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Fort Worth Real Estate Market 2019 Statistics
If you are looking at buying a house in Fort Worth as a potential investment opportunity, you must read till the end. Real estate prices in the Fort Worth market are expected to rise at a steady pace throughout 2019. Fort Worth, Texas is often overlooked in favor of its more famous and slightly more populous neighbor, Dallas. This is especially true in the national headlines proclaiming Dallas one of the hottest real estate markets in the United States. Let’s take a look at the Fort Worth real estate market before discussing why it is a good choice for investors.
If you are a home buyer or real estate investor, Fort Worth definitely has a track record of being one of the best long term real estate investments in the country through the last ten years. Fort Worth, Texas is home to more than 800,000 people. However, the Fort Worth housing market is better seen as the western half of the Dallas-Fort Worth metroplex, itself home to more than seven million people. The Dallas-Fort Worth area is growing fast, but that’s not the only reason to consider investing here. Let’s take a close look at the Fort Worth housing market trends and forecasts for 2019 & 2020 and find out why you should invest in this hot market.
Fort Worth Real Estate Market Forecast 2019, 2020 & 2021
The median home value in Fort Worth is $197,100 on Zillow.com. Fort Worth home values have gone up 9.6% over the past year and Zillow’s Fort Worth real estate market prediction is that the prices will rise 7.3% within the next year. The median list price per square foot in Fort Worth is $123, which is lower than the Dallas-Fort Worth-Arlington Metro average of $137. The median price of homes currently listed in Fort Worth is $259,900 while the median price of homes that sold is $214,500. The median rent price in Fort Worth is $1,595, which is lower than the Dallas-Fort Worth-Arlington Metro median of $1,695.
According to LittleBigHomes.com, the Fort Worth real estate market forecast for the 12 months ending with the 3rd Quarter of 2019 is positive. Their accuracy of the Fort Worth real estate market trend prediction is 86%. Accordingly, they estimate that the probability for rising home prices in Fort Worth is 86% during this period. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2019 than they were in the 3rd Quarter of 2018.
Fort Worth Housing Market Forecast 2019 – 2021
The Fort Worth housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Fort Worth housing market trend prediction is 76%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Fort Worth is 76% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Fort Worth Real Estate Market Forecast.
Fort Worth Real Estate Market Trends
Fort Worth real estate market trends show a 0% week-over-week rise in average listing price and a 0% rise in median rent per month. Trulia has 2,440 resale and new homes for sale in Fort Worth, TX, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
Data by Redfin.com shows that the Fort Worth housing market is very competitive. Homes in Fort Worth receive 1 offers on average and sell in around 28 days. The average sale price of a home in Fort Worth was $313,000 last month, up 366.4% since last year. The average sale price per square foot in Fort Worth is $116, up 61.8% since last year. Homes typically receive 1 offer. Homes in the Fort Worth housing market sell for about 10% below list price and go pending in around 28 days. Hot Homes in Fort Worth, TX can sell for about 1% below list price and go pending in around 14 days.
Fort Worth Housing Market Statistics
- The median sale price of homes in Austin is $313,000 (On Redfin)
- The median sale price per sq ft. is $116
- Average number of days on market is 28
- Average Listing Price: $267,565 (On Trulia)
- Median Rent Per Month: $1,550
- Median Household Income: $46,068
- Home Owners: 68%
- Single Residents: 30%
- Median Age: 33
- College Educated: 27%
- Transportation: 98% people commute by car
There are 6,173 homes for sale in Fort Worth, TX, ranging from $3K to $10M on Realtor.com. 510 of which were newly listed within the last week. Additionally, there are 1,334 Fort Worth rental properties, with a range of $509 to $8K per month. In February 2019 the housing market in Fort Worth, TX was a balanced market, which means there was a healthy balance of buyers and sellers in the market.
