This is the fastest-growing town in the US — and it's affordable
What was once a quiet, rural outpost in Texas is now one of the fastest-growing towns in the nation—and it's struggling to keep up with the influx of residents.
In just a year, Princeton, TX, about 40 miles from Dallas, has seen its population skyrocket, sparking a construction boom and pushing local leaders into overdrive to manage the rapid pace of growth.
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'While Texas cities have been leading in population growth, Princeton's rapid ascent to the top spot was mostly unexpected,' the town's mayor, Eugene Escobar, tells Realtor.com®.
Princeton's population grew 30.6% from July 2023 to July 2024, according to the latest data from the U.S. Census Bureau. This makes it the fastest-growing town in the nation with a population under 37,000.
7 The population of Princeton, Texas, has skyrocketed, sparking a construction boom.
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To put that growth in perspective, in 2020, the town had only 17,000 residents. In 2013, the area had only two traffic lights, Escobar adds.
Location makes Princeton a magnet
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For new residents, Princeton's location adds to its appeal.
'Fast-growing Princeton offers buyers ample for-sale home options at a lower price tag than the nearby North Dallas suburbs and Dallas itself,' says Hannah Jones, senior economic research analyst at Realtor.com.
'Buyers hoping to be on the north side of the Dallas metro can take advantage of low home prices in Princeton, without sacrificing access to the amenities and job opportunities in the ever-expanding greater Plano area.'
7 This 1,500-square-foot, four-bedroom home in Princeton, Texas, is listed for $255,000.
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With a median home list price of $337,000, Princeton is more affordable than the nearest large metro of Dallas ($437,000), but it also hits a lower price point than the neighboring towns of Allen ($549,700), McKinney ($550,000), Plano ($556,000), and Frisco ($727,000).
Most homes for sale (96.1%) are single-family. There were 330 homes for sale in Princeton in April, up 72.9% year over year, and up from just 88 homes for sale in April 2019.
Many of the listings are new construction with builders such as KB Home, DR Horton, and Starlight Homes (a subsidiary of Aston Woods) all creating new developments in recent years.
7 Construction workers lay fiber optic cable in Princeton, Texas.
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Escobar credits the popularity of Princeton to its relative affordability, combined with its proximity to bigger cities with better job opportunities; nearby Lavon Lake, where many come to vacation; high-quality schools; and the area's 'small-town feel despite its growth.'
The mayor says those moving in are mostly well-off, younger professionals. The city has a median household income of approximately $90,809, with a median age of 33.2 years—'indicating a youthful and economically active population.'
'Princeton is drawing a wide range of buyers,' Dallas-based Harrison Polsky, of Douglas Elliman, tells Realtor.com. 'From young families priced out of Dallas' urban core to professionals seeking a lower cost of living without sacrificing access to job markets. We're also seeing buyers coming in from California, Illinois, and parts of the East Coast—markets where affordability and taxes have become pain points.'
7 The town mayor, Eugene Escobar, says one of the reasons for Princeton's popularity is its relative affordability combined with its proximity to bigger cities with better job opportunities.
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KB Home is one of many builders that have descended upon the once-sleepy town. It opened its 10-plan Princeton Estates there in 2024 and homes are still being built on site.
'Princeton is quickly emerging as one of the most desirable areas in Collin County, thanks to its highly rated schools, access to new jobs, and family-friendly atmosphere,' Marcia Dillon, president of KB Home's Dallas Division, tells Realtor.com.
Local real estate agent Jennifer Vokolek, of Re/Max DFW Associates, notes other reasons for the area's growth spurt: USDA financing (rural development); access to the new 402-acre EPIC Muslim community in unincorporated Collin and Hunt counties (which Gov. Greg Abbott opposes); and the large amount of new construction that can offer pricing incentives that older homes can't compete with.
7 According to local real estate agent Jennifer Vokolek, the large amount of new construction can offer pricing incentives.
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In fact, so many builders—and new residents—fell in love with Princeton that last year the town put a pause on new residential development to give time for infrastructure to catch up.
'The city is working on updating water and wastewater plans, improving road conditions, increasing public safety, and addressing development standards,' said the mayor's office of the construction pause (which does not affect commercial building). It also raised a $109 million bond program to benefit the city's parks.
Despite the pause on new-home construction, the mayor noted that about 10,000 houses are in the pipeline.
7 Construction workers build apartments in Princeton, Texas, on May 16.
AP
Is a slowdown coming?
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Still, there are signs things are slowing. The April 2025 median home list price was down 6.2% year over year, and houses are lingering longer on the market: 45 days, a 44% increase over last year.
For example, a brand-new four-bedroom, 2.5-bath house (96% of listings are single-family) in the Princeton Estates built by KB Home has had its price slashed four times since February, from $387,259 to $357,444. (All four of the active Princeton Estates listings have seen price cuts.)
Vokolek says the residential building moratorium pushed homebuyers into nearby towns Anna, Celina, and Melissa.
It's all of Texas
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Princeton isn't the only Texas town to see incredible growth. Other towns in the top 15 include Fulshear (26.9% increase in population); Celina (18.2%); Anna (14.6%); Fate (11.4%); Melissa (10%); and Hutto (9.4%).
It's not only rural areas that saw growth. Big cities such as Houston, Fort Worth, San Antonio, Georgetown, and San Angelo also saw high population increases. In fact, almost all Texas cities with populations of 20,000 or more saw population increases from 2023 to 2024.
7 This four-bedroom home in Princeton, Texas, is listed for $355,000.
Realtor.com
Only nine areas in the Lone Star State lost residents, and the loss was less than 0.3% of their population.
Other metros with population surges
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But it's not just cities in Texas experiencing a growth spurt. The Census Bureau lists plenty of other cities that saw significant growth in one year.
Urban cores that had residents fleeing at the start of the COVID-19 pandemic are now seeing a reversal: New York City again tops the list of major cities adding residents, an increase of 87,184 from 2023 to 2024.
Rounding out the top five gainers were: Houston (43,217), Los Angeles (31,276), San Antonio (23,945), and Fort Worth (23,442).
Florida and Texas continue their major gains that started with the pandemic.
Seven cities crossed the 100,000-population threshold, with five of them in those two states: Deltona, FL (population 100,513); Plantation, FL (100,694); Sunrise, FL (100,128); Georgetown, TX (101,344); and San Angelo, TX (100,159).
Two others are in the West: Tracy, CA (100,136), and Federal Way, WA (100,252).
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