Welcome to your February 2019 Real Estate Market Update for the Fort Worth / Dallas area. This market update goes outside our normal Tarrant County focus.
Last year in 2018 we started to see a shift in the market here in the Fort Worth area. With over 1,000 people a day moving to Texas we’ve had a solid increase in house prices over the last 4 or 5 years. We are now reaching a level of price exhaustion where the income just isn’t there. It’s taking some people out of the market and as a result we are starting to see a shift back towards a balanced market. This market update give you a good idea of what happened over the past year and what we have in store for this coming year.
This January we saw a 12% increase in homes listed under $500k. The word has gotten out on home appreciation and with the increase it’s allowing more owners to sell.
With the market slowing, we can no longer list homes over market value and expect them to sell quickly. This is reflected in the amount of inventory that has accumulated this year. We have 24% more homes on the market than this time a year ago. That is significant!
With more inventory to choose from and a slow down in the migration to Texas the days on market for a home to sell is increasing as we would expect. The higher in price you go the higher the days on market.
In the market between half a million and $800,000 while this is a balanced market we are seeing homes only last about 60 days on the market. Our best guess is that this is a result of the migration from other states and executives moving into Texas.
The luxury home market in Fort Worth while leaning towards a buyers market is moving quite rapidly. In a market where we would expect homes to be on market for closer to 5 or 6 months they are selling quite quickly with the average days on market under 90.
What’s Next for the Texas Real Estate Market in 2019
We don’t have a crystal ball but I expect the market to slow further this year. I think we will still see decent appreciation in home values for 2019, whether that will continue into 2020 or not is hard to speculate. Most professionals are expecting a bit of a leveling out of the market here in the next two years. Time will tell!
If you are thinking about moving to north Texas, be sure to start your search at TomsTexasHomeFinder.com