The U.S. Census Bureau has released data indicating which areas experienced the most significant population growth between July 2022 and July 2023. Notably, the top four cities with the largest increases are in states that added many housing units last year. Texas and Florida, with 12.4 million and 10.5 million homes respectively, rank as the second and third states with the highest number of housing units in the nation.
Here are the housing markets in the five fastest-growing cities:
1. **Port St. Lucie, Florida**
– Population Growth (July 2022 to July 2023): 5.7%
– Typical Home Value: $399,038
– Annual Home Value Growth: 3.6%
2. **Atlanta, Georgia**
– Population Growth (July 2022 to July 2023): 2.4%
– Typical Home Value: $400,820
– Annual Home Value Growth: 2.3%
3. **Fort Worth, Texas**
– Population Growth (July 2022 to July 2023): 2.2%
– Typical Home Value: $308,360
– Annual Home Value Growth: 0.5%
4. **Raleigh, North Carolina**
– Population Growth (July 2022 to July 2023): 1.9%
– Typical Home Value: $444,809
– Annual Home Value Growth: 3.9%
5. **Henderson, Nevada**
– Population Growth (July 2022 to July 2023): 1.8%
– Typical Home Value: $483,870
– Annual Home Value Growth: 5.9%
**Analysis:** The cities with the highest population growth share two main factors: affordability and inventory availability. Since the pandemic began, cities with affordable housing have attracted the most new residents. Markets with greater supply, whether from new construction or existing home sales, typically offer a more favorable environment for buyers, providing more options, less competition, and more time to make decisions.
The Federal Housing Finance Agency (FHFA) reports that U.S. home prices increased by 6.3% between Q1 2023 and Q1 2024. Over the past four years, home prices rose by 47.7% from Q1 2020 to Q4 2024.
The states with the highest home price increases in these four years are:
1. **Florida** – 67.0%
2. **Maine** – 63.6%
3. **Tennessee** – 61.7%
4. **North Carolina** – 61.0%
5. **Montana** – 60.0%
Montana