Every year, nearly 30 million Americans pack up and move, creating exciting possibilities for real estate investors and builders. Job changes, growing families, budget cuts, college dreams or simply wanting to be closer to loved ones—these are just some reasons why people relocate.
To help identify prime real estate investment opportunities, we dug into recent data from the U.S. Census, the Bureau of Labor Statistics and Realtor.com. We looked at:
New building permits
Population growth trends
Employment rates
Housing market rankings
Our analysis revealed Myrtle Beach, South Carolina, as the fastest-growing city in the nation, a beacon for developers seeking profitable markets. The South takes the crown for rapid growth, with Florida leading the pack—six Sunshine State cities made the top 20. Texas and North Carolina each contributed two, showcasing the region's booming economy.
In this article, we'll explore what's driving growth in these cities and highlight some of the finished projects transforming them into vibrant neighborhoods. This information will be valuable for your next strategic move in the real estate market.
We'll also share practical advice for improving project and cost planning for new developments.
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Top 20 Fastest-Growing Cities |
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|
Metropolitan Area |
Total Single Family Home Building Permits Approved |
Population Change YoY |
Employment Change YoY |
|
13,176 |
2.9% |
4.0% |
|
3,339 |
4.7% |
3.6% |
|
2,447 |
3.0% |
3.2% |
|
9,891 |
-0.6% |
3.8% |
|
25,415 |
1.8% |
1.9% |
|
12,513 |
2.3% |
3.1% |
|
25,386 |
0.9% |
1.7% |
|
1,845 |
2.9% |
2.5% |
|
6,915 |
1.3% |
3.7% |
|
9. Greeley, CO |
3,627 |
3.1% |
1.3% |
|
11. Ocala, FL |
5,197 |
4.5% |
1.7% |
|
12. Port St. Lucie, FL |
6,137 |
5.7% |
3.5% |
|
13. Raleigh, NC |
20,619 |
1.4% |
2.5% |
|
14. Dallas, TX |
68,029 |
1.2% |
1.3% |
|
15. Clarksville, TN |
2,939 |
2.3% |
1.9% |
|
16. St. George, UT |
2,820 |
2.0% |
3.8% |
|
17. Auburn, AL |
1,403 |
2.2% |
4.0% |
|
18. Indianapolis, IN |
12,554 |
-0.1% |
2.2% |
|
19. Cincinnati, OH |
6,241 |
0.6% |
0.9% |
|
19. Durham, NC |
7,210 |
1.0% |
2.7% |
To determine our rankings, we gave the highest weight to both new building permits per capita and housing market hotness ratings, followed by population growth trends and local employment rates.
Myrtle Beach, South Carolina, tops the list as America’s fastest-growing city for residential housing. The city's population growth (2.93%) and surging job market (4%) are fueling a construction frenzy, with over 13,000 building permits approved in 2023. Homes here sell at a good pace, spending a median of 55 days on the market.
What’s the Draw?
Affordable living: A cost-effective alternative for new residents.
Thriving lifestyle: Vibrant culture, music, arts and local cuisine.
Medical hub: Expanding healthcare facilities serve residents and tourists.
Remote work haven: Ideal location for those working remotely.
Takeaway for Developers: The city's focus on diversifying its economy has created a more year-round livable environment, attracting young professionals and families seeking a balance of work and leisure.
Developer: Sterling Euliss Enterprises LLC
Estimated Completion Costs: $70 million
Completion timeline: Late 2024
The Parkway Apartments development in Myrtle Beach is a new multi-family residential project consisting of two four-story buildings with a total of 72 bedrooms and 64 bathrooms.
With a population increase of 4.7% and job growth of 3.6% in 2023, The Villages is a magnet for retirees seeking a vibrant and active lifestyle. Over 3,300 building permits approved point to a surging demand for housing in this established community.
What's the Draw?
Master-planned haven: A meticulously planned environment with a strong sense of community.
Active adult playground: Amenities cater to retirees with an active lifestyle.