The median list price of homes in Fort Worth, TX was $232,500 in February 2019, trending up 2.9% year-over-year. The median listing price per square foot was $122. Homes in Fort Worth, TX sold for approximately the asking price on average in February 2019. On average, homes in Fort Worth, TX sell after 65 days on the market. The trend for median days on market in Fort Worth, TX is flat since last month, and flat since last year.
The median list price in Fort Worth is $288,320 on Movoto.com. The median list price in Fort Worth was less than 1% change from March to April. Fort Worth’s home resale inventories is 1,868, which increased 3 percent since March 2019. The median list price per square foot in Fort Worth is $133. March 2019 was $133. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in April.
Fort Worth Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units
As per the data from the real estate company called Neigborhoodscout.com, the median house price in Fort Worth is $179,824, which indicates that home prices in Forth Worth are near the national average for all cities and towns.
Single family detached homes are the single most common housing type in Fort Worth, accounting for 67.37% of the city’s housing units. Other types of housing that are prevalent in Fort Worth include large apartment complexes or high rise apartments ( 23.00%), duplexes, homes converted to apartments or other small apartment buildings ( 4.83%), and a few row houses and other attached homes ( 3.26%).
The most prevalent building size and type in Fort Worth are three and four bedroom dwellings, chiefly found in single family detached homes. The city has a mixture of owners and renters, with 57.17% owning and 42.83% renting. Currently, there are 3,406 single family homes for sale in Fort Worth, TX on Zillow. These include upcoming potential listings. Additionally, there are 814 single family homes for rent in Fort Worth, TX.
Fort Worth, TX Foreclosures And Bank Owned Homes
Foreclosures will be a factor impacting home values in the next several years in Fort Worth. In Fort Worth 0.3 homes are foreclosed (per 10,000). This is the same as the Dallas-Fort Worth-Arlington Metro value of 0.3 and also lower than the national value of 1.2. The percent of delinquent mortgages in Fort Worth is 1.5%, which is higher than the national value of 1.1%.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Fort Worth homeowners underwater on their mortgage is 4.8%, which is higher than Dallas-Fort Worth-Arlington Metro at 4.4%.
- Foreclosures in Fort Worth = 639 (RealtyTrac)
- Homes for Sale in Fort Worth = 3,086
- Recently Sold = 261
- Median List Price = $208,000 (0% ⇑ vs Feb 2018)
There are currently 639 properties in Fort Worth, TX that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 3,086. In March 2019, the number of properties that received a foreclosure filing in Fort Worth, TX was 39% higher than the previous month and 23% lower than the same time last year.
Home sales for February 2019 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home in Forth Worth was $0. The median sales price of a foreclosure home in Forth Worth was $0, or 0% higher than non-distressed home sales.
Fort Worth Home Prices And Real Estate Appreciation
Fort Worth real estate appreciated 60.81% over the last ten years, which is an average annual home appreciation rate of 4.86%, putting Fort Worth in the top 10% nationally for real estate appreciation. Forth Worth real estate appreciation rates are so strong that despite a nationwide downturn in the housing market, Fort Worth real estate has continued to appreciate in value faster than most communities.
The expectations are that the DFW market generally, and Fort Worth specifically, will continue to appreciate in 2019. Fort Worth has long been an interesting real estate market, where buyers can find a large number of starter homes and an equally great selection of high-end homes.
Looking at just the latest twelve months, Fort Worth real estate appreciation rates continue to be some of the highest in the U.S., at 7.37%, which is higher than appreciation rates in 74.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fort Worth. Fort Worth real estate appreciation rates in the latest quarter were at 1.25%, which equates to an annual appreciation rate of 5.11%.
The above statistics on real estate appreciation in Fort Worth were taken from NeighborhoodScout.com. You can visit their page for more information. Relative to Texas, our data show that Fort Worth’s latest annual appreciation rate is higher than 60% of the other cities and towns in Texas.
10 Best Neighborhoods In Fort Worth For Real Estate Investment
There are 459 schools in Fort Worth, TX. There are 215 elementary schools, 100 middle schools, 77 high schools and 67 private & charter schools. There are 246 neighborhoods in Fort Worth. Fairmount has a median listing price of $367.5K, making it the most expensive neighborhood. Far Greater Northside is the most affordable neighborhood in Forth Worth, with a median listing price of $130,000.
