For the first 10 months of the year, the city of Sherman has issued the same number of housing permits as it did during the entire 12 months of 2018. This makes 2019 among the biggest years in residential growth for the city, continuing a trend of strong growth in recent years.
There have been 194 permits for new residential construction this year. The city closed October with 59 new housing permits for the month, a modern-day record that dates back to the 1970s, according to Community and Support Services Manager Nate Strauch.
“When I saw the numbers I had to triple check them,” he said, referring to the numbers matching last year. “I had to make sure I was looking at the right year.”
October’s numbers were unusual, as the month is traditionally the start of a permit slump that hits its peak in December and January. Instead, the city is seeing its strongest month of the year at the beginning of fall this year, Strauch said.
With two months remaining, Strauch said the city is poised to see a 10 percent increase over the previous year if it sees 10 permits each month.
“January and December tend to be slow, but with 60 permits in October, it leaves the possibility for many things to happen,” he said.
Strauch said the majority of the growth has been seen on the south side of Sherman, specifically with four new subdivisions along the FM 1417 corridor. Between County Ride, The Preserve, Quail Run and The Brooks, the city could see 300 additional new homes developed within the next two years.
Officials attributed the increase in housing permits to several factors. While housing prices have been increasing in recent years, the market still remains below housing prices in the Dallas-Fort Worth Metroplex. This has led to a slow but steady migration north in recent years.
One of the biggest contributors to the growth occurring specifically along FM 1417 may be the upcoming opening of the new Sherman High School. District officials expect that the school will open its doors in August 2020. The promise of a new school, and new infrastructure in the area, has already sparked interest from developers, who plan to build a 600-acre mixed-use development near the school site.
Strauch said he isn’t certain how long the housing boom will last in Texoma, noting that it has been ongoing for about five years now. However, the outside forces that started the trend remain strong and show no sign of stopping.
“Financial pressures that are pushing people out of McKinney, Allen and Prosper and into the waiting arms of Grayson County are not something that I expect to change,” Strauch said.