Lifelong learning: Clubs and cultural events keep retirees engaged and intellectually stimulated.
Low-maintenance living: Various housing options with maintenance services.
Takeaway for Developers: The Villages' combination of a flourishing retiree population, a planned community with sought-after amenities and a growing job market creates a prime opportunity for developing new housing options that cater to active adults.
Developer: The Villages Development Co. and the Buffalo Hide and Cattle Co.
Estimated Completion Costs: Not publicly disclosed
Completion timeline: Early 2025
The Villages of Southern Oaks in The Villages, FL, is a new mixed-use development that will include over 50,000 residential units along with nonresidential spaces designed to enhance community services and amenities. This project aims to meet the growing demand for housing in the area while providing residents with easy access to open spaces, recreational opportunities and other amenities.
Sherman, Texas, is experiencing steady growth with a 3% population increase and a 3.2% job market expansion in 2023. This translates to over 2,400 building permits issued, indicating a strong demand for new housing.
What's the Draw?
Affordable charm: Lower cost of living compared to nearby metroplexes.
Strategic location: Easy access to the Dallas-Fort Worth metroplex.
Family-friendly atmosphere: Sherman offers a safe and friendly environment.
Booming job market: Expanding job market thanks to major semiconductor industry development.
Takeaway for Developers: Sherman's affordability, proximity to a major metroplex, growing job market and family-friendly atmosphere create a ripe environment for developing new housing options that cater to a diverse range of residents.
Developer: Centurion American Development Group
Estimated Completion Costs: Not publicly disclosed
Completion timeline: Expected to begin in 2024
The Cottonwood development is a massive mixed-use project located near Sherman, TX, near the new Texas Instruments semiconductor hub. This ambitious undertaking will feature residential, retail and office spaces to create a vibrant community that meets the growing demand for housing and amenities driven by local economic expansion.
Despite a slight population dip in 2023, Boise boasts a robust economy with 3.8% job growth, fueling a construction boom with nearly 10,000 building permits issued. Homes fly off the shelves here, averaging a mere 30 days on the market.
What's the Draw?
Outdoor paradise: Easy access to mountains, rivers and stunning natural landscapes.
Thriving job market: Strong job growth attracts young professionals seeking career opportunities.
Affordable living: Offers lower cost of living compared to coastal cities.
High quality of life: A safe, family-friendly environment with a vibrant cultural scene and excellent schools.
Takeaway for Developers: Boise's growing job market, burgeoning workforce and continued affordability present a prime opportunity for developing new housing that caters to young professionals and outdoor enthusiasts.
Developer: Hawkins Cos and The Pacific Cos
Estimated Completion Costs: Approximately $45 million
Completion timeline: Anticipated by mid-2025
The Denton Street Apartments project in Boise, Idaho, will comprise 218 residential units and aim to meet the increasing demand for housing in the area. The development will feature a mix of amenities designed to enhance the living experience, including a fitness center, pool and communal spaces. Located in a rapidly growing neighborhood, this project is a response to Boise's robust housing market and population growth.
Orlando continues to expand beyond its theme park reputation, with a 1.8% population increase and a 1.9% job market growth rate in 2023. This translates to 25,415 building permits issued, highlighting the significant demand for new housing.
What's the Draw?
Family-friendly destination: Offers a variety of family-friendly attractions and entertainment options.
Booming job market: Diverse economy provides job opportunities across various sectors.
Favorable cost of living: More affordable alternative to other major Florida cities.
Year-round sunshine: Warm climate and abundant outdoor recreation opportunities.
Takeaway for Developers: Orlando's growing family population, mix of urban and natural environments and consistently sunny weather create a fertile ground for developing new housing options that cater to families and retirees seeking a vibrant lifestyle.
Lakeland's strategic location between Orlando and Tampa is fueling its growth, with a 2.3% population increase and a diverse job market attracting new residents in 2023. This translates to over 12,000 building permits issued, highlighting the significant demand for new housing.
What's the Draw?
Affordable haven: Lower cost of living compared to nearby Orlando and Tampa.
