As a testament to the soaring home prices across Texas, four major metro areas around the state have made a new list of the top 50 U.S. cities with the greatest share of homes valued at $1 million or more.
Dallas-Fort Worth ranks No. 20 nationwide, and third in Texas behind Austin (No. 11) and Houston (No. 16). San Antonio comes in at No. 34.
An analysis of U.S. Census Bureau data by lending marketplace LendingTree found the share of owner-occupied homes in the Dallas-Fort Worth area valued at $1 million or more stands at 1.94 percent.
That adds up to 29,509 homes at or above the $1 million mark in DFW, soaring high above the area's median home price of $215,700, LendingTree reports.
By comparison, the report found 11th-ranked Austin has 14,226 owner-occupied homes valued at $1 million or more, or 3.52 percent. The median home price there is $281,500, according to LendingTree.
(It's worth nothing that the data from this study comes from the U.S. Census Bureau’s 2019 American Community Survey with five-year estimates, the latest survey available at the time of this study’s writing, the authors say.)
"For most Americans, the idea of paying $1 million or more for a house may seem excessive, especially considering that the national median value of an owner-occupied home is less than a quarter of that amount," the report says. "However, million-dollar houses are quite common in some parts of the country. And as the housing market continues to heat up, even more million-dollar homes are being listed for sale."
Here’s how Texas’ other major metro areas fared in the LendingTree analysis:
- Houston ranked 16th, with 2.26 percent of owner-occupied homes valued at $1 million or more (32,167 homes total).
- San Antonio ranked 34th, with 1.19 percent of owner-occupied homes valued at $1 million or more (6,037 homes total).
San Jose, California, topped the LendingTree list, with 47.29 percent of owner-occupied homes valued at $1 million or more. On the other end of the spectrum, Buffalo, New York had the lowest share of million-dollar homes, at 0.54 percent.