Housing Report

Here's how COVID-19 has impacted the Fort Worth housing market

Fort Worth rents rose more than 1 percent in June.

Courtesy of DART

Fort Worth apartment rent prices seem mostly unaffected by COVID-19 — at least thus far, according to apartment marketplace Abodo.

The site reports that in June, median one-bedroom rents rose a healthy 1.43 percent month-over-month to $1,135, while two-bedroom units gained 1.08 percent in June to $1,410.

Fort Worth's rent trends align with neighboring Dallas, where one- and two-bedroom rents increased 1.28 percent and 0.83 percent, respectively. Houston also reported general rent increases this month, while the typically hot Austin market saw one- and two-bedroom apartment rents fall.

Amid the pandemic, rental markets are seeing some new trends, Abodo says.

Staying put
Social distancing extends to apartment hunting, too, and those that are looking for safety first are just staying home, thus, leasing is slowing down, Abodo states. Many would-be Fort Worth movers do not want to take the chance of COVID-19 exposure, so finding a new place may be put on the back burner, according to the rental site.

Virtual tours
Virtual tours have gained importance amid the stay-home orders, and savvy leasing professionals are hooking up with the many virtual tour platforms available. Some landlords are going the DIY route, while others are using more traditional apartment rental sites. Those moving to digital showings are seeing better traffic, and Abodo expects virtual tours to become a big part of the apartment rental scene even after the pandemic.

Home sales
Tarrant County home sales took a big hit in May, as closed sales fell 28.5 percent. Inventory was down from 2.5 to 2.2 months, days on the market rose by five, and active listings fell by a big 15.2 percent. The median price of a Tarrant County home rose a tiny 0.4 percent to $247,900.

While sales that did occur did not reflect price weakness, real estate agents have seen a definite and quick drop in general action and enthusiasm, according to Abodo. Contributing to the current market conditions is the hesitance of sellers to put their homes on the market due to coronavirus concerns.

Unlike renting an apartment, very few people will commit to buying a home without an in-person visit. Therefore, as much as virtual tours might pave the way for an eventual sale, until COVID-19 is behind us, it is likely that we will see less traffic for sellers, Abodo says.

What’s next
One bright spot for the housing market is that mortgage rates are at historic lows. This means more buying power for Fort Worth home purchasers, and the low rates are helping to offset the otherwise negative pandemic housing effects. However, as the uncertainty of the pandemic continues, Abodo expects the Fort Worth market — for both rentals and sales — to face continued challenges.

rent trends

farm for sale

Unusual ultra-modern Grapevine ranch is on the market for $7.2 million

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

A stunning 10-acre property in North Texas that looks like it was made for an ultra modern cowboy family has just hit the market for $7.2 million.

Called the Willow Wood Horse Farm, this one-of-a-kind equestrian paradise is located on West Kimball Avenue in Grapevine, about 30 miles northeast from downtown Fort Worth.

The ranch is an extraordinary combination of elegant and thoughtful modern design paired with all of the practicality required of a fully functioning farm.

According to the listing, which is held by Burgher-Ray Ranch Group and managed by David Burgher and Harlan Ray, the farm includes several fenced pastures, an enclosed and insulated shop storage building with concrete flooring, and a seven-stall horse barn.

A covered and irrigated riding arena is attached to the barn, every stall has its own turnout, and six of the stalls are 12 feet by 12 feet wide, and the seventh is designated as a foaling stall. An additional turnout for grazing is located adjacent to the barn, as well as a training pen.

Willow Wood Horse Farm in Grapevine, ranch for sale The horse barn has seven stalls with individual turnouts.Photo courtesy of Briggs Freeman Sotheby’s International Realty

But the focal point of the entire estate is the 4,353-square-foot, three-story primary residence that sits at the highest point of the gently sloped property. The home was custom-designed and completed in 2022, featuring an exterior made of metal cladding, concrete, durable ipe hardwood, and glass.

Upon entering the front door, guests will notice unparalleled views that lead through the home's living areas and into the 3,000-square-foot back deck, past the 80-foot-long saltwater swimming pool, and out toward the pastures.

The chef's kitchen is outfitted with luxurious Gaggenau appliances, such as a steam convection oven, a conventional convection oven, a coffee machine, stove, dishwasher, a separate paneled refrigerator and freezer, and a warming drawer. A half bathroom and full butler's pantry is located to the side of the kitchen, which is equipped with a prep space and a dishwasher.

Additional features of the home include:

Koi ponds located on either side of the main door that welcome guests to the home
An open concept living space that contains the living room, kitchen, and dining rooms
A primary suite with a spacious walk-in closet and en-suite bathroom
Two additional bedrooms with en-suite bathrooms
Soft opening/closing doors in all main bedrooms
Dynaudio speakers installed throughout the home
Geo-thermal heating/cooling system

A custom-built metal spiraling staircase connects all three levels of the home. The second floor contains a viewing area with floor-to-ceiling windows and access to the covered porch and rooftop deck. The lower level leads to an "acoustically balanced" underground home theater featuring eight-foot concert walls, Dynaudio speakers, an Ember Audio sound system, a 250-bottle wine cooler, and a powder bathroom. The listing notes that this area could be converted into a storm cellar.

Willow Wood Horse Farm in Grapevine, ranch for sale The underground home theater has an impressive Ember Audio sound system with Dynaudio speakers.Photo courtesy of Briggs Freeman Sotheby’s International Realty

A detached three-car garage is located next to the home, which contains one EV charging station and two additional outlets for charging. Discreetly designed solar panels are hidden on top of the garage, which are capable of powering the entire residence.

The horse barn, irrigation system, and stock pond all run off of a water well located on the property, while the primary residence uses city water with a filtration system.

"Situated in the heart of the Dallas-Fort Worth Metroplex, just minutes from Lake Grapevine, Southlake, and an easy commute to DFW International Airport, this property affords someone the ability to have all the comforts of the city, while living just slightly removed from it all," the listing says.

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

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