Central Florida hub: Easy access to the amenities of both Tampa and Orlando.
Thriving job market: Diverse economy with a growing presence in manufacturing, healthcare and retail sectors.
Growing cultural scene: Burgeoning arts scene and vibrant community events year-round.
Takeaway for Developers: Lakeland's affordability, central location, diverse job market and growing cultural scene create a prime opportunity for developing new housing options that cater to young professionals, families and retirees seeking a balance between cost-effective living and urban accessibility.
Tampa's diverse economy, fueled by healthcare, technology and tourism, continues to drive growth. The city saw a 0.9% population increase and a 1.7% job market expansion in 2023, with 25,386 building permits issued, fueling stable construction industry growth.
What's the Draw?
Affordable haven: Lower cost of living compared to nearby Orlando.
Central Florida hub: Easy access to Orlando’s amenities.
Thriving job market: Diverse economy with a growing presence in manufacturing, healthcare and retail sectors.
Growing cultural scene: Burgeoning arts scene and vibrant community events year-round.
Takeaway for Developers: Tampa's blend of urban amenities and coastal living, affordability relative to other Florida cities and strategic location all create a prime environment for developing new housing options.
Warner Robins' strategic location and booming aerospace industry are attracting a skilled workforce in search of stable jobs, with a 1.7% job market expansion in 2023 and 1,845 building permits issued. The city attracts residents seeking affordability and a welcoming community.
What's the Draw?
Aerospace hub: Home to Robins Air Force Base, a major employer in the aerospace industry.
Affordable living: Offers a significantly lower cost of living compared to nearby metropolitan areas.
Balanced lifestyle: Features a blend of quiet neighborhoods and convenient access to amenities.
Growing community: Has a welcoming atmosphere, making it ideal for people seeking a strong sense of community.
Takeaway for Developers: Warner Robins' growing aerospace industry, family-friendly atmosphere, affordability and proximity to major cities make it a prime area for developing new housing for those seeking a more cost-effective alternative to nearby metro areas.
Tucked in the Ozarks, Fayetteville boasts a 1.3% population increase in 2023, fueled by its dynamic economy (anchored by healthcare, education and retail) and a thriving university. Over 6,900 building permits were issued to keep pace with the growing demand for housing.
What's the Draw?
College town energy: The University of Arkansas campus fosters a vibrant cultural scene.
Outdoor paradise: The Ozark Mountains offer beauty and opportunities for outdoor activities.
Affordability advantage: Lower cost of living compared to many other university towns.
Thriving job market: Diverse economy with strong healthcare, education and retail sectors creates a range of career opportunities.
Takeaway for Developers: Fayetteville's blend of university energy, outdoor recreation, affordability and a growing job market makes it a prime area for developing new housing with easy access to nature.
Greeley boasts a 3.1% population increase in 2023, supported by a diverse economy (agriculture, manufacturing, healthcare) offering a 1.3% job market growth rate. 3,627 building permits were issued to help meet the demand for new housing.
What's the Draw?
Affordable living: Lower cost of living compared to other Colorado cities.
Outdoor adventure: Proximity to the Rocky Mountains allows for access to outdoor activities.
Rural charm: Its agricultural heritage and relaxed vibe offer a unique living experience compared to urban life.
Thriving job market: Strong local economy across agriculture, manufacturing and healthcare.
Takeaway for Developers: Greeley's mix of job opportunities, affordability, access to outdoor recreation, and rural charm creates an ideal area for developing housing that caters to residents seeking a balance between economic opportunity and a nature-oriented lifestyle.
Ocala's population surged 4.5% in 2023, fueling a building boom with over 5,100 permits issued. This affordable Florida city offers a compelling alternative to crowded urban areas while maintaining proximity to major hubs.
What's the Draw?
Budget-friendly: Offers a significantly lower cost of living compared to other major Florida cities.
Equine Paradise: Nicknamed the "Horse Capital of the World" and home to a vibrant equestrian community.
Central location: Situated near I-75, which provides easy access to major cities such as Orlando and Tampa.
