Welcome to 2020! What can the “West-O-Plex” expect to see in the new year in the single family housing market?
The city of Fort Worth wrapped up 2019 with a 6.98% increase in sale prices over a 12 month period ending the 4th quarter down roughly 0.43% from the beginning of the 4th quarter in October of 2019. This change before the end of the year is considered typical and is experienced most years during the same time. This trend can be backed by the overall increase in sale prices of 9.58% over the last 24 month period of the same data.
The increase in list prices of 1% in the last month suggests Fort Worth will start off 2020 with positive increases; however, please keep in mind that a “list” price is not the same as a “sale” price.
The above illustration shows the median sales price of homes sold on the local MLS (NTREIS) to have risen significantly from January 2015 to mid year 2018 (approximately July) from the $150,000 median to the $225,000 median. Since mid 2018 the trend shows much more subtle movement indicating a more stabilized growth market from that of 2015-2018.
Will the 2020 Fort Worth single family housing market boom? Keep track of this blog to find out!