Fort Worth, Texas, is a city that has been experiencing a steady growth in its real estate market over the past few years. With a population of over 900,000 people, Fort Worth is the fifth-largest city in Texas and the 13th largest in the United States. This article will provide a comprehensive overview of the Fort Worth real estate market, including its current state, trends, and future projections.
The Current State of the Fort Worth Real Estate Market
The Fort Worth real estate market is currently experiencing a seller’s market, with a high demand for homes and a low inventory of available properties. According to Zillow, the median home value in Fort Worth is $259,000, which is a 10.5% increase from the previous year. The average price per square foot is $139, which is higher than the Fort Worth-Arlington Metro average of $129.
The Fort Worth housing market has been experiencing a steady increase in home sales over the past few years. In 2020, there were 28,000 homes sold in Fort Worth, which is a 5.7% increase from the previous year. The average days on the market for a home in Fort Worth is 43 days, which is lower than the national average of 60 days.
Trends in the Fort Worth Real Estate Market
One of the trends in the Fort Worth real estate market is the increase in demand for new construction homes. According to the Fort Worth Business Press, there has been a surge in new home construction in Fort Worth, with over 10,000 new homes built in 2020. This trend is expected to continue in the coming years, as more people move to Fort Worth for its growing job market and affordable cost of living.
Another trend in the Fort Worth real estate market is the increase in home prices in the suburbs. As more people move to Fort Worth, the demand for homes in the suburbs has increased, leading to an increase in home prices. According to Zillow, the median home value in the Fort Worth suburbs is $305,000, which is higher than the median home value in Fort Worth itself.
Future Projections for the Fort Worth Real Estate Market
The future of the Fort Worth real estate market looks promising, with continued growth and development expected in the coming years. According to the Fort Worth Business Press, the city is expected to add over 1 million new residents by 2040, which will lead to an increase in demand for housing. This growth is expected to lead to an increase in home prices, making Fort Worth a great place for real estate investors to invest in.
Another factor that is expected to contribute to the growth of the Fort Worth real estate market is the city’s strong job market. According to the Fort Worth Chamber of Commerce, the city has a diverse economy with a strong presence in industries such as healthcare, education, and manufacturing. This strong job market is expected to attract more people to the city, leading to an increase in demand for housing.
FAQs
What is the median home value in Fort Worth?
The median home value in Fort Worth is $259,000, according to Zillow.
What is the average price per square foot in Fort Worth?
The average price per square foot in Fort Worth is $139, which is higher than the Fort Worth-Arlington Metro average of $129.
What is the average days on the market for a home in Fort Worth?
The average days on the market for a home in Fort Worth is 43 days, which is lower than the national average of 60 days.
Conclusion
The Fort Worth real estate market is currently experiencing a seller’s market, with a high demand for homes and a low inventory of available properties. The city is expected to continue experiencing growth in the coming years, with an increase in demand for housing due to its strong job market and affordable cost of living. Real estate investors looking for a promising market to invest in should consider Fort Worth, as it offers great potential for growth and development in the future.
