While much of the nation faces a construction slowdown, North Texas stands out as a leader in housing growth. According to a StorageCafe analysis, three Collin County cities are among the 15 fastest-growing housing markets in the country.
By The Numbers
A review of two decades of housing trends across 500 U.S. cities shows that while the national housing stock increased by 16.7% between 2005 and 2023, North Texas is setting records across key sectors.
Frisco: Leading the nation, Frisco has more than tripled its housing inventory since 2005, exceeding 85,000 units by 2023. It ranks first nationwide for both multifamily and single-family home growth during this period.
McKinney: This midsized city saw the fastest growth in middle housing inventory, with McKinney increasing by 185%. McKinney’s overall housing inventory expanded by 127%, reaching nearly 79,000 units.
Allen: Also in middle housing inventory, Allen increased by 182%. Allen’s housing stock grew 76% to a total of 40,600 units in 2023.
Housing Trends
- Six cities in the region boosted their housing inventories by over 50%, fueling much of North Texas’s growth. However, the influx of new residents has made these once-affordable markets more competitive, causing home prices to more than double across the region. In Frisco, prices skyrocketed by 227%, followed by Fort Worth with a 218% increase and Denton with a 207% rise.
- In cities like Fort Worth, Frisco and Plano, where prices have surged, middle housing constitutes less than 20% of the inventory, with demand greatly exceeding supply.
- In contrast, multifamily housing in the Dallas-Fort Worth area has seen an impressive average growth of 286%.
- Middle housing — duplexes, triplexes and small apartment buildings — has grown only 11% nationally, despite its importance for affordability. In North Texas, progress is limited, with only three suburban cities making notable strides. Fort Worth saw a 22% increase, while Dallas experienced a 9% decline in middle housing from 2005 to 2023.
Continued Growth
“All indications show that trend will most likely continue,” Compass Realtor Cathy Browne told Local Profile. “Frisco has so many infrastructure projects, developments and new communities in the works. I don't see it slowing down.”
As Local Profile previously reported, these trends are just getting started. By 2060, Collin County’s population could double, with more than 2.4 million people calling the county home.
Census data shows that in 2020, Collin County recorded a population of 1,064,465. However, by 2023, the population had risen to approximately 1,193,092. Now in 2024, the county has an estimated population of 1,209,295 — 40,900 more than previously estimated.
To learn more about Collin County’s population growth, visit the link here.
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