Georgetown, Texas, a suburb about 30 miles north of Austin, experienced the largest growth for the second year in a row. Its population swelled by about 14.4 per cent, according to a recent report by the US Census Bureau. The bureau surveyed cities with at least 50,000 residents for population growth between July 1, 2021 and July 1, 2022 to come up with the list.

According to Realtor.com®, the median listing price for homes in Georgetown in April was $525,000. This is approximately $175,000 lower than Austin's price of $700,000. In addition, there are homes available in Georgetown. More than half of the suburban homes listed on Realtor.com are newly built.

The city is known as the "Red Poppy" capital of Texas because of the flowers that grow everywhere, and celebrates its nickname with the Red Poppy Festival every April. It is also home to Southwestern University.

"Austin is getting so expensive that people are flocking to the suburbs because they're somehow less expensive," said Gary Mahler, executive director of the Texas Center for Real Estate Studies at Texas A&M University in College Station, Texas." There's just a lot of construction. ...... We're not building fast enough."

Eight of the 10 fastest-growing cities are in the South: four in Texas (three suburbs in Austin and one in Dallas), three in Florida cities, and one about 45 minutes east of Phoenix, Arizona. All of these cities, with the exception of Santa Cruz, California, have a large number of newly built homes. This additional housing is likely to help these places attract new residents.

"Texas has more job opportunities than many other states. Texas has a pro-business attitude. Texas has a variety of cultures and landscapes. Our costs are relatively lower than other states, although we're starting to lose that advantage," Mahler said.

However, the fastest-growing cities are not the biggest ones. New York City, with 8.3 million residents, Los Angeles, with nearly 4 million residents, and Chicago, with about 2.7 million residents, are the largest cities in the country.

The 10 fastest-growing cities

Georgetown, Texas

Median home listing price: $525,000

Santa Cruz, California

Median list price of a home: $1,924,000

Kyle, Texas

Median list price for a home: $400,000

Leander, TX

Median list price for a home: $550,000

Little Elm, TX

Median list price for a home: $505,000

Westfield, IN

Median list price for a home: $570,000

Queen Creek, AZ

Median list price for a home: $682,500

North Port, FL

Median list price for a home: $399,000

Cape Coral, FL

Median list price for a home: $515,000

Port St. Lucie, FL

Median list price for a home: $450,000