Housing Report: January 2024

Housing Report Jan 2024

January 2024 Housing Report

The median home price in Fort Worth in January dipped down to $315,000. This was a 1.6 decrease year over year, and the lowest that prices have been in Fort Worth since the fall of 2021. The Tarrant County median price of $335,000 was flat compared to January 2023.

In Johnson and Parker County, prices were up year over year, reflecting a national trend of increasing home prices. The median home price in Johnson County was up 6.7 percent year over year to $344,985. Parker County was up to $475,000, which is 10.2 percent higher than January of 2023. 

“Mortgage rates along with months of inventory have remained steady,” said Blake Barry, 2024 President of the Greater Fort Worth Association of REALTORS®. “If you can find what you’re looking for, it’s definitely a great time to purchase a home. Start with seeking the expertise of a REALTOR® who can help guide you through the process.”

The homes that are available are staying on the market a little longer than usual. Days on the market for Fort Worth was up to 58 days, which is 2 days less than a year ago, but 9 days more than December of 2023. Some of the slower sales can be attributed to the weather in January, but as spring arrives, days on the market will likely fall. Having the extra time now to negotiate and get the proper inspections can lead to wiser purchasing decisions. 

If a buyer is struggling to find a home that meets their needs and budget, they’re not alone. The Texas Real Estate Research Center at Texas A&M University states that 6.5 months of inventory would represent a balanced market. Currently, Fort Worth has 2.4 months of inventory and Tarrant County has 2.3 months, which means the options are limited.

With mortgage rates stabilizing and likely to remain in the 6 percent range for most of the year, sellers may be finally ready to make moves that they have been putting off, potentially giving inventory a needed boost.

“Many delayed home sellers may be willing to give up 3-to-4 percent rates as life circumstances have changed, thereby boosting inventory,” says National Association of REALTORS® Chief Economist Lawrence Yun. “Home sales will no doubt rise this year.”

January 2024 Fort Worth Statistics At-A-Glance

  • 582 - Homes sold in January 2024, 1.8 percent more than January 2023
  • $315,000 - Median price in January 2024, 1.6 percent less than January 2023
  • 2.4 - Monthly housing inventory in January 2024, 0.3 months more than January 2023
  • 58 - Average number of days homes spent on the market in January 2024, 2 days less than January 2023
  • 32 - Average number of days to close in January 2024

Post a Comment