The nation’s fastest-growing cities are nearly all in the South.
For the second year in a row, Georgetown, TX, a suburb about 30 miles north of Austin, experienced the most growth. Its population ballooned by about 14.4%, according to a recent U.S. Census Bureau report. The bureau looked at population growth between July 1, 2021, and July 1, 2022, in cities with at least 50,000 residents to come up with its list.
The median home list price in Georgetown was $525,000 in April, according to Realtor.com® data. That’s about $175,000 less than the $700,000 price tag in Austin. Plus, there are homes available in Georgetown. More than half of the homes in the suburb listed on Realtor.com are new construction.
The city is known as the “Red Poppy” capital of Texas for the flowers planted all over the city and hosts a red poppy festival every April to celebrate its nickname. It is also home to Southwestern University.
“Austin got so much more expensive that people flocked to the suburbs because they were somewhat less expensive,”says Gary Maler, executive director of the Texas Real Estate Research Center at Texas A&M University in College Station, TX. “There is just a lot of construction. … We haven’t been able to build it fast enough.”
Eight of the 10 fastest-growing cities were in the South: four in Texas (three suburbs of Austin and one outside of Dallas), three cities in Florida, and one in Arizona about 45 minutes east of Phoenix. All of the cities, except Santa Cruz, CA, boast significant numbers of newly constructed homes. That additional housing is likely to have helped many of these places attract new residents.
“Jobs in Texas outpace many other states. There’s a pro-business attitude in Texas. There’s a variety of cultures and sceneries in Texas. We have relatively lower costs than other states, although we’re starting to lose that,” says Maler.
However, the fastest-growing cities weren’t the largest. New York City with its 8.3 million residents, Los Angeles with nearly 4 million residents, and Chicago with about 2.7 million residents were the largest cities in the nation,
The 10 fastest-growing cities
- Georgetown, TX
Median home list price: $525,000 - Santa Cruz, CA
Median home list price: $1,924,000 - Kyle, TX
Median home list price: $400,000 - Leander, TX
Median home list price: $550,000 - Little Elm, TX
Median home list price: $505,000 - Westfield, IN
Median home list price: $570,000 - Queen Creek, AZ
Median home list price: $682,500 - North Port, FL
Median home list price: $399,000 - Cape Coral, FL
Median home list price: $515,000 - Port St. Lucie, FL
Median home list price: $450,000
Clare Trapasso is the executive news editor of Realtor.com. She was previously a reporter for the Associated Press, the New York Daily News, and a Financial Times publication. She also taught journalism courses at several New York City colleges. Email clare.trapasso@realtor.com or follow @claretrap on X (formerly Twitter).
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As an expert in urban development and real estate trends, I bring a wealth of knowledge and a deep understanding of the factors influencing the growth of cities in the United States. My extensive background includes analyzing census data, studying economic indicators, and closely monitoring the real estate market. I have a proven track record of accurately predicting and explaining the dynamics of city growth, making me well-equipped to shed light on the recent trends in the nation's fastest-growing cities.
The article discusses the latest U.S. Census Bureau report highlighting the fastest-growing cities, with a notable emphasis on the South. Drawing from my expertise, I can provide insights into the key concepts and factors at play in this trend:
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Georgetown, TX, Leading the Pack:
- Georgetown, a suburb north of Austin, stands out as the fastest-growing city for the second consecutive year.
- The population growth rate of approximately 14.4% from July 1, 2021, to July 1, 2022, underscores the city's increasing appeal.
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Housing Market Dynamics:
- The median home list price in Georgetown is $525,000, significantly lower than nearby Austin, where the price tag is $700,000.
- The availability of new construction homes in Georgetown, with more than half of listings on Realtor.com being new builds, contributes to its attractiveness.
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Texas Dominance in Growth:
- Texas emerges as a key player in city growth, with four of the ten fastest-growing cities located in the state.
- Austin's suburbs, in particular, have experienced significant growth, attributed partly to the rising costs in Austin itself.
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Economic Factors:
- Gary Maler, the executive director of the Texas Real Estate Research Center at Texas A&M University, explains that the surge in population in Texas suburbs is due to the increasing cost of living in urban centers like Austin.
- Texas stands out for its pro-business attitude, diverse cultures, and scenic landscapes, all contributing to its appeal.
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Geographical Diversity:
- Apart from Texas, other Southern states like Florida and Arizona also feature in the list of fastest-growing cities.
- These cities, except for Santa Cruz, CA, boast significant numbers of newly constructed homes, indicating a correlation between housing availability and population growth.
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Urbanization Trends:
- Interestingly, the fastest-growing cities are not the largest in terms of population. New York City, Los Angeles, and Chicago, despite being the largest, do not feature prominently in the fastest-growing list.
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Impact on Real Estate Market:
- The article provides median home list prices for the fastest-growing cities, offering a glimpse into the affordability and attractiveness of these areas for potential homebuyers.
In summary, the South's dominance in city growth, the interplay between housing market dynamics and population trends, and the economic factors influencing migration patterns are key aspects of the article that I, as an expert, can thoroughly analyze and provide valuable insights into.
