5 US Housing Markets Experiencing Rapid Growth

To ensure a quicker path to homeownership, Americans are moving to smaller, more affordable cities. But some cities are experiencing higher rates of growth than others. Citing the U.S. Census Bureau, recent insight from housing market platform Zillow shows many mid-size metros climbed the ranks as the fastest growing cities during the period from July 2022 to July 2023. This is likely due to their relatively low cost of living compared with larger metros such as Los Angeles and New York.

Additionally, cities that experienced spikes in population are located in states that had the most housing units added last year. Texas and Florida saw the largest increase in new housing during 2023, followed by states such as North Carolina and Georgia.

Cities with homes that are relatively more affordable continue to attract the most new residents — a trend that has been in full force since the start of the pandemic. Markets with more supply, whether from new construction or existing home sellers, generally offer a friendlier experience for buyers with more options, milder competition and more time to make an offer. 

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