We’ve been hearing about the migration of people from other states moving to Texas. We’ve maybe met a couple of neighbors coming in on the wave. But just how many people are moving to Texas?
Apparently, a lot. Now that we’re seeing the newly released census numbers, it’s no wonder that we’re facing a housing shortage in Texas.
We keep hearing about the migration of folks coming to Texas and I’ve had a bunch of clients from out of state. In fact more over the last year than I’ve ever had.
Now we have some actual data to put behind these stories to show just how many people are moving this way.
Here’s the data point that’s the headline. In 2020, Dallas-Fort Worth led the country in population growth with the addition of almost 120,000 residents. This includes births and people moving here. If we just take the people moving here, we were second in the country at about 75,000 people moving here and that put us just behind the Phoenix area.
The metroplex is now home to almost 7.7 million people.
Experts think this pattern will continue as the economy continues to come back given the favorable environment Texas offers corporations. Businesses are attracted to the area and are moving this way… their employees often follow. It also doesn’t hurt that we’re one of the few states without a state income tax.
DFW is now the 4th largest metro area and the only of the top four that had population growth. Looking at migration, New York lost 170,000 people, Los Angeles lost 118,000 people and Chicago lost 72,000 people.
Now that we see these numbers, it makes sense why we have such a housing shortage and why we’re seeing outrageous bidding wars on the homes for sale.
So, if I’ve said it once, I’ve said it a thousand times, now is a great time to sell your home! It’s also a great time to buy. I hear a lot of buyers fearful about “overpaying” in this market, but here’s the thing, we have no indications that we’re in a bubble nor that this migration pattern will slow. While prices may not continue to increase at the rates we’ve seen these last few months, they’ll still likely increase and not go down. With the demands and current lack of supply from existing home sales and new construction sales, prices will only continue to increase. So if you’ve thought of buying, now is a good time to do it and I can help you with that.
You can visit crazyrealestatemarket.com and fill out your info on the contact page of the site or call or text me directly at 214-803-4444.
Whether you want to buy or sell in this market, I look forward to hearing from you.
Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.