Norada Reports: Fort Worth Housing Market Forecast 2024: Will it Crash?
"Fort Worth Housing Market Forecast for 2024 and 2025
According to Zillow, the average home value in Fort Worth stands at $298,992, reflecting a 2.3% decline over the past year. Additionally, homes in Fort Worth typically go pending in approximately 33 days, indicating a dynamic and active market as of January 31, 2024.
Key Housing Metrics
1. For Sale Inventory (January 31, 2024)
The current for-sale inventory in Fort Worth is 2,377, representing the number of available properties in the market as of the end of January 2024.
2. New Listings (January 31, 2024)
There were 624 new listings in Fort Worth as of January 31, 2024, indicating the influx of fresh properties into the market.
3. Median Sale to List Ratio (December 31, 2023)
The median sale to list ratio, a key indicator of market competitiveness, stands at 0.991 as of December 31, 2023, suggesting a balanced negotiation environment between buyers and sellers.
4. Median Sale Price (December 31, 2023)
The median sale price for homes in Fort Worth was $313,333 as of December 31, 2023, reflecting the middle point of all sale prices during that period.
5. Median List Price (January 31, 2024)
The median list price, indicating the middle point of all property listing prices, is $332,583 as of January 31, 2024.
6. Percent of Sales Over List Price (December 31, 2023)
21.1% of sales in Fort Worth were transacted over the list price as of December 31, 2023, highlighting a segment of the market where demand exceeds initial property valuations.
7. Percent of Sales Under List Price (December 31, 2023)
Conversely, 56.0% of sales in Fort Worth were under the list price as of December 31, 2023, indicating a substantial portion of properties selling below their initial listing prices.
Is Fort Worth a Buyer's or Seller's Housing Market?
Assessing whether the current state of the Fort Worth housing market favors buyers or sellers involves considering key metrics. With a median sale to list ratio of 0.991 as of December 31, 2023, the market appears to strike a balance between the interests of both buyers and sellers. This ratio suggests a neutral negotiation environment, offering opportunities for both parties to engage in fair transactions.
Are Home Prices Dropping in Fort Worth?
Zillow's data reveals that the average home value in Fort Worth has experienced a 2.3% decline over the past year, bringing the average to $298,992 as of January 31, 2024. While this indicates a decrease, it's essential to interpret this as a nuanced shift rather than an outright drop. Monitoring future trends will provide a clearer understanding of the trajectory of home prices in Fort Worth.
Will the Fort Worth Housing Market Crash?
The Fort Worth housing market, as of the current data, does not indicate an imminent crash. While certain metrics, such as the decline in average home value, may raise concerns, it's crucial to consider the broader context. The balanced median sale to list ratio and other factors suggest a resilient market. However, continuous monitoring and staying informed about economic factors are prudent practices for all stakeholders in the real estate market.
Is Now a Good Time to Buy a House in Fort Worth?
Considering the current state of the Fort Worth housing market, the decision on whether it's a good time to buy a house depends on individual circumstances and goals. The market's equilibrium, with a median sale to list ratio indicating fair negotiations, provides a favorable environment for buyers. Additionally, the 2.3% decline in average home value over the past year may present opportunities for those seeking more affordable options. As always, consulting with real estate professionals and assessing personal financial readiness are crucial steps in making informed decisions about home purchases."
