Tarrant County's housing market is offering more opportunities for homebuyers as the inventory of single-family homes continues to grow. Year-over-year, the county's housing supply has increased to 3.5 months, up from 2.5 months a year ago, providing some relief to the area’s tight housing market. Meanwhile, the median home price has remained relatively steady at $346,890, offering buyers a stable market as they navigate their options.
Blake Barry, the 2024 President of the Greater Fort Worth Association of REALTORS® (GFWAR), noted the positive effects of this shift in inventory. “With more people putting homes on the market, we naturally have a ‘loosening’ of inventory, which helps accommodate the area’s continued population growth,” said Barry. He added that the recent lowering of interest rates by the Federal Reserve is another key factor, enabling more buyers to enter the market. “More people will find it feasible to purchase a home now compared to this summer, allowing buyers to potentially move into a new home before the holidays.”
Population Growth Driving Housing Demand
Tarrant County, particularly Fort Worth, is experiencing rapid population growth. According to the U.S. Census Bureau, Fort Worth had the second-largest population gain nationwide in 2023, adding over 21,000 new residents. This growth has made Fort Worth the 12th largest city in the nation, surpassing major cities like Boston, San Francisco, and Seattle.
“Fort Worth has become a desirable location for people to live and work because it is a city of opportunity,” said Barry. “Current and new residents have ample job opportunities, but they also can strike a balance between work and life.”
Market Trends and Sales Data
While inventory has expanded and prices have held steady, homes in Tarrant County are spending more time on the market. In September 2024, homes in the county averaged 49 days on the market, a jump of 11 days from the previous year. Nearby Parker County saw homes stay on the market for 72 days on average, while Johnson County properties remained listed for 73 days, both reflecting year-over-year increases.
Despite the longer listing periods, closed sales have seen only slight declines. In Fort Worth, 865 homes were sold in September 2024, representing a 1.1% decrease from September 2023. Tarrant County overall experienced a 2.2% dip in closed sales.