The median price for Fort Worth homes increased 8.9 percent year-over-year to $250,000 in September 2020.
Fort Worth home sales also increased 21.3 percent during the same time frame.
In addition to the higher prices and increased sales, Fort Worth’s monthly housing inventory was down to 1.6 months, 1.0 month less than the year prior. The Real Estate 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.
“Our lives have changed so much this year, and so has the real estate market,” said Shelby Kimball, 2020 President of the Greater Fort Worth Association of REALTORS. “We continue to see historically low inventory, causing prices to climb by 9 to 16 percent compared to September of last year. Until more people start putting their homes on the market and new builds increase, we’ll continue with this supply shortage and its effects.”
Homes spent an average of 35 days on the market, four days less than in September 2019. Additionally, active listings decreased 37.3 percent to 1,764 listings in September 2020.
The Fort Worth and Tarrant County results reflect the generally solid performance of residential real estate around the county. Pending home sales in August continued to move upward, marking four uninterrupted months of positive contract activity, according to the National Association of Realtors. Each of the four major regions experienced growth in month-over-month and year-over-year pending home sales transactions.
The Pending Home Sales Index (PHSI),* www.nar.realtor/pending-home-sales, a forward-looking indicator of home sales based on contract signings, rose 8.8% to 132.8 – a record high – in August. Year-over-year, contract signings rose 24.2%. An index of 100 is equal to the level of contract activity in 2001.
“Tremendously low mortgage rates – below 3% – have again helped pending home sales climb in August,” said Lawrence Yun, NAR’s chief economist. “Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should in the absence of inflationary pressure keep mortgage rates low, and that will undoubtably aid homebuyers continuing to enter the marketplace.”
September 2020 Fort Worth Statistics At-A-Glance
- 1,315 – Homes sold in September 2020, 21.3 percent more than September 2019
- $250,000 – Median price in September 2020, 8.9 percent more than September 2019
- 1.6 – Monthly housing inventory in September 2020, 1.0 months less than in September 2019
- 35 – Average number of days homes spent on the market in September 2020, four days less than September 2019
- 35 – Average number of days to close in September 2020