Why DFW Is still one of the nation’s hot spots for new residents
Strong job market? Check. Low cost of living? Check. No state income tax? Check.
These are just a few of the reasons that residents under the age of 40 have been flocking to the Lone Star state in droves the past few years.
But some are beginning to worry that the recent normalization of the market indicates a slow-down in newcomers to our state. However, the experts say it’s not looking that way. The strong 2018 real estate market has actually prepared us for another great year coming up in 2019. Demand remains strong and there is enough supply to satisfy the need without overwhelming the market. We are experiencing what many other states envy -- balance.
We’re the fifth strongest commercial real estate market in the country - predominantly due to our strong population growth and employment numbers. Dallas in particular has witnessed a 9.9% population growth from 2010 to present, and is expected to expand another 9% to 7.7 million by 2021. North Texas is still booming, according to the U.S. Census Bureau’s population estimates. We’re adding approximately 146,000 new residents annually, and boast six of the fastest-growing counties in the U.S. Our population growth rate is projected to be more than two times the national average in 2019.
Fort Worth has its special place in the metroplex’s growth. Iconically nicknamed “Cowtown”, the city hovered around 300,000 residents just 35 years ago; now it’s home to 900,000. With the latest announcement from Amazon.com regarding the opening of Amazon’s first purpose-built regional air hub at Fort Worth Alliance airport, this former small town shows no signs of slowing down. Job growth, employment opportunity and large swaths of undeveloped land indicate a strong, steady market moving forward. That facility is expected to be operational some time in 2019.
Even the small towns of our region, like Celina, are experiencing a population boom. Celina officials see an average of 153 new home building permits a month and expect the population to grow from 16,500 to 30,000 by 2020. In fact, it’s the smaller towns taking the lead in the overall highest population growth numbers. Prosper led the charge, growing from just over 13,000 residents in 2013 to more than 20,000 in 2017. Little Elm grew just above 40 percent from 2013 to 2017, with an estimated population of more than 33,000 in 2017. Not to mention Frisco, the literal shining “star” (ahem, Frisco star that is) of the metroplex. Just 20 years ago, the small little dot on the region’s map boasted 5,000 total residents. Today, Frisco’s population sits at 180,000 and it’s still climbing.
What does all this mean? That businesses, new developments and opportunities will continue to seek out our North Texas towns. We have the space, the people, and the cost of living to make employees happy and employers even happier.
And as people continue to flock to our friendly southern state, the demand for homes across the metroplex remains strong. We may not be in the hot market of multiple offers, 3-day listings, and unmet appraisals, but we are still in one of the best real estate positions in the country.
Right now, we are home to approximately 7.4 million people - and it doesn’t look like we’ll be slowing down any time soon.
Keep the Dynamic Estate Team at the top of your mind when you see all the expansion coming to your city your city. Whether you’re looking to purchase or sell, or simply capitalize on our growing market, we have the answers you need.