2014 was definitely an interesting year for the residential real estate markets. Home prices in various areas saw a slight (or not so slight) increase during the past year, with Fort Worth, Texas, being one of them.
The median home price in Fort Worth for the past couple of years was around $180,00. Experts estimated a forecast of an 8.9% increase throughout September 2014, even though the prices in this area have remained fairly stable for the past couple of years. What stopped the residential real estate market from imploding was the fact that home building was relatively cheap and the local economy – fairly strong. The Forth Worth International Airport also kept a steady supply of jobs and buyers, looking to buy in the area. In 2014, around 3,360 units were sold (with up almost 47% over last quarter and up 9% from last year), with the average price of $184,000.
Interesting enough, there seemed to be a slight increase in the median list price for Fort Worth in the period between April 2014 and October 2014, followed by a steeper increase (from around $200,000 to almost $22k) but since then, prices have fallen down. Recent data suggest that the average residential area property list price for Fort Worth was around $182,000 in January 2015. Experts, however, predict that prices will rise again throughout this year.
The Fort Worth area was ranked lower than Houston, when it comes to markets to watch, but yet its economic diversity might result in a more sustainable growth rate. The strong job growth, low cost of living and doing business are constantly attracting more workers and buyers to the area and it’s hardly surprising that the single-family housing in the market is the highest-ranked property sector.