May 2024 Housing Report
Inventory in Fort Worth in May climbed above the 3 month mark for the first time in more than 10 years. The last time inventory rose above 3 months in Fort Worth and Tarrant County was in 2013. In addition, active listings were up more than 50 percent year over year.
Fort Worth had 3.2 months of housing inventory in May, and Tarrant County had 3.1 months. Inventory indicates the number of months it would take for the existing supply of homes on the market to sell given the current sales pace. Over the last several years, that number had dipped to less than one month.
“The increased demand that was created by the pandemic and a drop in mortgage rates really highlighted an overall shortage of housing in the area,” said Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS®. “There were many more eager buyers than available homes for sale. Things feel very different now, and buyers have more options than they’ve seen in years.”
Unfortunately, prices also increased during that frenzied period of extremely low inventory. Although the increases have eased, the prices have remained elevated. The median home price in Fort Worth in May was $335,907, a 1.2 percent decrease from May of 2023. In Tarrant County, that median home price was $350,100. Houses are selling at about the same pace as a year ago, with Fort Worth homes spending 44 days on the market, which is one day longer than May of 2023.
The downside to the current market adjustment is that it is due in large part to the higher mortgage rates, which have negatively impacted affordability. In late May, the 30-year fixed-rate mortgage fell back into the high 6 percent range where it currently averages 6.95 percent, according to Freddie Mac. New- and existing-home sales are both down nationwide.
“Greater supply, coupled with the recent downward trend in rates, is an encouraging sign for the housing market,” said Sam Khater, Freddie Mac’s chief economist. “If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”
May 2024 Fort Worth Statistics At-A-Glance
- 1,087 - Homes sold in May 2024, 4.3 percent less than May 2023
- $335,907 - Median price in May 2024, 1.2 percent less than May 2023
- 3.2 - Monthly housing inventory in May 2024, 1.2 months more than May 2023
- 44 - Average number of days homes spent on the market in May 2024, 1 day more than May 2023
- 33 - Average number of days to close in May 2024
