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Wednesday, December 2, 2020
Business North Texas housing market remains strong in October

North Texas housing market remains strong in October

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Slow down? Not in the North Texas residential real estate market.

The October Housing Report shows the median price for Fort Worth homes increased 9.9 percent year-over-year to $255,000 in October 2020. Fort Worth home sales also increased 22.3 percent during the same time frame.

In addition to the higher prices and increased sales, Fort Worth’s monthly housing inventory was down to 1.5 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.

“Due largely to the pandemic, we are seeing inventory at historic lows in what traditionally is a slowing time of year,” said Shelby Kimball, 2020 President of the Greater Fort Worth Association of REALTORS. “This in turn continues to drive home prices up. The constrained inventory will likely continue into next year, but with the possibility of vaccines becoming available, we may see an easing of the market in the spring.”

Homes spent an average of 33 days on the market, 11 days less than in October 2019. Additionally, active listings decreased 38.5 percent to 1,687 listings in October 2020.

The active real estate market is likely to lead to an unprecedented winter season. Lawrence Yun, chief economist at the National Association of Realtors, recently predicted “it will be one of the best winter sales years ever.”

October 2020 Fort Worth Statistics At-A-Glance

  • 1,277 – Homes sold in October 2020, 22.3 percent more than October 2019
  • $255,000 – Median price in October 2020, 9.9 percent more than October 2019
  • 1.5 – Monthly housing inventory in October 2020, 1.0 month less than in October 2019
  • 33 – Average number of days homes spent on the market in October 2020, 11 days less than October 2019
  • 35 – Average number of days to close in October 2020
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