The Fort Worth housing market continues to set records even as home sales slowdown. So the question is, what is driving this increase?
We talked to a North Texas realtor for some insight.
As of right now, the median home price in Fort Worth is at $310,000. That's according to The Greater Fort Worth Association of Realtor's, October report. That's an increase of nearly 2-percent since September.
We asked Nicole Smith Woodard who helped us “focus in” hot housing areas Fort Worth and she says, bottom line, even though the speed of home prices have slowed down, there's still "pent up" demand.
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"So anytime you have such a dramatic disconnect between supply and demand, that's going to increase those prices. You're increasing competition, so for every house that comes on the market, you have 27 buyers that would like to buy it, so what that automatically creates is this frenzy and so those that can, and that's the key," said Nicole Smith Woodard.
Meanwhile for those of you not ready to buy a home, in the heart of downtown Fort Worth, construction is well underway for a new 27 story high-rise.
It will be the first of its kind downtown because the luxury residences are for rent.
DECO 969 right off Commerce St., just walking distance from Sundance Square will feature one, two, and three-bedroom apartment homes and penthouses with resort style amenities.
The first 7 floors will be just parking. Above that, expect some incredible views from the art deco building. We talked to the CEO of Southern Land Company, who says this project has been in the works for years.
"After 12 years of looking, we found this site, and we're thrilled about doing it. We're kind of amazed. Downtown Fort Worth is one of the nicest downtowns I think in the country,” said Time Downey. “I think what's been done at Sundance Square and maybe what the Bass family has done is incredible. It just needs more people living there."
Downey says they hope to start leasing in 2023. https://deco969.com/