Thriving job market: A growing job market in logistics, healthcare and manufacturing.
Takeaway for Developers: Ocala's affordability, niche equestrian focus, central location with easy access to major highways and growing job market make it a prime area for developing new housing that caters to budget-conscious residents, retirees and those seeking a unique community experience.
Port St. Lucie's population skyrocketed by 5.7% in 2023, the highest on our list. A 3.5% increase in job opportunities may have contributed to the jump. To keep up with this surge, the city issued 6,137 building permits, highlighting the booming housing market.
What's the Draw?
Affordable coastal living: Much lower cost of living for beach life compared to nearby Miami and Orlando.
Family-friendly environment: Offers excellent schools, abundant parks and a safe community atmosphere.
Job market growth: Job opportunities in healthcare, retail and education.
Strategic location: Provides a quieter alternative to major metros along Florida's Treasure Coast.
Takeaway for Developers: Port St. Lucie's stunning coastal location, affordability relative to nearby metros, diversified job market growth and strategic position make it a prime area for developing new housing that caters to retirees, budget-conscious residents and those seeking a quieter Florida lifestyle with easy access to outdoor activities.
Raleigh's population climbed 1.4% in 2023, fueled by a robust job market that saw a 2.5% increase in opportunities. The city issued a staggering 20,619 building permits to keep pace with the surge in residents seeking a high-quality lifestyle.
What's the Draw?
Tech titan: As part of the “Research Triangle,” it’s home to a growing tech industry with a skilled workforce.
Educational hub: Home to prestigious universities, creating a vibrant college town atmosphere.
Affordable alternative: Lower cost of living than other major tech hubs.
Thriving lifestyle: Offers a blend of green spaces, cultural attractions and a dynamic business scene.
Takeaway for Developers: Raleigh's booming tech industry, presence of top universities, affordability relative to other tech hubs and commitment to a high quality of life make it a great area for development.
Dallas continues its housing boom with an impressive 68,029 building permits issued in 2023. Despite the high volume, homes fly off the market in a median of just 47.5 days, showcasing strong buyer demand. Population growth reached 1.2% in 2023, solidifying Dallas' appeal.
What's the Draw?
Economic powerhouse: A major hub for finance, technology and healthcare industries.
Urban vibrancy: Features a dynamic downtown scene with cultural attractions, entertainment and business opportunities.
Suburban sprawl: Offers a variety of neighborhoods, from urban core living to tranquil suburbs.
Affordability edge: Relatively lower cost of living compared to other major U.S. cities.
Takeaway for Developers: Dallas' booming job market, a mix of urban excitement and suburban living options, affordability relative to other major metros and fast-paced housing market make it ideal for developing housing for people seeking a balance between city life and suburban tranquility.
Clarksville's population surged by a healthy 2.3% in 2023, partly due to a growing job market that witnessed a 1.9% increase. To meet the demand for new homes, the city issued a substantial 2,939 building permits.
What's the Draw?
Nashville's doorstep: Small-town atmosphere with easy access to nearby Nashville.
Family-friendly haven: Ideal for families thanks to excellent schools and a safe environment.
Military muscle: Fort Campbell's presence brings stability and economic opportunities.
Affordability advantage: Significantly lower cost of living compared to Nashville.
Takeaway for Developers: Clarksville's proximity to Nashville, presence of a major military base and affordability make it a great option for housing developments targeting families, veterans and residents searching for a quieter lifestyle with access to a larger metro area's job market.
St. George's population increased by 2.0% in 2023, partly thanks to a job market with a remarkable 3.8% growth. The city actively responded by issuing 2,820 building permits to keep up with the rising housing demand.
What's the Draw?
Outdoor paradise: Nestled near Zion National Park, it’s ideal for outdoor enthusiasts.
Thriving job market: Work opportunities available across tourism, healthcare and tech.
Scenic living: Enjoys a mild climate year-round, surrounded by a desert landscape.
Favorable tax climate: Utah's tax structure makes St. George an attractive option for residents seeking a lower cost of living compared to some coastal areas.
