With all the headlines about the surging housing market in North Texas, it's easy to assume that Dallas smaller, more casual neighbor, Fort Worth, is evolving at the same pace. But each market is wildly unique. Here is our spotlight on the Fort Worth real estate market as of April 2021 — and our tips for what to expect for the rest of 2021.
Sellers are seeing success
As in Dallas, Arlington and even further afield in Austin, Texas' major metropolitan areas are flourishing. That's partly due to historically low interest rates nationwide, but it's also because Texas continues to attract affluent new arrivals, whether it's Big Tech companies relocating or buyers escaping the West Coast's higher home prices and higher taxes. With the Texas economy stable, there is only one direction for house prices to go. In Fort Worth, rising prices are further accentuated by an acute shortage of available housing.
Buyers can still capitalize
Even set against the lack of inventory, a home in Fort Worth is worth waiting for. The lack of state capital gains tax in Texas means that investors in real estate can accommodate price rises, and the stock that is available still compares competitively to the national average. The biggest threat, perhaps, is that while the Fort Worth economy is still vibrant, average earnings in Texas as a whole haven't kept pace with house-price rises. This raises affordability issues for the future.
Top Fort Worth neighborhoods
Fort Worth natives bristle for good reason at the suggestion that Dallas-Fort Worth now forms a single, cohesive entity. Despite their proximity, the two cities offer a distinctly different experience to potential home buyers. Whereas Dallas has always been the flashier, more stylish sibling, Cowtown, as Fort Worth is affectionately known by locals, embraces its casual, welcoming character. (Just visit the charming Sundance Square district downtown to experience it for yourself.) Bear in mind, too, that Fort Worth has a smaller population than Dallas: 778,573 compared to 1.24 million.
These may seem like subtle nuances, but they are reflected in a more noticeable difference when it comes to real estate. Whereas the luxury market continues to gather pace in Dallas and exclusive neighborhoods flourish, Fort Worth is in less of a hurry. Buyers can find some attractive but affordable neighborhoods to choose from, including Park Glen ($295k) and Downtown ($333k). Even the more expensive neighborhoods, like Berkely Place, Rivercrest, Monticello, Crestwood, Park Hill and Mira Vista are a fraction of the price of top Dallas areas such as Preston Hollow or the Park Cities.