These are the 10 best neighborhoods in Fort Worth to invest in real estate because they have the highest real estate appreciation rates (List by Neigborhoodscout.com).
- Hemphill St / W Berry St
- Hemphill St / W Allen Ave
- The College of Saint Thomas More / W Berry St
- 8th Ave / W Rosedale St
- N Forest Park Blvd / W 7th St
- Hemphill St / Pennsylvania Ave
- Montgomery St / Bryce Ave
- U of North Texas Health Science Center / White Settlement Rd
- White Settlement Rd / Foch St
- W Vickery Blvd / Clover Ln
Should You Invest In The Fort Worth Real Estate In 2019?
Investing in real estate is touted as a great way to become wealthy. Is Fort Worth rental property good for investment? Planning to invest in the Fort Worth real estate market? Many real estate investors have asked themselves if buying a property in Fort Worth is a good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Fort Worth housing market 2019 forecast for answers on why to put resources into this sizzling market. The home prices in the Fort Worth housing market will be on an upswing all through 2019. The Fort Worth home prices are expected to rise by 7.3% in 2020. So you should consider investing in Fort Worth rental properties sooner, to avoid higher home prices down the road. Here are the top 10 reasons to invest in the Fort Worth real estate in 2019.
1. You Can’t Beat Its Overall Value
Zillow’s November 2018 list of the top ten metro areas in the country had only three with a lower median home value than the Dallas – Fort Worth housing market was around $240,000. However, the area features an ideal mix of slow population growth, job growth and income growth that will keep rents and home prices growing steadily for years. This is why the average home price in the Dallas-Fort Worth real estate market is expected to go up 8% in 2019.
2. And Fort Worth Is a Better Deal than Dallas
We already mentioned that the Dallas-Fort Worth area presents an ideal mix of affordability and appreciation. What we didn’t say was that Fort Worth is an even better deal, because Fort Worth homes are cheaper than those in Dallas. Many live in Fort Worth rental properties and commute to Dallas jobs to save money, though there are many jobs in Fort Worth, as well.
3. Jobs, Jobs, Jobs Will Keep Them Coming
The Dallas-Fort Worth housing market will see continued population growth because of the job market’s rapid expansion here. The number of jobs here is growing at more than twice the national average. This attracts people from all over the country to the area, driving demand for Fort Worth rental properties.
4. This Is an Ideal Time to Buy
The Fort Worth housing market has seen a slowdown in home sales. This provides more opportunities to snap up properties at a bargain price instead of bidding wars that push up home prices. Home prices will eventually resume their steep trajectory upward due to short supply and strong, long-term demand.
5. Fort Worth Beats Most Metro Markets on Taxes
Texas doesn’t have a state income tax. It makes up for this with a mix of state, local and school district property taxes. That tax bill ranges from 2.3% to 3% for homes in Fort Worth and its suburbs. One of the interesting things about Texas is that it allows cities to reject absorption into the large, neighboring city as long as there is one other city touching it. That resulted in dozens of smaller cities in, around and between Dallas and Fort Worth. This allows you to shop around in the Fort Worth housing market to find properties with the lowest overall tax bill.
6. Fort Worth Is Home to a Large Military Base
One of the major sources of renters for Fort Worth rental properties is the Naval Air Station Fort Worth Joint Reserve Base. More than ten thousand members of the Navy, Marine Corps, Air Force, Army and Air National Guard are stationed there. Yet the military base is such a small component of the roaring Dallas-Fort Worth economy that any reduction or closure would not seriously hurt the Fort Worth rental market.
7. The Area Airports Create Incredible Opportunities
The Fort Worth real estate market is bolstered by the presence of Dallas-Fort Worth Airport and Alliance Airport. One way DFW Airport and Alliance impacts local real estate conditions is by creating thousands of jobs that are a short distance away from Fort Worth residents. Another way it benefits Fort Worth property owners is that it creates massive demand for short term rentals.
