I love Fort Worth! The Stockyards, Six Flags, the Zoo—what isn’t to love? When friends visit from out of town, they always tell me how much they want to move here, but hesitate because they feel housing is probably too expensive. However, they are shocked when I tell them how inexpensive living in Fort Worth can really be, especially when it comes to housing.
Why are houses cheap in Fort Worth? Ft. Worth houses are affordable because of the lower demand compared to other metropolitan areas in Texas. Of the five largest cities in the state, Ft. Worth has the 4th lowest price per square foot.
However, “cheap” is a relative term. Just because some houses in Ft. Worth may be affordable for others doesn’t mean it will be the same case for you. Therefore, in the remainder of this article, we’ll compare the average prices of homes in Ft. Worth to other nearby cities so you can see just how inexpensive it can be.
Are Houses Cheap in Fort Worth?
According to Zillow, in the Fort Worth area, the average home value is $212,127. This value is determined for an entire geographic area on a given day and is based primarily on the price of comparable homes that have actually sold within the past couple of months.
To compare, the entire State of Texas has an average home value of $211,199. The sister city of Ft. Worth, Dallas, averages in at $226,145.
|Ft. Worth||State of Texas||Dallas|
However, a better way to compare housing prices is by comparing the price per square foot, which is generally a fairer comparison. This is because it is difficult to determine how big the average home is across cities, and it wouldn’t make sense to compare the price of a 3-bedroom, 2500 square foot home to a 5-bedroom 7000 square foot home.
With that said, let’s add in a few other major cities in Texas alongside the state average and compare housing prices by the square foot to create a fuller picture:
|Texas||Ft. Worth||Dallas||Houston||Austin||San Antonio|
Clearly, compared to other major metropolitan areas in Texas, houses are relatively cheap in Fort Worth.
How does that break down for you? Let’s compare a 3-bedroom, 2500 square foot home in each location.
|State of Texas Overall||$325,000|
Are House Prices in Fort Worth Rising?
Over the past year, the median (average) Fort Worth home sales price has increased by 4%, according to Zillow. Nationwide, housing prices rose an average of 4.3% during the same timeframe, according to the National Association of Realtors.
So, as you can see, Fort Worth housing prices are actually increasing at a slower rate than prices in the rest of the country.
Like the housing market crash of 2008, 2020 is a “different” sort of year, as we all know. Because of unanticipated events, the market had cooled slightly, and Zillow had forecasted a price change of about 1.5% in the following year.
However, like in 2008, a “dip” is not expected to continue long-term and is simply a market response to current events and the resulting shrinkage of the economy.
Is it Too Late to Buy in Fort Worth?
Absolutely not! Not only are housing prices in Fort Worth still extremely low, but specific areas of Fort Worth are also at even better values!
- Sansom Park has an average home value of $133,950, with a better than market average price increase over the past year of 6.3%. This allows you the opportunity to get into a home cheaper and anticipate a higher level of appreciation based on recent market trends.
- Northside’s average home value is a low $129,083 and has a market increase well above average at 13.3% over the past year.
- Diamond Hill-Jarvis Market’s average home value comes in at $129,506. Over the past year, it has seen an average price increase of 7.9%.
- Far Greater Northside is another winner, with an average home value of $127,444 and annual growth housing price increase of 6.9% in the last year.
Fort Worth, Texas, is an excellent place to live and an even better place to find affordable housing. Compared to other metropolitan areas in Texas, such as Dallas, it scores among the lowest in terms of overall cost, as well as the average price per square foot. If you take the time to search through the various neighborhoods within Fort Worth and surrounding areas, there are still tremendous opportunities to be found in the affordable housing market.
Though prices are currently seeing a small decrease, don’t expect that trend to continue. As the economy rebounds, those prices will be right back on the rise, so if you’re looking to buy a home, whether as a personal or business investment, now is a great time to buy in Fort Worth!