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BOOM! DFW Has 5 of the Fastest-Growing Cities in the U.S.

DFW: The Metroplex has five of the country’s Top 10 fastest-growing cities. The U.S. Census Bureau says that Celina topped the list of cities with a population of 20,000-plus. From July 2022 to July 2023, the northern DFW suburb that straddles both Denton and Collin counties grew by 26.6%. In fact, two other Collin County cities made the Top 5—Princeton at No. 3 with a 22.3% increase to 28,027 and Anna at No. 4 with a 16.9% spike to 27,501. Prosper was No. 9 with 41,660, a 10.5% increase and Forney in Kaufman County rounded out the Top 10 with a 10.4% jump to 35,470. Home starts in many of those suburbs are also up over the past year. Demographers say that the population growth in North Texas is tied to interstate and intrastate migration due to corporate relocations, among other factors. DFW has been pegged to be one of the top residential real estate markets in the country in 2024.

DFWAnd another of those growing suburbs will soon be getting 1,500 more homes. Terrell, a town of about 17,000 people 30 minutes east of Dallas in Kaufman County, will soon welcome Northspur, a master-planned development that stretches across 700 acres. The development is a venture by Trez Capital and Houston real estate investor Hines. The first phase of home construction on 230 lots at Highway 80 and Spur 557 is expected to begin later this year and the homes will be ready late next year. Prices will range from $300,000 to a half-million dollars, and up to 4 bedrooms. News of the development comes on the heels of a report that homebuilders continue to struggle, mostly because of higher costs and higher mortgage rates. The National Association of Home Builders/Wells Fargo Housing Market Index dropped to 45 this month, compared to 51 in April. It’s the first drop in homebuilder confidence in the past six months.

DFW: There are more North Texas houses with “For Sale” signs on their front lawns. Data from the Texas Real Estate Research Center at Texas A&M University, North Texas Real Estate Information Services and the MetroTex Association of Realtors says that in April, the number of listings was up by 46% from the same period in 2023. In Collin County, the listings were up by nearly 70%; Dallas County, close to 57%; and Tarrant County, more than 40%. It was the second consecutive month that the number of listings trended higher, up nearly 35% from March of 2023. Home sales and prices have continued to increase during the traditional spring market. North Texas had a little over three months of home inventory in April, still down from the six-month supply that is considered a balanced market.

U.S.: It’s the conundrum that doesn’t seem to have a fix when it comes to the economy and interest rates. News that inflation was down slightly in April was enough to send Wall Street on a spree this week, with the Dow Jones Industrial Average topping a record 40,000 for a bit. Even so, most economists and real estate market watchers don’t believe the Federal Reserve will drop interest rates anytime soon because of what it sees as a robust economy and their plan for inflation to hit 2%. It currently sits at about 3.4%. Even with higher mortgage rates compared to pre-pandemic levels, homes continue to sell at mostly higher prices in most parts of the country, including North Texas.

LA LA LAND: It may have taken more than 24 hours, but Jack Bauer has found a buyer for his Los Angeles-area cottage. Well, it wasn’t Jack Bauer, of course, but actor Kiefer Sutherland who played the counterterrorism agent in the “24” television series. The nearly 1,200-square-foot, two-bedroom, two-bath home is in LA’s Atwater Village neighborhood near Griffith Park. Sutherland paid $1.1 million for the home in 2018 and listed it last September for $1.8 million. After some price adjustments, the 1920s home sold for $1.6 million. The black-and-white stucco abode may be small by Hollywood standards, but it’s over the top in the charm department: hardwood floors, arched doorways, formal living room, galley kitchen, a breakfast nook, a stone patio between the home and a two-car detached garage.

COPYRIGHT © 2022. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

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