Even as housing prices continue to increase, demand for homes in Fort Worth and the North Texas area continues.
The December Housing Report showed continued increased closed sales through the end of 2020. Pent-up demand led to a 23.4 percent increase year-over-year in Fort Worth home purchases, even as housing prices continued to rise. The median price for Fort Worth homes is now $258,900.
In addition to the higher prices and increased sales, Fort Worth’s monthly housing inventory was down to 1.0 months, 1.1 months 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.
“December 2020 closed out what has turned into one of the most memorable years in real estate for our members,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association of REALTORS. “Tight inventory was already a factor at the start of the year, and the continued high demand combined with the slow down due to the holidays led to historically low levels of available homes in December.”
Active listings in Fort Worth decreased 48.8 percent to 1,141 listings in December 2020, and homes spent an average of 35 days on the market, 13 days less than in December 2019.
Nationally, the number of homes for sale sank to an all-time low in December, dipping below 700,000 for the first time ever, according to realtor.com’s Monthly Housing Trends Report.
“Looking forward, we could see new lows in the next couple of months as buyers remain relatively active, but a surge of new COVID-19 cases may slow the number of sellers entering the market,” says Danielle Hale, realtor.com’s chief economist.
December 2020 Fort Worth Statistics At-A-Glance
- 1,268 – Homes sold in December 2020, 23.4 percent more than December 2019
- $258,900 – Median price in December 2020, 10.2 percent more than December 2019
- 1.0 – Monthly housing inventory in December 2020, 1.1 months less than in December 2019
- 35 – Average number of days homes spent on the market in December 2020, 13 days less than December 2019
- 36 – Average number of days to close in December 2020