The Texas Association of Realtors recently released their 2017 Relocation Report. This report revealed some surprising (and promising) signs for the real estate market, particularly in Harris County. Findings show that Texas ranked second nationally for relocations, with Harris County gaining the most new out of state residents.
Breaking Down the Numbers
The report used numbers from U.S. Census data and the American Community Survey to calculate the number of people moving into and out of Texas at both state and county levels. Statewide, 107,689 more people moved to the state than left in 2015, and in 2014, Texas gained 103,465 new residents. The 2015 numbers show a 4% gain in new residents over the 2014 data. All told, more than 500,000 new residents moved into Texas from elsewhere, but that number is offset by the number of Texans moving out of the state. In 2015, 445,343 Texans relocated to other states. Harris County led the state in number of relocations, gaining 18,945 new residents in 2015.
What Do These Statistics Mean?
The huge influx of out of state residents bodes well. Moreover, this is the third straight year that Texas has posted large numbers of inbound residents, a trend that is likely to continue. It’s a sign that there are lots of high quality jobs to be had of all varieties throughout the state, but particularly in Harris County.
In fact, 2017 is bringing lots of good news to the Houston area, from a new Amazon facility in the county to industrial parks within the city signing new leases with major employers. It’s not just good news for job seekers and residents, however. Investors and developers will find no shortage of opportunities.
- Growing populations mean housing booms. Expect to see a high demand for new housing units as the number of new construction homes continues to sell at a rapid pace. This is particularly true in western and northwest Harris County communities near Tomball, and long established master-planned neighborhoods such as Fairfield Village and new construction in Bridgeland in Cypress.
- Home values will likely rise as the number of well-paying jobs in Harris County increases. Current residents and newcomers alike will almost certainly demand upgrades.
- The commercial real estate market will likely expand also. As Harris County expands, there will be an increased demand for services, shopping centers and the like.
- The high-quality jobs in the area are attracting equally great employees. This makes Harris County stand out to other large employers that are looking for a well-developed labor force.
With the demand created by newcomers in both residential and commercial real estate, Harris is a great place to invest right now. Prices in the community are set to rise, which means investments will pay off nicely in the coming years.