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This is how many million-dollar homes there are in Dallas-Fort Worth, study says

7119 Shook, Lakewood, Dallas home for sale

This modern home in Dallas' prestigious Lakewood neighborhood is on the market for $1.65 million.

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.

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REAL ESTATE NEWS

More Dallas homeowners are becoming 'accidental landlords,' study finds

For Lease Real Estate Sign Hangs in Front Yard of House

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An increasing number of Houston homeowners are bcoming "accidental landlords"

Dallas homeowners unable to sell their properties are increasingly becoming “accidental landlords,” according to Zillow. The real estate marketplace’s newest analysis says that 3.4 percent of its local for-sale listings recently converted to rentals, making Dallas the eighth-worst U.S. city for the market trend.

In Texas, three cities rank higher than Dallas: Austin (4.1 percent), Houston (4.2 percent), and San Antonio (3.9 percent). Seven of the top 10 metros are in Texas or Florida. Denver (4.9 percent) ranks as the No. 1 city for the trend.

Zillow senior economist Kara Ng says today's dynamic is driven by choice rather than panic. Homeowners aren't being forced to sell; they're simply unwilling to accept what the market will actually pay.

"As the market continues to rebalance, sellers are facing a different reality than they did a few years ago," Ng said in a statement. "Bargaining power is tilting toward buyers, and homes are taking longer to sell, making renting out a property one way to buy time rather than compete aggressively on price. After all, today's sellers are rarely forced to sell, and it appears they are often unwilling to budge off of what their heart says their home is worth."

Nationally, the trend is nearing a record high. 2.3 percent of all Zillow rental listings were recently for-sale properties, second only to November 2022, when mortgage rates had doubled in a single year, and sellers were scrambling. That spike was shock-driven, but now stubbornness is likely fueling the shift.

Single-family homes make up the largest share of accidental landlord properties, but condos are seeing the fastest rise. Metros with the hottest buyer competition, including Boston, New York City, and Providence, Rhode Island, have the lowest accidental landlord rates.

For both local buyers and sellers, Goldilocks thinking is increasingly the norm. Sellers, especially those who bought during the COVID-19 boom, are holding their asking price firm to avoid taking a loss. Buyers, for their part, are refusing to compromise on concessions and repairs.

The 10 U.S. Metros with the highest share of accidental landlords are:

1. Denver: 4.9%
2. Houston: 4.2%
3. Austin: 4.1%
4. San Antonio: 3.9%
5. Portland: 3.7%
6. Tampa: 3.7%
7. Miami: 3.5%
8. Dallas: 3.4%
9. Jacksonville: 3.3%
10. Nashville: 3.2%

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