Housing Report: October 2022
October 2022 Housing Report
In October, inventory continued a slow increase while housing prices remained steady in the Fort Worth area. The median home price in Fort Worth was $341,000, a 10 percent increase year over year.
Inventory in Fort Worth grew to 2.3 months. Though still nowhere near a normal market - the Texas Real Estate Research Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced - the current inventory is 1.7 months more than the historic low seen earlier this year in February 2022, when Fort Worth inventory was at 0.6 months.
“Believe it or not, we do still appear to be in a seller's market, meaning that demand leaves little inventory available,” said Shannon Ashkinos, 2022 President of the Greater Fort Worth Association of REALTORS®. “It feels like the market is holding its breath, waiting to see what happens next. If inventory continues to grow and the demand drops, then we could head into a buyer’s market. But we’re not there yet.”
Nationwide, homes are sitting on the market for longer, but this creates a healthier buyer and seller environment, allowing all parties time for negotiations and inspections, and eliminating the need for rushed decisions. The average number of days on the market for Tarrant County grew to 35 days, which is still significantly lower than the national average of 51 days.
Meanwhile, buyers are watching mortgage rates closely. Freddie Mac reports the 30-year fixed-rate mortgage averaged 7.08 percent as of November 10. According to realtor.com®, the monthly mortgage cost of buying a typical for-sale home at today’s rate with a 10 percent down payment is up more than $1,140 compared to last year.
Despite these numbers, there are still buyers and sellers in the market, who may need to move for a variety of reasons. With active listings up 91.7 percent in Fort Worth from a year ago, they have many more options to choose from, and more negotiating tactics at their disposal.
“Home shoppers are reevaluating their options, which have changed dramatically,” said Danielle Hale, realtor.com®’s chief economist. “The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”
October 2022 Fort Worth Statistics At-A-Glance
- 831 - Homes sold in October 2022, 28.3 percent less than October 2021
- $341,000 - Median price in October 2022, 10 percent more than October 2021
- 2.3 - Monthly housing inventory in October 2022, 1.2 months more than October 2021
- 35 - Average number of days homes spent on the market in October 2022, 9 days more than October 2021
- 32 - Average number of days to close in October 2022