DFW Poised to Surpass Chicago…but NYC?
DFW: Big D could become even Bigger D if growth and migration to the Metroplex continue at the current pace. The U.S. Census Bureau noted in its 2020 survey that DFW was the fourth-largest metropolitan area in the country, with a population of around 10 million and a growth rate of 20% over the next decade. DFW has added nearly 200,000 residents in the past three years, a trend that puts it on track to surpass Chicago as the No. 3 most-populous region in the country. Now comes a report from moveBuddha that points to DFW surpassing New York City as the No. 1 metro area in the country with a population of nearly 34 million. moveBuddha is a technology and data company serving the moving company industry. The company compiled and analyzed U.S. Census data for 2010 and 2020 and calculated compounded growth. And though the growth fete may not be accomplished until 2100, the report still says a great deal about the health and power of the diversified economy in the Metroplex and the opportunities—and challenges—because of it over the next four to five generations. Houston, with a projected 2100 population of 33.38 million and Austin, with a projected 22.3 million population, would push out current 2nd and 3rd place Los Angeles and Chicago.
DFW: In yet another sign of growth in the northern suburbs of DFW, a fourth high school is going up in Prosper. Hundreds of people attended a recent rally and groundbreaking ceremony for the new school at First Street and Teal Parkway. Richland High School will feature a 530,000-square-foot academic center, a 75,000-square-foot multipurpose building, a 1,000-seat auditorium, and a 2,200-seat arena, plus activity areas for extracurricular sports and band. The campus is expected to open for the 2025 school year and will offer a myriad of academic programs and concentrations that include architecture, interior design, digital media, esports, fashion, cosmetology, woodworking and robotics, among other subjects. More than 10,000 people have moved to Prosper since 2020, bringing the city’s population to more than 40,000.
DFW: Growth continues in other parts of those suburbs, as well. Tomlin Investments of Addison says that new single- family home permits issued in the first seven months of the year have spiked 36% in Celina and 31% in Princeton. In Sherman, 484 similar permits have been issued this year, compared to 329 in the first seven months of 2022. Sherman is the site of the mammoth semiconductor chip sites being built by Texas Instruments and GlobalTech Inc. Because of that, city officials are planning for more than 8,000 single-family homes, plus more than 10,000 apartments and townhomes, plus commercial growth over the next 10 years.
DFW: New home sales prices are up in most parts of the Metroplex, nearing a three-year high. The New Home Sales Report from HomesUSA.com says that in July, the three-month moving average new home sales price was $499,115. That compares to $493,115 in June and $492,762 in May. But the hot weather and other factors may have taken a toll on those would-be homebuyers. For July, the three-month moving average of new Multiple Listing Service home sales was 1,975, compared to 2,097 in June. The three-month average of new home pending sales was 2,372 in July, compared to 2,531 in June. Although costs for materials have come down from pandemic-area prices, builders continue to face higher costs for labor and borrowing and potential homebuyers may continue to sit on the sidelines because of higher mortgage rates, among other factors.
DFW: The Oracle of Omaha is betting on H.R. Horton. In a Texas-size way. Warren Buffett’s Berkshire Hathaway has bought more than $700 million worth of the homebuilder’s stock. The revelation came from a quarterly filing with federal regulators, indicating Berkshire Hathaway’s holdings at the end of the second quarter. D.R. Horton, based in Arlington, is the country’s largest residential builder. In the second quarter, D.R. Horton reported a nearly 40% spike in sales orders compared to the same period last year. Builders reported record sales for new homes in the spring, partly due to incentives and low inventory of existing homes. Berkshire Hathaway, meanwhile, also reported having smaller holdings in two other homebuilders—Lennar Corp. and NVR Corp.
NORTHEAST: Television news anchor Diane Sawyer is hoping to part ways with her estate on Martha’s Vineyard. She and her late husband, Mike Nichols, an award-winning producer and director, bought the 20-acre beachfront property for $5.3 million in 1995. She is now asking $24 million for the multiple-building property dubbed Chip Chop and which dates nearly 100 years. For those familiar with the locale, it is located between Vineyard Sound and Lake Tashmoo, popular for kayaking and boating. The New England-style main house has three bedrooms spread across 5,000 square feet. There’s also a caretaker’s cottage and two beach cottages, plus other buildings, a pool overlooking the beach and tennis court and landscaped trails leading to private beaches. Nichols, who died in 2014, is among the few who have won an Emmy, Grammy, Oscar, and Tony. Sawyer is a longtime anchor and special contributor for ABC News.