Despite concerns about housing prices and availability in the state, a new study deemed six major Texas metropolitan areas some of the best housing markets in the nation for their growth and stability. And San Antonio took the No. 9 spot.
In SmartAsset’s 2023 report, San Antonio-New Braunfels earned its ninth best housing market ranking due to its massive 204 percent home price increase since 1998. San Antonio ranked No. 11 in the same report last year.
The report looked at home value data from 400 nationwide metro areas between 1998 and 2022. Overall, home prices have grown an average of 154 percent since 1998.
Considering the way the city's population has grown in the past two decades, the housing market’s skyrocketing growth was inevitable. In addition to large employers like Valero and USAA bringing people to the city, the report also cites the popularity of many local attractions (such as SeaWorld San Antonio and Six Flags Fiesta Texas) for the housing boom.
Five other Texas metro areas earned spots in the top 10 best housing markets, making it pretty clear why the Lone Star State has the sixth highest property tax rate in the U.S. San Antonio's Hill Country neighbors in Austin-Round Rock earned the No. 1 spot with an eye-popping 354 percent growth rate, which is vastly greater than any other area in the country.
Two West Texas markets, Midland and Odessa, ranked No. 2 and No. 7, respectively, with similar growth rates of 256 percent and 226 percent. Houston-The Woodlands-Sugar Land rounded out the top 10 with a 204 percent growth rate.
The top 10 best housing markets for growth and stability are:
- No. 1 – Austin-Round Rock
- No. 2 – Midland, Texas
- No. 3 – Boulder, Colorado
- No. 4 – Fort Collins, Colorado
- No. 5 – Kennewick-Richland, Washington
- No. 6 – Rapid City, South Dakota
- No. 7 – Odessa, Texas
- No. 8 – Dallas-Plano-Irving
- No. 9 – San Antonio-New Braunfels
- No. 10 – Houston-The Woodlands-Sugar Land
Other Texas housing markets that earned spots in the report include Waco (No. 13), San Angelo (No. 15), College Station-Bryan (No. 18), Sherman-Denison (No. 19), and Abilene (No. 20).
In a similar analysis of the worst housing markets for growth and stability, 13 out of 20 on the list are located in Michigan and Ohio. No Texas cities appear on the list.
The full report can be found on smartasset.com.