Margaritaville Lake Conroe Resort is hosting the Lake Conroe Region Outlook conference on March 24, 2023. Both the Montgomery Area Chamber of Commerce and the Conroe/Lake Conroe Chamber of Commerce are hosting this conference. The purpose of the event is to discuss the growth, development, and workforce of this rapidly growing area. What is Lake Conroe Area’s outlook? Let’s see some key projections as it pertains to real estate.
Population Growth
The projected population growth for all of the Lake Conroe area is 3.59% annually. In just two short years, we are looking at 19.29% increase! That is over 38,000 new residents. With more population, the area will have to create more places for them to live, work, and get educated. This affects all aspects of life. However to put this into perspective, 2020-2022 the Lake Conroe Area grew at an astounding rate of 13% annually. Growth will be more steady for the next two years and less of a spike as in the recent past.
Between Conroe, Montgomery, and Willis, the latter is expected to grow the most percentage wise. Researchers expect Willis to grow by 8%. Montgomery is expected to grow by 5.7% with Conroe at the smallest percentage of growth at 3.38%. It does not surprise me to see the traditionally more rural places projected to experience the most growth.
Projected Housing Market
One of the biggest issues facing the housing market in the Lake Conroe area is will there be enough housing with the increased population. With supply and demand, prices should climb. The Lake Conroe Region Outlook believes that there will be a 9% increase in housing units by 2025. This comes to over 10,000 new units being built or made available. As you would expect with this kind of growth, they also project that the median home value will rise.
Projected Workforce Statistics
The workforce or potential for job growth attracts future residents to a location, which makes it a key projection for real estate. What kind of jobs are expected to grow the most in the next two years? The highest ranked occupation is management. The runner-up is healthcare practitioners and techs, which should be no surprise. On the other hand, the occupation with the most decline is farming, fishing, and forestry.
In conclusion, the Lake Conroe Area’s outlook is strong as is our housing market. To read the slides for the Lake Conroe Region Outlook where I got most of my statistics, click here. They even list individual subdivisions to show its statistics. Find yours and see how it is stacks against the others. Additionally, you can register to attend the actual event on March 24th. Not only can you listen to experts and key leaders, you also sign up for a round of golf. Not bad!