November 2023 Housing Report
The median home price in Fort Worth in November was $320,000 – the lowest it has been since January, and down 3.9 percent year over year.
Conversely, inventory was at 2.7 months for November, which is the highest it’s been all year and the continuation of a steady climb. As potential homebuyers enter the winter season, more options are available, and at lower prices. With days on the market at 45, there is also potentially more time for negotiations.
“Due to these current market conditions, I continue to urge people to buy now,” said Bart Calahan, 2023 President of the Greater Fort Worth Association of REALTORS®. “If the latest predictions for the 2024 market hold true, then lowering interest rates will mean more competition and multiple offers could increase again. Things tend to change quickly, so start the process now with the help of your REALTOR®.”
In fact, a recent report from the National Association of REALTORS® listed the Dallas-Fort Worth-Arlington market on their list of 10 markets with the most pent-up demand. This was based on an evaluation of the 100 largest U.S. metro areas to identify the markets with the largest pool of potential home buyers, the greatest likelihood for home price appreciation, and more.
The question of if rates will continue to fall – and how quickly – looms large. At the end of October, mortgage rates surpassed the 7.5 percent threshold for the first time after 23 years, pushing housing affordability to record lows. Throughout the month of November, rates have decreased, finally falling below 7 percent this week for the first time since August.
“When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished,” says Sam Khater, Freddie Mac’s chief economist. “Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”
While home buyers and sellers watched mortgage rates, closed sales in November were down 13.5 percent year over year in Fort Worth, and 7.7 percent in Tarrant County. Johnson County was down 13.7 percent, and Parker County was down 21.7 percent.
November 2023 Fort Worth Statistics At-A-Glance
- 637 - Homes sold in November 2023, 13.5 percent less than November 2022
- $320,000 - Median price in November 2023, 3.9 percent less than November 2022
- 2.7 - Monthly housing inventory in November 2023, 0.4 months more than November 2022
- 45 - Average number of days homes spent on the market in November 2023, 1 day more than November 2022
- 32 - Average number of days to close in November 2023
