FORT WORTH, Texas — This story originally appeared in the Dallas Business Journal.
Almost half of all active listings in the Fort Worth housing market have had price reductions as demand continues to cool.
The median home price for a home sold in Fort Worth dipped again in July. While still up almost 18% year-over-year, the median home price in Fort Worth was $355,000 in July. Additionally, active listings were up 40% year over year last month, according to a report from the Greater Fort Worth Association of Realtors.
In Johnson and Parker Counties, those numbers were up more than 70%.
With inventory rising and demand slowing from its previous fever pitch, 49% of active listings have had price reductions, said Shannon Ashkinos, vice president of Connections and Career Success with JPAR Real Estate and 2022 president of the Greater Fort Worth Association of Realtors.
“I think that it’s a correction in the market,” she said.
While demand is cooling, it’s still strong enough to keep prices fairly high when coupled with the market's low inventory. Inventory is now 1.9 months in Fort Worth and Tarrant County, a 0.6-month increase from July last year. Fort Worth currently has an inventory of about 1,400 homes, compared to about 2,400 homes before the COVID-19 pandemic.
“We were kind of expecting it to get back to that (level), possibly, but it hasn’t made it,” she said.
The market likely won’t get back to a pre-pandemic level of inventory this year. While inventory has been climbing and demand has tempered, Fort Worth is still very much a seller’s market.
Summer is normally the hottest time for the housing market, but August and September typically signal a slowdown.
“We’re seeing it slow a little bit right now because we are (in mid) August,” Ashkinos said. “It’s showing me that we are headed back towards a bit of a typical market.”