Why pay a fortune to stay in a hotel when here for a week on business when you can stay in Fort Worth rental properties instead? In the case of Alliance Airport, you find people moving into rental properties to work at the cargo airport during the busy season, whether or not they choose to find another job later.
8. The Underappreciated Tourism Market Is Profitable
Fort Worth has a tourism market, though it isn’t fully appreciated by either locals or outside investors. Fort Worth is home to many museums and cultural institutions. You can find tourist attractions like Great Wolf Lodge and the Gaylord Texan in Grapevine, Texas. Then there is the steady stream of conventions held in Fort Worth. Rental properties close to these attractions can profit from the five million tourists who pass through each year.
9. Fort Worth Is More Landlord Friendly than Dallas
The state of Texas is very landlord friendly. It doesn’t have “buyer’s remorse” laws. It allows you to evict someone for violating their lease with three days’ notice. There are relatively few restrictions on what landlords can put in the lease. Dallas bucked this trend by passing laws to require code inspections of single family rentals in 2016. Dallas and several of its suburbs have started to require registration of rental properties. In contrast, Fort Worth rental properties don’t have to be registered if they’re single family homes without code violations.
10. Fort Worth Offers a Diverse Real Estate Market to Investors
The Fort Worth real estate market has a much lower density than the Dallas real estate market. You can find high density housing in downtown Fort Worth, but it is far easier to find horse-friendly properties in the Fort Worth real estate market than the distant suburbs of Dallas. This is, of course, in addition to the luxury housing markets in both cities.
You can find more undeveloped lots and low density housing tracts that can be redeveloped into high-density, multi-family housing in Fort Worth than in Dallas. The demand for low-income Fort Worth rental properties rivals that in Dallas, but suitable properties will be cheaper than similar units in Dallas just thirty miles away. Fort Worth is also notable for having more walkable communities and new urban construction projects than Dallas.
Fort Worth Real Estate Investment
Maybe you have done a bit of real estate investing in Fort Worth, TX but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. If you invest wisely, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments, you should focus on markets with relatively high population and employment growth. Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Fort Worth, TX. The Dallas-Fort Worth area is exploding due to its strong job market, low housing costs, and low taxes. Fort Worth presents an excellent opportunity for investors because it is both cheaper than its big brother and providers a wider variety of properties.
Buying an investment property is different from buying an owner-occupied home. Investment properties are designed to make money as rentals, which means you must look at it solely as an income producing entity just like any other business.
Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor is your ability to find great real estate investments.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
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Best Places In Texas To Invest In Real Estate
Apart from the Fort Worth real estate market, you can also invest in the housing market of Houston, TX. If you are a home buyer or real estate investor, Houston definitely has a track record of being one of the best long term real estate investments in America through the last ten years. The Houston housing Market forecast is good, and current housing prices are relatively low, so if you want to get on board the Houston real estate investing then now would be a great time to do so.
The Houston metro area offers great opportunities for investors who are looking for a stable market that offers both cash flow and equity growth at a price that is STILL well below their replacement value. The median home value in Houston is $185,600. Houston home values have gone up 7.2% over the past year and their Houston real estate market prediction is that they will rise 3.4% within the next year.
The next one is the San Antonio real estate market. The median home value in San Antonio is $167,600. San Antonio home values have gone up 8.0% over the past year and Zillow predicts they will rise 2.5% within the next year. For those who want to invest in rental real estate, the San Antonio housing market is an ideal location because of the outsized military presence. Fort Sam Houston is located inside the city limits.
Lackland Air Force Base, Randolph Air Force Base, Camp Bullis and Camp Stanley are located in the immediate vicinity. This means that there is a large population that will almost always rent because they don’t know where they’ll be sent on their next assignment.
San Antonio has a dearth of affordable housing because demand is so much greater than the supply. This has created a large number of renters who need to pay quite a bit to rent apartments or single family homes. We know there is a lack of housing relative to demand when a balanced market has a 6 month home inventory and San Antonio has only a two month inventory.