Takeaway for Developers: St. George's stunning natural beauty, scenic desert living and favorable tax climate make it worthy of consideration for new housing developments.
Auburn's population grew by 2.2% in 2023. This increase was accompanied by a 4.0% jump in job opportunities, creating a strong demand for housing that led to the approval of over 1,400 building permits.
What's the Draw?
Thriving university: Enjoys a strong sense of community surrounding the Auburn University campus.
Family-friendly atmosphere: Offers a safe and welcoming environment, perfect for raising children.
Economic engine: A diverse economy with opportunities across manufacturing, research and education.
Southern charm: Provides a picturesque setting and friendly atmosphere for a comfortable living experience.
Takeaway for Developers: Auburn's college community energy, diverse and rapidly growing job market and charming Southern atmosphere create a great opportunity for real estate investment.
Indianapolis experienced a slight population decline of 0.1% in 2023, yet the city remained resilient with a strong housing market, issuing 12,554 building permits. The city also experienced job market growth of 2.2%.
What's the Draw?
Urban renaissance: Undergoing a revitalization, creating a mix of historic charm and modern amenities.
Employment hub: Magnet for skilled professionals in healthcare, finance and logistics.
Cultural gem: Offers a rich cultural scene with museums, art galleries and a thriving theater district.
Transportation on the rise: Local government commitment to improving public transportation.
Takeaway for Developers: Indianapolis' rich cultural scene, Midwestern affordability and focus on becoming a more walkable and connected urban environment position the city as an ideal option for new housing developments.
Cincinnati's population grew by a modest 0.6% in 2023, but the city issued a substantial 6,241 building permits, demonstrating a proactive approach to address rising housing needs. The job market also saw a positive nudge with a 0.9% increase in opportunities.
What's the Draw?
Revitalized renaissance: Historic neighborhoods are experiencing a resurgence through arts and culture.
Budget-friendly oasis: Lower cost of living compared to other major U.S. cities.
Stable job market: Home to major institutions in healthcare, education and technology.
Accessible connections: Easy to navigate thanks to a well-developed transportation network.
Takeaway for Developers: Cincinnati's ongoing revitalization, affordable living and strong transportation infrastructure make it an attractive investment opportunity for developers seeking to capitalize on the growing demand for urban housing.
Durham's population grew by a steady 1.0% in 2023, prompting the city to issue a substantial 7,210 building permits to accommodate future residents. This growth is further fueled by a robust 2.7% increase in job opportunities.
What's the Draw?
Tech Triangle hub: Sits at the heart of the Research Triangle, a renowned center for technology, research and innovation.
Educational excellence: Home to prestigious educational institutions such as Duke University.
Cultural tapestry: Boasts a rich history, a thriving arts scene and diverse culinary offerings.
Sustainable focus: Committed to green spaces and eco-friendly initiatives.
Takeaway for Developers: Durham's prime location in the Research Triangle, top universities and commitment to sustainability make it ideal for new housing developments catering to skilled professionals, students and eco-conscious residents.
As the real estate and construction markets continue to evolve, developers must adopt a data-driven approach to navigate the complexities of planning for new projects and construction costs and capitalize on emerging opportunities.
With the rapid growth of these 20 cities across the country, accessing timely and accurate financial performance data becomes essential for making informed decisions about expansion and project feasibility.
By leveraging the right tools, developers can gain insights that guide their strategies and optimize their investments in these burgeoning markets.
In an industry where market dynamics can shift swiftly, effectively analyzing your financial data is key to staying ahead of the competition and maximizing returns on investment.
Accessing accurate, real-time data is crucial for developers aiming to make informed decisions about dynamic market entry and project feasibility.
When asked about construction project profitability, Kyli Lane, a chartered accountant and Solutions Consultant for Vena, points out, “The overall economic condition is going to be changing throughout the life of the project. That’s something that developers are going to need to have a pulse on.”
