Fort Worth saw an increase in inventory for the second month in a row in July, finally easing the supply crunch that has been plaguing eager homebuyers for much of 2021. This Housing Report is brought to you by the Greater Fort Worth Association of REALTORS and The Creed Team.
Inventory increased to 1.3 months, which is an improvement from the 0.9 months earlier this year, but significantly lower than the 2.0 months of July 2020. 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.
The average number of days on market in this housing report stayed at 19 for July, which indicates that there is still a significant backlog of buyers without enough houses to meet the demand. With mortgage rates staying low, buyers will likely continue to outnumber supply.
“It’s interesting to note that despite seeing less of an imbalance in inventory, we are still seeing days on market stay very, very low,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association of REALTORS®. “Though we may see a few more homes coming on the market than previous months, anything that does come on is being sold very quickly.”
The median home price in Fort Worth continued its steady climb, hitting $302,750 in July, a 22.1 percent year-over-year increase. See below the Housing Report & Snapshot for Tarrant, Johnson, and Parker Counties which all showed median prices at about 21 percent higher than July of 2020.
“Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat,” said Lawrence Yun, National Association of Realtors® Chief Economist, who expects mortgage rates to start to inch up toward the end of the year. “This rise will soften demand and cool price appreciation.”
That’s good news for those still trying to find a new home. Sixty-six percent of buyers who were actively engaged in searching for a home in the second quarter of 2021 say they’ve spent three months looking without success, according to The Housing Trends Report, a survey from the National Association of Home Builders.
We have some creative ideas to help our buyers have more success buying in this current market and we know it’s important to continue to watch the numbers for trends. It is looking more and more like a shift into a more BALANCED market is coming. Because of this we are working closely with our clients who are considering putting their home on the market. Many sellers who may have held off because they were unable to find another home will now have more options as things begin to shift.
While I don’t expect a huge shift as some are predicting, I do think we should prepare for more inventory and the extreme pricing trend to level off.
July 2021 Fort Worth Statistics At-A-Glance
- 1,332 – Homes sold in July 2021, 14.6 percent less than July 2020
- $302,750 – Median price in July 2021, 22.1 percent more than July 2020
- 1.3 – Monthly housing inventory in July 2021, 0.7 months less than in July 2020
- 19 – Average number of days homes spent on the market in July 2021, 21 days less than July 2020
- 34 – Average number of days to close in July 2021
Are you making a move to the Fort Worth or surrounding area? Or perhaps you’re keeping an eye on the market to see when the best timing is? It’s always a good idea to get all the best information. These Housing Reports are an excellent overview of what is happening in the market as a whole, however, we can help zero on on the activity in your area. Want to learn more about neighborhoods, schools or available homes? We’re experts you can trust because that’s our full time job for more than 20 years now. Let’s get started – give us a call today!
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