The El Paso real estate market is another hot market to invest in. El Paso housing market 2019 was ranked at 4th in Trulia’s hottest real estate markets to watch in 2018. El Paso’s strong job growth, affordability, low vacancy rates and high population of young household were pivotal in the ranking process.
The cost of living in El Paso is lower than the national average, while the cost of housing is well below that of other major metropolitan areas, including Houston and Austin. The Central, Cielo Vista and Mesa Hills areas offer more affordable rental properties for sale, while neighborhoods in the northwestern and eastern parts of the metro area have some of the more expensive housing inventory. The amount residents spend on everyday expenses, such as food and transportation, is slightly less than what the average American pays.
With Austin, Texas, becoming a more diverse city every year, there are plenty of opportunities to take advantage of – from buying new homes to different investing options in the Austin housing market 2019. Austin is a leader across the country with jobs and when you combine that with home prices not as drastically increasing, you’ll get a real estate market that many others envy.
Homes in Austin are 23% cheaper than the national average. It may be the second most expensive housing market in the state with a median home price of around $350,000, but it is still far cheaper than California or New York. Buy up condos or townhomes, and you’ll be able to see a sizable return on the investment.
For example, studio apartments rent for around $780 in Austin versus the $700 national average, while an Austin 1 bedroom apartment rents for almost a $1000 though the national average is $825 a month. A three bedroom apartment in Austin rents for $1500-$1600 while the national average is closer to $1400 a month.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References:
Value
http://dallas.culturemap.com/news/real-estate/01-21-19-dallas-fort-worth-housing-market-sizzle-2019-zillow/
Fort Worth better deal
https://www.forbes.com/sites/ingowinzer/2018/04/18/texas-offers-a-broad-range-of-real-estate-investment-opportunties/#42a65a453fe0
Jobs
https://www.dallasnews.com/business/real-estate/2018/10/10/d-fw-tapped-best-property-market-country-2019-industry-leaders-decide
Slowdown/time to buy
https://www.dallasnews.com/business/real-estate/2018/09/10/north-texas-home-sales-dipped-august
Property taxes
https://www.nailandkey.com/blog-master/comparison-highest-and-lowest-d-fw-property-tax-rates-2018 https://www.movoto.com/foundation/property-taxes/fort-worth-property-tax-how-do-tax-rates-compare-to-other-major-cities
Military
https://www.cnic.navy.mil/regions/cnrse/installations/nas_jrb_fort_worth.html
Landlord friendly
https://www.dallasnews.com/news/dallas-city-hall/2016/09/28/dallas-get-tough-landlords-improves-standards-renters
https://legalbeagle.com/6815774-texas-rent-control-laws.html
https://dallascityhall.com/departments/codecompliance/Pages/Single-Family-Rental-Registration-Frequently-Asked-Questions.aspx
http://fortworthtexas.gov/rentalproperty/registration
Fort Worth diverse real estate market
Meeting the Demand for Walkable Development in Dallas/Fort Worth
https://www.secondshelters.com/2016/05/19/equestrian-subdivisions-yea-or-neigh
Fort Worth demographics
https://datausa.io/profile/geo/fort-worth-tx
Tourism
https://www.fortworth.com/articles/post/fort-worth-convention-visitors-bureau-celebrates-national-travel-and-tourism-week
Market Data, Trends and Statistics https://www.zillow.com/fortworth-tx/home-values https://www.littlebighomes.com/real-estate-fort-worth.html https://www.trulia.com/real_estate/Fort_Worth-Texas https://www.redfin.com/city/30827/TX/Fort-Worth/housing-market https://www.realtor.com/realestateandhomes-search/Fort-Worth_TX/overviewh https://www.movoto.com/fort-worth-tx/market-trends https://www.realtytrac.com/statsandtrends/foreclosuretrends/tx/tarrant-county/fort-worth https://www.neighborhoodscout.com/tx/fort-worth/real-estate
