Fort Worth housing inventory hits a record, but it’s not all great news for buyers

The Greater Fort Worth Association of Realtors (GFAR) reports a significant rise in housing inventory. As of May, inventory reached 3.2 months, marking the first time it has surpassed the three-month threshold in over a decade. Housing inventory represents the number of months it would take to sell the existing housing stock at the current sales rate.

GFAR noted that in recent years, inventory had fallen to less than one month. Additionally, active listings saw a more than 50% increase from May 2023 to May 2024.

Elizabeth McCoy, an associated broker with Williams Trew Real Estate, explained that the COVID-19 pandemic created a lock-in effect, which is now easing. “Many people secured great interest rates during the pandemic when they refinanced or bought a house,” McCoy said.

Circumstances are changing, prompting people to list their homes. “Some families, having grown during COVID, now need more space,” she explained.

For Tony and Susan Fertita, downsizing became a priority. “After COVID, we decided to downsize and move closer to our kids and grandkids,” Susan said. They felt the timing was right. “We kept an eye on the market, and with values significantly up, we felt this was the right time,” Susan added.

McCoy noted that while home prices aren’t soaring like during the pandemic, they are still rising. “Prices are increasing at normalized levels, but they’re high for buyers sensitive to interest rates. Higher rates and rising prices make some areas less affordable,” she explained.

Although buyers have more housing options, affordability remains a challenge. The median home price in Fort Worth in May was $335,907, only a 1.2% decrease from May of last year.

Competition for homes persists, albeit not as intense as during the pandemic. “Well-priced, move-in ready homes are attracting multiple offers,” McCoy said. However, overpriced homes are getting fewer showings as buyers become more selective.

“Homes in outer areas of the Metroplex aren’t selling as quickly,” McCoy added.

The Fertitas’ home sold in less than a week, thanks to their realtor, Terri Silva. McCoy emphasized the importance of a good realtor for buyers to avoid overpaying. “A good realtor can help you identify appropriately priced homes and offer strategies for competing offers,” she said.

With interest rates expected to decrease next year, McCoy anticipates increased competition. “It’s going to get competitive for buyers. If you’re on the fence, start looking now,” she advised.