Relying on outdated information or instinct can lead to costly miscalculations. Instead, developers should prioritize data-driven insights to:
Evaluate Market Trends: Understand local economic conditions and demographic shifts.
Assess Risk Factors: Identify potential challenges and mitigate risks before committing resources.
Forecast Financial Performance: Project revenue, costs and return on investment with greater accuracy.
As highlighted throughout this study, cities such as Myrtle Beach, Port St. Lucie, and Tampa are experiencing significant growth, driven by population surges, job market expansion and heightened demand for housing.
Key trends revealed by our data insights are:
Population Growth: Substantial increases in residents are attracting attention from developers.
Job Market Expansion: A diverse array of industries is fueling employment opportunities, drawing in new residents.
Rising Housing Demand: An influx of new residents necessitates increased housing options, prompting a construction boom.
Developers who adopt a data-driven strategy can improve project planning and performance, ensuring success in the rapidly evolving real estate market. As Kyli notes, “The ability to perform scenario analysis across macro and micro assumptions will ultimately impact what the rate of return is going to be on the development.”
Effective project and cost planning is critical for real estate developers navigating today's complex market. Financial planning tools, such as Vena's Complete Planning software for real estate and construction businesses, empower developers to make informed decisions through comprehensive analyses, such as:
Comprehensive Budgeting: Create detailed budgets that account for every facet of a project, ensuring you don’t overlook expenses.
Cost Tracking: Avoid budget uncertainty by monitoring expenditures against the budget in real time, allowing for swift adjustments when necessary.
Optimizing resource allocation is equally essential for maximizing efficiency and minimizing risks. With Vena's data-driven insights, teams can enhance their strategies by:
Identifying Cost-Saving Opportunities: Analyze historical data to pinpoint areas for cost reduction without sacrificing quality.
Improving Labor Management: Access accurate data on labor costs and availability to allocate personnel effectively.
Forecasting Resource Needs: Anticipate future resource requirements using past project data to keep projects on schedule and within budget.
Using advanced planning tools, such as Vena’s FP&A software, enables developers to make informed financial decisions, which supports efficient project completion and boosts profit margins.
Scenario modeling tools help real estate developers anticipate market changes by simulating various conditions and project outcomes.
This capability enables teams to:
Test Multiple Scenarios: Assess how different variables, such as economic shifts or regulatory changes, could impact project viability.
Optimize Strategies: Adapt approaches based on modeled outcomes, ensuring budget alignment with market dynamics.
In addition to strategic planning, scenario analysis enhances risk management by helping developers identify potential risks and opportunities in new markets.
Key benefits include:
Risk Assessment: Pinpoint vulnerabilities that could affect project success, allowing for proactive mitigation strategies.
Opportunity Recognition: Uncover emerging trends or market gaps that present lucrative investment opportunities.
With scenario modeling, developers can make more informed decisions, leading to stronger investment strategies and better project outcomes.
Streamlining budgeting processes gives developers a clearer view of performance across their various projects.
This allows teams to:
Monitor Performance: Identify budget variances early in the project lifecycle.
Facilitate Planning: Make data-driven decisions for resource allocation.
Real-time financial reporting is essential for timely adjustments and budget compliance, offering:
Immediate Insights: Quick responses to emerging challenges.
Enhanced Accountability: Real-time spending monitoring promotes responsible management.
Streamlined financial reporting makes it easier for real estate developers to know exactly how they're tracking their multiple complex multi-year projects.
Explore Vena's comprehensive financial planning solutions for real estate to unlock your development potential and gain a competitive edge.
This city study was completed using data sourced in October 2024. We began by cross-referencing the U.S. Census Bureau’s records of County Housing Unit Totals with the cities tracked in the Census Build Permits Survey to identify the overlapping metropolitan areas. We then considered these additional real estate market performance, population data and employment growth metrics. Weights for each metric are available below:
Census Build Permits Survey (single-family units + multifamily units) - 30%
Realtor.com Market Hotness Rankings (residential data) - 30%
Bureau of Labor and Statistics (Metropolitan Area Employment Change YoY) - 20%