationally, pending home sales grew 1.6 percent in February, according to the National Association of REALTORS® (NAR) Pending Home Sales Index – a forward-looking indicator of home sales based on contract signings.
"While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year," said NAR Chief Economist Lawrence Yun. "Ongoing job gains are clearly increasing demand along with more inventory."
Real estate consumers have been watching the market closely since the news from NAR regarding their proposed settlement agreement. As no changes are set to go into effect until July, buyers and sellers should expect business as usual in the short term, and in the longer term, a seamless transition to changes in how compensation is negotiated and communicated. For more information, visit competition.realtor.
March 2024 Fort Worth Statistics At-A-Glance
- 944 - Homes sold in March 2024, 7.7 percent less than March 2023
- $329,995 - Median price in March 2024, 0.3 percent more than March 2023
- 2.7 - Monthly housing inventory in March 2024, 0.7 months more than March 2023
- 50 - Average number of days homes spent on the market in March 2024, 9 days less than March 2023
- 30 - Average number of days to close in March 2024
