January 2022 Housing Report
Active listings were down more than 30 percent in Fort Worth in January, as inventory continued to sit at a record low of 0.7 months. The median home price was $325,000, a 25.5 percent increase over January of 2021.
Inventory in Tarrant County dropped even further to 0.6 months. The Texas Real Estate Research 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. This leaves potential homebuyers with very few options to choose from, and those that are available are priced approximately 25 percent higher than they would have been a year ago.
“Last year we did not hit our final low point of the year until April and this year appears to be on that same path,” said Shannon Ashkinos, 2022 President of the Greater Fort Worth Association of REALTORS®. “Despite this record low inventory, sales continue to increase. A backlog of buyers are eager to get into the market, even with economic risks at hand like rising mortgage rates and inflation.”
Record-high home prices and record-low inventories, a combination labeled “double trouble” by analysts, are growing roadblocks for many Americans to achieve homeownership across the country, according to a new analysis from the National Association of REALTORS® (NAR) and realtor.com®. In the fourth quarter of 2021, 67 percent of metro areas had a double-digit increase in single-family existing-home sales price.
"A number of families, especially would-be first-time buyers, are increasingly being forced out of the market, and this is why supply is critical to expanding homeownership opportunity,” said Lawrence Yun, NAR chief economist.
In Fort Worth, closed sales were up 15.1 percent to 871 in January, and were also up in Johnson and Parker Counties, despite low inventory numbers. Once listing numbers start to increase, a hot market is expected for the spring.
January 2022 Fort Worth Statistics At-A-Glance
- 871 - Homes sold in January 2022, 15.1 percent more than January 2021
- $325,000 - Median price in January 2022, 25.5 percent more than January 2021
- 0.7 - Monthly housing inventory in January 2022, 0.3 months less than in January 2021
- 30 - Average number of days homes spent on the market in January 2022, 8 days less than January 2021
- 36 - Average number of days to close in January 2022