For residents of the 109 looking to make some quick money, they might want to look at the house they’re living in.
The median price of residential houses in the 109 has risen to about $350,000, which is more than double the Fort Worth value and nearly twice as much as the Texas value, according to city-data.com.
The rising median prices for housing is a good sign the market is growing because it means people are selling their houses for more money, said Sherry Matina, CEO of the Greater Fort Worth Association of Realtors.
The median housing price is defined as the middle point for all houses sold over a set period, monthly or yearly, according to realestate.com. For example, if 101 houses were sold then the median price would be the house price in the middle with 50 house prices above it and 50 house prices below it.
Real estate experts use the median price as an indicator for the housing market instead of the average price because it is widely used to estimate the listing price of a house while a large number in the high or low range, according to realestate.com, can skew the average price. The median price can also be used over a period of time, like months or years, to monitor trends in the housing market.
For residents of the 109, it looks like the median price for housing, which was already much higher than the ones for Fort Worth and Texas, is continuing to trend upward. The median price of houses in the 109 is over 40 percent higher than the low point of under $250,000 at the beginning of 2009, according to city-data.com.
In fact, the 109’s housing market is much higher than the median price nationwide of $200,000.
The growth of the housing market is not felt in just the 109; there has been consistent growth across the city, Matina said.
“We’ve got as hot a [housing] market right now as we’ve ever seen it,” she said.
The median housing price in Fort Worth, at $136,800 for August, was lower than the July value by roughly $1,000 but was $16,000 higher than the August 2008 price, according to the Texas A&M Real Estate Center.
The median price for housing in Texas during August was $178,000, an increase of over 17 percent since August 2008. Overall, the median housing price has generally increased although recent months have seen that value go down.
While the median price for housing continues to grow both locally and statewide, there are also other signs that the housing market is continuing to grow.
The average price for housing has gone up over the past few years, according to the Texas A&M Real Estate Center. The average price, calculated by adding the sold prices together and dividing that number by the total number of sales, has risen by roughly 19 percent over five years for Fort Worth.
Home sales have also risen in Fort Worth, reaching nearly 1,100 homes sold in August, which is the highest total since August 2007, according to the Texas A&M Real Estate Center.
However, while the number of home sales has increased in Fort Worth, home sales in the 109 have been on a general decline since the middle of 2012, with roughly 60 homes sold in the second quarter of this year, according to citydata.com.
Monthly home sales in Texas for 2013 have beaten the totals for 2011 and 2012, according to the Texas A&M Real Estate Center. The current August total, at nearly 28,600 houses sold, is an increase of 27 percent from the 2008 August total.