Market Trends for the Real Estate Market in Fort Worth
Fort Worth is a rapidly growing city with more than eight hundred thousand residents, making it the twelfth largest city in the country. Buying a real estate property is a long-term investment, wherein you need to research all the factors that might affect the value of the estate in the future.
It is best to study the market trends of the area before investing your hard-earned money in property.
In recent years, Fort Worth has become a highly sought-after area in Texas. Moreover, since the onset of the pandemic, Texas has seen a lot of people migrating to the city owing to lower property rates. Especially residents from California are moving to Texas looking for more affordable housing.
If you are looking for a condo or any other type of real estate in Fort Worth, websites like https://www.condosfortworth.com/ can help you find the house of your dreams.
Here are some of the real market statistics of the Fort Worth property market.
- Average residential property rate is $291,250.
- Average price per square foot is $140.
- Price to rent ratio in Fort Worth is 15, which is the ideal ratio that indicates a buying market.
- Average rental income is $1,6250.
- Since Airbnb is the name of the game these days, many property owners list their property for rental on Airbnb. So, a property in Fort Worth can fetch about $3000 in Airbnb rental income with a median occupancy rate of 55%.
The statistical data paints a better picture of the real estate market of Fort Worth.
Reasons to Invest in Fort Worth
- Rental Properties will Yield High Profits
Investing in a residential property in Fort Worth will yield high profits in terms of rental income from traditional sources and Airbnb. The properties in this area have one of the highest average rental income and returns on investment in Texas. However, this does not hold true for all different areas in the city. So, you must seek the guidance of the best realtors in town to invest in the best areas to earn high rental income or higher property appreciation. You must know which to look at and what kind of property to invest in to yield the highest return.
- The Housing Market is Affordable
Affordability is one of the top reasons to invest in a property in Fort Worth. The median price of residential properties in the city is lower than the median average for Texas. Moreover, the average house prices are lower than the national median average. The bordering or developing areas are affordable, but even the most developed and popular areas are also highly affordable.
Affordability makes it easier for first-time buyers to invest in a property, and it makes Fort Worth a buyer’s market for now.
- The Property Rates are Set to Appreciate
When you buy a property, affordability is a major factor, but it does not matter if the property will not appreciate over the years. However, properties in Fort Worth are set to appreciate at a steady rate of 2 to 3 percent per year. The appreciation of properties translates to more rental income, and property owners will cash in a profit if they sell their property after a few years.
Some of the Best Areas You can Invest in Fort Worth
- Village Creek
- West Morningside
- Como
- Hillside Morningside
- Basswood Village
- Historic Southside
- Marine Park
Employers like Tesla, Hewlett-Packard, and Oracle are some of the companies shifting their base to Texas, which is expected to provide an economic boost to the state. This will translate to more demand for rental properties, which is a bonus of investing in cities like Fort Worth.
