A Look at the Housing Market in Fort Worth

Entrance to the Stockyards
Creative Commons License photo credit: jamesbrandon

Fort Worth, TX is the seventeenth largest city in the United States. It?s a city that boasts the retention of its? Western heritage, while still having a flare for the modern and beautiful. The city houses the first painting that Michelangelo produced and have nice attractions in Sundance Square, for young and old alike. So how?s the housing market in Fort Worth fairing?

The housing market in Fort Worth, Texas is going quite well. Many would even say it?s phenomenal considering the market in other areas of the U.S. Home values in Fort Worth are very similar to what is being offered on the market in San Antonio?another Texas city with high property values. The median price for homes in Fort Worth is around $147k. Foreclosures have recently gone down by about 4% as of May 2010, which is a good sign for the area as well. The boost in May is 1.5% better than in April. The dip in mortgage rates in the areas has been a catalyst for many buyers.

In Fort Worth, the indicators are that local home owners are deciding to stay with their properties even if the home value declines. While, the number of homes sold in May was approximately 6,026; the number of new homes available is only 41. For many this would seem to be a great sign that the shift may be heading towards a sellers market. This would be a rarity in any city in our nation right now and bodes well for Fort Worth sellers. On the whole the cut in interest rates seemed to spur buyers in the area to make purchases in the first quarter while they could take advantage of the tax credit that expired in May. Many in the housing industry are paying close attention to cities that are leaning toward becoming a ?sellers market? again. Large cities like Fort Worth seem to be indicators in the real estate market. Many are hoping that the stability and even progress of the markets in places like Fort Worth will be a sign of good things to come in metropolitan housing markets nationwide.