Real estate authority declares this Dallas suburb the second hottest in U.S.
The Dallas-Fort Worth suburb of Wylie/St. Paul is about to get a big reputation. Realtor.com has named it the No. 2 suburban hot spot among the country’s 50 largest metro areas.
According to the report, Wylie/St. Paul, located about 40 minutes northeast of Dallas, is a hotbed of new home construction, thanks to the two lakes in the area — Lavon Lake and Lake Ray Hubbard — which are a big draw, with many residents enjoying fishing or boating during the weekends. And thanks to a new college campus, Collin College, being built there, an influx of young people to the area is also expected.
To come up with its ranking, Realtor.com classified ZIP codes in the 50 largest metros as either suburban or urban, based on household densities. Suburbs then were ranked based on a combined score of household growth, listing price growth, and housing supply and demand. One ZIP code was included for each metro area.
“Fueled by escalating prices and demand in their surrounding urban areas, each ’burb on the list has become a hub for increasing prices, fast home sales, and tough competition among buyers,” Realtor.com says.
Suburbs in the Denver, Austin, and San Francisco metro areas topped the list.
“Suburbs are traditionally viewed as meccas for young families, willing to trade in shorter commute times and urban nightlife for better schools and larger homes,” says Jonathan Smoke, chief economist at Realtor.com. “But the relationship between the suburbs and urban areas is far more intertwined. In recent years, rising home prices and inventory shortages in urban centers have made affordable suburban home prices more appealing for buyers.”