Fort Worth Property Market Report of 2023

Analysis of property market trends in Fort Worth, TX from November 2022 to December 2023

authorWritten by Manuel MartinezFeb 15, 2024

Between November 2022 and December 2023, Fort Worth saw a general trend of rising property values, albeit with moderate fluctuations. The average value peaked in May 2023 at around $342,481, up from about $340,477 in November 2022. This represents a 0.59% increase over six months, a steady if not rapid growth rate. However, by December 2023, there was a slight dip, ending the year at approximately $325,000. Despite the decline, it’s critical to note that the overall trend was positive, indicating a healthy upward movement in the real estate market of Fort Worth.

House Prices Fort Worth TX 2023
House Prices Fort Worth TX 2023

Compared to the value, the average sold price varied over time but didn’t show a clear trend. Starting from around $325,577 in November 2022, it bounced up to a high of $319,848 in January 2023 and then slid down to $307,919 by December of the same year. The fluctuations do not indicate an overall increase or decrease but instead suggest a dynamic market with different segments performing variably over the period.

Lastly, looking at the average sold price per square foot value, it ranged roughly between $177 and $181 from November 2022 to December 2023. Typically, a higher sold per square foot value indicates a more expensive or desirable locality, but since it was relatively constant in Fort Worth over the period, it may suggest stability in demand and pricing within the area.

Price Per Sq Ft Fort Worth TX 2023
Price Per Sq Ft Fort Worth TX 2023

House Price Trends in Nearby Cities

The nearby cities around Fort Worth demonstrated varied performance in their real estate markets:

  • In Azle, the average value had a slight downward trend, moving from approximately $402,500 in December 2022 to December 2023. Simultaneously, the average sold price experienced more fluctuation, peaking in September 2023 at around $346,760
  • Haltom City‘s average value showed a decrease from December 2022 to December 2023, which was mirrored in the average sold price over the same period. Such a trend might reflect a slower market or less favorable conditions in these regions.
  • Haslet’s real estate market saw a general decrease in average values between November 2022 and December 2023. However, the average sold price spiked in September 2023 before falling again, indicating possible short-term demand increases.

A significant decrease was observed in Keller’s average values and average sold prices over the period from December 2022 to December 2023. Conversely, North Richland Hills experienced a slight increase in both metrics over the same period, marking a potential growth area among its peers.

Comparatively, Fort Worth demonstrated a stable real estate market. Its average value and average sold price were typically lower than in Keller, indicative of lower cost properties. However, they were generally higher than Haltom City, revealing the intermediate positioning of Fort Worth in the surrounding real estate landscape.

Notably, the average sold per square foot value in Fort Worth was less than in nearby cities like Azle, Keller, and North Richland Hills. This could potentially mean that Fort Worth’s properties offer more square footage for the same price, making it an attractive choice for those who prioritize space.

General Observations

Most areas exhibit an increasing trend in property values over time, a pattern usually expected barring economic downturns or unfavorable conditions. The average sold price does not always mirror the value trend, likely due to different types of properties sold during various periods, perhaps representing varying market segments.

Overall, Fort Worth’s real estate market appears to be relatively stable, showing slight yet consistent growth and maintaining less expensive average prices per square foot than several of its surrounding cities. These characteristics might make Fort Worth an exciting area for both investors and potential homeowners alike looking for good deals and space for their money.

No matter where you look, understanding the trends in real estate data helps buyers make an informed decision and allows sellers to set competitive prices. With these insights, everyone can navigate the market with a clearer picture in mind.

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