10 Jan Texas’ Real Estate Markets with the Fastest Growth for 2023
The Texas real estate market has begun to calm down a little bit after real estate prices reached historic highs earlier in 2022. While still above pre-pandemic levels, home prices are not rising as quickly. In contrast to recent years, purchasers might now be able to enter residences without having to pay more than the asking price.
Although there are more options for buyers, it is still a seller’s market. Since the fall of 2020, there have never been more houses available for sale.
Critical Factors Affecting the State of the Texas Market Today
Over the past few years, housing prices have increased significantly. According to a Zillow analysis, the value of a typical mid-priced house increased by almost 64% over the previous five years and by almost 16% over the previous year. Texas real estate is typically worth three times what it was in 1991.
Texas A&M University’s Texas Real Estate Research Center keeps track of real estate values going back to 1990. Texas’s median home price is $200,000, with an average home price of $373,580. However, despite all of that expansion, there remains one significant element holding back the economy: rising interest rates. Simply put, buyers are unable to afford the same property prices that they were able to a year ago.
Pricing patterns may be on the decline in 2023 as a result of more supply and decreased demand. Texas, on the other hand, keeps expanding at a record rate, in contrast to other states. The state’s population is increasing by 3,800 people each week.
Texas is still in the top five states for business attraction. Oracle, Hewlett Packard, Charles Schwab, Toyota, Samsung, Kubota, and other companies have relocated their corporate headquarters to Texas or are constructing new facilities there. Tesla, Google, and Amazon have all increased their businesses in Texas.
Austin and Dallas continue to rank among the top five fastest-growing cities in the nation, despite all Texas metro regions expanding. The Dallas-Fort Worth region was recently named the second-best location in the country for real estate investors in a study of 2,000 real estate brokers.
A sizable number of Californians are moving to Texas because they can frequently find homes that are twice as big and half as expensive there.
Texas is a unique state for real estate that might not follow national trends because of these distinctive features.
Which cities in Texas are expanding the fastest?
Eight Texas communities were among those showing the highest increases nationally for cities with a population over 50,000, according to the most recent update of the U.S. Census Bureau’s list of the cities that expanded the most over the previous year.
1. San Antonio
San Antonio outgrew the rest of the country, gaining more than 13,000 new residents in the last 12 months. The Alamo and the renowned River Walk, which are man-made canals that extend for miles barely below ground level and include a boardwalk for strolling through the restaurants and shops, are located in San Antonio. The San Antonio Stock Show and Rodeo, one of the biggest rodeos in the nation, and the NBA’s San Antonio Spurs are both located there. Nearby military facilities include Kelly Air Force Base, Lackland Air Force Base, and Fort Sam Houston.
2. Fort Worth
The city of Fort Worth gained over 13,000 new people, placing it third nationwide. Fort Worth, the 13th-largest city in the nation and the fifth-largest city in Texas, is a contemporary city that yet honors its past as the hub of the Texas Longhorn cattle trade. With numerous museums and the Van Cliburn International Piano Competition, it has a thriving arts scene. Texas Christian University, Texas A&M Law School, and Texas Wesleyan are located in Fort Worth.
With a population of more than 200,000, Frisco City now ranks #8 nationally for the highest population gain after adding approximately 8,000 new people. A sizable portion of the DFW metroplex, it is home to many commuting residents who work in Dallas and Fort Worth. The National Arbor Day Foundation named Frisco “Tree City USA,” and the NFL’s Dallas Cowboys, NHL’s Dallas Stars, and Major League Soccer’s FC Dallas all have their headquarters and training centers there.
4. New Braunfels
New Braunfels, which gained more than 7,500 residents, ranked #9 nationally, just behind Frisco. This gorgeous region is surrounded by nature and is situated between Austin and San Antonio. In the sweltering summer, the Guadalupe and Comal Rivers are fantastic places to cool down, and you may frequently see groups of tubers floating downstream. Gruene Hall, a popular music venue for regional artists and country musicians, is also located there.
More than 7,100 new residents moved to Georgetown, which ranked #10 nationally. Georgetown, which is 25 miles north of Austin, is referred regarded as Texas’s red poppy capital. Wildflowers can be seen growing everywhere. Tens of thousands of people come to the annual Red Poppy Festival in April. Southwestern University and Blue Hole Park, which has a lagoon connected to the San Gabriel River, are also located there.
Leander, which expanded by more than 10% and currently has 67,000 residents, is ranked number 12 among the top 15 cities with the fastest population growth. People that commute to Austin for work prefer to live in Leander, which is northwest of Austin. Leander also offers access to Lake Travis, higher-quality education, and more reasonably priced housing.
Denton’s population has increased by 5,800 people, surpassing 148,000, and it now ranks #14 nationally in terms of population growth. Denton, which is part of the DFW metro area, is referred to as “Little Austin” because of its music events, which draw more than 300,000 people each year and include concerts at the North Texas State Fair, Arts and Jazz Festival, and Thin Line Fest. The University of North Texas and Texas Woman’s University are both located there.
McKinney, which rounds out the top 15 nationwide, increased by more than 5,500 people but hasn’t surpassed 202,000. McKinney, which is consistently rated as one of the most pleasant cities in the nation, maintains a small-town atmosphere with a historic downtown that is bordered by trees and is only 30 minutes from Dallas. Vineyards can be found in great abundance throughout the area.
Texas’s Most populous Cities
The top 15 most populous cities according to the Census Bureau also included five Texas cities, which present major real estate potential. Cities include:
Houston, which has a population of 2.28 million, is ranked fourth nationwide.
San Antonio, which has a population of 1.45 million, is ranked seventh nationwide.
Dallas: With a population of 1.28 million, it is ranked ninth nationwide.
Austin: With a population of 964,000, it is ranked 11th nationwide.
With 935,000 people, Fort Worth is the 13th most populous city in the country.
Now is a good time to make the move to becoming a real estate agent in Texas
It’s a great moment to start a career in real estate if you’ve been thinking about switching industries. High-quality real estate agents are in high demand, and education is reasonable and easily accessible. Interested in pursuing a new career in real estate in Texas? Start your Texas pre-licensing courses by registering today!