February 2022 Housing Report
Inventory dropped to a new record low in February as both Fort Worth and Tarrant County fell to 0.6 months. Prospective homebuyers still find themselves waiting for trends to change as prices continue to climb. The median home price in February was $333,099 in Fort Worth, a 23.4 percent increase from February of 2021.
The 0.6 months of inventory number is a stark contrast to 6.5 months of inventory, which is the number that represents a market in which supply and demand for homes is balanced, according to the Texas Real Estate Research Center at Texas A&M University.
“We have an intense buyer competition going on with an incredibly tight supply,” said Shannon Ashkinos, 2022 President of the Greater Fort Worth Association of REALTORS®. “As a result, home prices are still climbing. With the addition of inflation, it’s a difficult time for homebuyers, with things unlikely to improve in the market before April.”
On the plus side for current homeowners, real estate is one of the best asset classes to own during times of inflation. A recent study from the National Association of Realtors® indicated that middle-income households have gained $2.1 trillion in housing wealth over the last decade.
Meanwhile, those who are looking to change their status from renter to homeowner are facing a daunting challenge ahead. Perhaps as a sign of what’s to come, the U.S. median list price set a record high of $392,000 in February.
“Over the last five years, we have seen home prices break records early in the season as buyers try to get ahead of the competition,” says Danielle Hale, realtor.com®’s chief economist. “But this is the first time the record has been broken in February, signaling that competition is already heating up weeks before the start of the spring buying season in a typical year.”
In February, closed sales were up 8.4 percent in Fort Worth, and jumped 22.7 percent in Parker County compared to February 2021. Active listings were down in Tarrant, Parker, and Johnson Counties, with Fort Worth down 36.5 percent year over year. With mortgage rates fluctuating and geopolitical uncertainty, the moment at which inventory begins to steadily increase again will continue to be anyone’s guess.
February 2022 Fort Worth Statistics At-A-Glance
- 880 - Homes sold in February 2022, 8.4 percent more than February 2021
- $333,099 - Median price in February 2022, 23.4 percent more than February 2021
- 0.6 - Monthly housing inventory in February 2022, 0.3 months less than in February 2021
- 28 - Average number of days homes spent on the market in February 2022, 7 days less than February 2021
- 31 - Average number of days to close in February 2022