The ball has dropped. The toasts have been made. Resolutions are probably already broken — or on their way to being broken. It’s time to look into the CandysDirt.com Crystal Ball and make some 2018 predictions for Tarrant County Tuesday. Are you ready?
Prediction 1: Median Sales Price
In 2017 the median sales price of homes in Tarrant County increased roughly 10 percent to the $220,000 range. While that is good news to many who already own a home, that’s not good for those buyers who are sitting on the sidelines hoping to get into the home ownership game.
Did you know that only 10 years ago the median sales price was around $130,000? Now those homes are being sold for almost $100,000 more? This is not good news for Tarrant County.
And 2018 will continue to see an increase in median sales price. I don’t think it will be 10 percent, but if it is, then that could really hurt the real estate market for many years to come.
Prediction 2: Luxury Market
For all intents and purposes we’re going to call the luxury market those homes priced $750,000 and beyond. In 2018 I see the luxury market slllooooooowwwwwwiiiiinnnnggggg dooooowwwwwwwnnnnnn.
Why would I say that? Currently there are 360 listings in MLS for homes in Tarrant County $750,000 or more. The average for days on market sits at 148 days. When the real estate economy is booming 148 days seems like an eternity.
Buyers are realizing that the seller’s market of the past few years is starting to become more balanced. Buyers are willing to wait a little bit longer and also not as eager to over-pay like so many have done recently. While there are still very attractive properties on the market, and while some luxury homes will sell in an instant, buyers are becoming more savvy as to what they will spend on a home.
Prediction 3: Growth Continues
In 2017, Exxon Mobile announced the relocation of nearly 1,600 employees from the Fort Worth XTO Campus. While this was a shock and will hurt the commercial landscape of real estate, I firmly believe that in 2018 other companies will move to Tarrant County and continue the upward cycle of population growth.
Still, questions abound. Will the companies be blue collar or white collar-type jobs? Will there be more tourism-related employment opportunities, tech jobs, construction? That has yet to be determined, but what I do know is that companies across the country still see the Dallas/Fort Worth Metroplex as a vibrant and exciting place to move — and that will only continue in 2018.
Of course it wouldn’t hurt if the Fort Worth City Council would do something about mass transit or zoning regulations to attract up-start companies and Millennials — but that’s for another blog.
Prediction 4: Cowtown Still King
Say what you want about other cities in Texas, but for 2018 Fort Worth will continue to be the Best City in Texas! I know I’m biased because I’ve lived here for 15-plus years, and I know we’re not as metropolitan Dallas (Big D still has better shopping and restaurants), but you can’t tell me that there is a better city in the Lone Star State when it comes to culture (world-class museums), history (wonderful preservation of the past), events (rodeo, TCU, gun shows etc.) and people.
Well that’s all from Tarrant County this week, Dirty Readers. Remember, if you have comments, questions, or ideas for future stories – I’m always here to listen! Bring it.
Seth Fowler is a licensed real estate sales professional with Williams Trew Real Estate in Fort Worth. Statements and opinions are his own. Seth has been involved in the home sales and real estate business in DFW since 2004. He and his family have lived in the Fort Worth area for over 15 years. Also, Seth loves bow ties. You can reach Seth at 817.980.6636 or firstname.lastname@example.org.