Calling all house hunters! This week’s hot news focuses on the ever-changing housing market, specifically in the cities experiencing the biggest population booms.
A recent U.S. Census Bureau report revealed the areas that welcomed the most new residents between July 2022 and July 2023. The top contenders share two key characteristics: affordability and a healthy supply of available homes.
Affordability Reigns Supreme
With mortgage rates hovering near 7%, affordability is playing a major role in where people choose to live. Many potential buyers are priced out of the market in larger cities, leading them to explore more budget-friendly options. The trend of affordability driving migration has been particularly strong since the pandemic began.
Inventory Makes the Difference
Beyond affordability, the availability of homes is another crucial factor influencing the market. A higher inventory gives buyers more breathing room. They have a wider range of options to choose from, experience less competition from other buyers, and have more time to make informed decisions.
Top 5 Fastest-Growing Cities
The top 5 fastest-growing cities are all located in states that also saw a significant increase in housing units last year. This suggests a connection between new construction and population growth. These booming metropolises are:
- Port St. Lucie, Florida: This sunshine state city boasts a 5.7% population increase and a median home value of $399,038. While home value growth sits at a moderate 3.6% annually, inventory has seen a healthy rise of 3.7% year-over-year, with a 2.4% increase since pre-pandemic levels. Buyers here can expect their offers to go pending in an average of 35 days.
- Atlanta, Georgia: The ATL welcomes new residents at a rate of 2.4% annually. With a typical home value of $400,820, Atlanta offers a similar price point to Port St. Lucie. Home value growth is slightly lower at 2.3% per year. However, the inventory situation is much brighter, with a staggering 44.8% increase in available homes year-over-year and a 3.6% rise since pre-pandemic. The median days to pending here is a quick 24 days.
- Fort Worth, Texas: This Texan city experiences a 2.2% population boom and offers a typical home value of $308,360. While home value growth is minimal at 0.5% annually, inventory has seen a significant rise of 22.1% year-over-year. However, it’s important to note that inventory is still down 16.3% compared to pre-pandemic levels. Offers in Fort Worth typically go pending in just 14 days.
- Raleigh, North Carolina: The City of Oaks experiences a 1.9% population increase with a typical home value of $444,809. Home value growth here is at a healthy 3.9% annually. While inventory has increased by 22.9% year-over-year, it’s still down 33.7% compared to pre-pandemic levels. Despite this, offers in Raleigh go pending quickly, with a median of only 8 days.
- Henderson, Nevada: Nevada’s second-largest city welcomes new residents at a rate of 1.8% annually. The typical home value here is $483,870, with annual home value growth of 5.9%. Interestingly, inventory has decreased by 11.7% year-over-year and a significant 40.1% since pre-pandemic levels. Despite the low inventory, offers in Henderson typically go pending in just 13 days.
Looking to Move?
If you’re considering a move and affordability and access to inventory are top priorities, Raleigh might be worth exploring.
Raleigh’s on the Rise!
Raleigh is quickly becoming a top destination for homebuyers seeking affordability and a vibrant community. This exciting growth brings a dynamic real estate market, and Brazoban Realty is here to help you navigate it.
As your trusted local experts in the Triangle area, we have the experience and knowledge to guide you through every step of the buying, selling, or investing process. Whether you’re a first-time homebuyer or a seasoned investor, we can help you achieve your real estate goals in Raleigh’s thriving market.
Contact Brazoban Realty today for a free consultation!
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Sources: Zillow, U.S. Census Bureau
