Canada markets closed
  • S&P/TSX

    -36.37 (-0.16%)
  • S&P 500

    -39.59 (-0.71%)
  • DOW

    -377.49 (-0.93%)

    -0.0013 (-0.17%)

    -2.57 (-3.10%)
  • Bitcoin CAD

    +3,507.88 (+3.98%)
  • CMC Crypto 200

    +47.25 (+3.55%)

    -53.60 (-2.18%)
  • RUSSELL 2000

    -13.94 (-0.63%)
  • 10-Yr Bond

    +0.0500 (+1.19%)

    -144.28 (-0.81%)

    +0.59 (+3.70%)
  • FTSE

    -49.17 (-0.60%)
  • NIKKEI 225

    -62.56 (-0.16%)

    -0.0003 (-0.04%)

Fort Worth’s housing inventory climbs to highest level in a decade. Is a price drop coming?

Fort Worth’s red-hot home market seems to have cooled just in time for summer.

The city’s housing inventory climbed to 3.2 months this past May, according to the Greater Fort Worth Association of Realtors latest market analysis. Cowtown’s housing inventory — a measurement of how long it would take to sell off the city’s existing supply of homes — hasn’t surpassed the three month mark since 2013. Real estate experts take the change as a welcome if indecisive sign that home prices may ease in the near future.

“The increased demand that was created by the pandemic and a drop in mortgage rates really highlighted an overall shortage of housing in the area,” Blake Barry, the president of the Greater Fort Worth Association of Realtors, said in a statement. “There were many more eager buyers than available homes for sale. Things feel very different now, and buyers have more options than they’ve seen in years.”

Home price trends in Fort Worth in May 2024.
Home price trends in Fort Worth in May 2024.

Years of feverish demand and limited supply had held Fort Worth’s housing supply below the three month threshold for a decade. The mismatch between what buyers wanted and what sellers were willing (or able) to offer produced historic spikes in home values. Rising interest rates threw up more obstacles to affordability (despite slightly easing demand).

🚨 More top stories from our newsroom:


Accused drunk driver slams into 2 cyclists near Dallas-Fort Worth Airport

Gateway Church pastor resigns after admitting to sexually abusing 12-year-old girl

Allan Saxe, beloved UT Arlington professor, has died

[Get our breaking news alerts.]

Recent trends offer some faint glimmers of hope to aspiring homebuyers. The median home (valued at $335,907) is 1.2% lower than it was last year; median home prices tumbled to $315,000 in January, the lowest level in three years. Recent dips in mortgage rates could offer extra respite.

“Greater supply, coupled with the recent downward trend in rates, is an encouraging sign for the housing market,” said Sam Khater, chief economist of national mortgage lender Freddie Mac. “If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”

Housing trends in Tarrant County from May 2024.
Housing trends in Tarrant County from May 2024.

Yet Fort Worth’s market is still lopsided. A six month housing inventory is the benchmark for balance between buyers and sellers. The area’s home affordability index, a measure of the typical family’s ability to afford payments on the median home in their area, is roughly half of what it was a decade ago and, despite slight upticks over time, shows no sign of reversing course. Any relief, then, might only be small and short-lived.