Growth is generally a great thing in real estate. When the population increases there’s more building and more buyers looking for a place to live. Agents stay busy helping clients find and sell homes in a market that tends to be increasingly competitive.
New U.S. Census Bureau data from July 1, 2016 to July 1, 2017 shows a number of Texas cities are growing faster than spring bluebonnet patches after a good rain. Agents in the following cities can expect greater demand in the coming months.
If you thought San Antonio couldn’t get any bigger think again. It’s currently the fastest growing metro in the country. Alamo City added more than 66 people a day to the population during the Census Bureau’s study.
People from across the country are moving in to take advantage of the low cost of living. But all the interest is pushing home prices upward. The latest stats from the San Antonio Board of Realtors (SABOR) shows the median home price is $222,800 - just two years ago it was $199,400. Watch out for substantial development in the western areas as builders scramble to meet the housing demands.
Just a few spots behind San Antonio on the list of fastest growing cities is Dallas. The Census Bureau notes that Dallas is unique in attracting both international and national migrants. Growth has become a trend in Dallas and most of the surrounding areas. Four of the top 10 counties with the largest population growth are in the metro - Collin, Dallas, Denton and Tarrant County.
Interestingly, Dallas has the largest natural population increase (residents having children) of all the major Texas metros. That means Dallas agents can expect more families looking to move up to larger homes, most likely in the suburbs.
Right next door in Fort Worth growth is happening just as fast. Combined with Dallas, the metro area had a population increase of 146,000 people. It also accounts for about a third of all the population growth in Texas.
Nestled among all the major metros is Frisco, Dallas’ neighbor to the north. The city has grown from a small town of 13,850 people in 1995 to a solidly mid-size city with 170,922 residents in December 2017. At the rate Frisco is growing, city officials project the population will be 375,000 by 2035.
With those kinds of projections you can expect tons of development within Frisco, especially economic development. In recent years, the city has lured many powerhouse finance and corporate businesses with incentives and tax breaks.
It’s not surprising to see Austin is one of the fastest growing cities in the country. Business is booming, and Amazon is considering Austin for its new headquarters . For years, Austin has been high on people’s list of places to live largely because of its cool factor, employment opportunities and quality of life.
At one point cost of living was also a draw, but in recent years Austin has become the most expensive real estate market in Texas with a median home price of $316,000. You can attribute the appreciation to supply and demand. The housing inventory currently sits at just 1.7 months within the city limits.
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