While the median home price in Dallas hasn't yet hit $400,000, the metro area boasts a healthy number of homes valued at $1 million or more.
A new study from personal finance platform LendingTree shows 2.2 percent percent of owner-occupied homes in the Dallas area are valued at $1 million or more. The actual number is 34,376 homes (out of 1,561,136 total homes in the area).
The study looks at the number of $1 million-plus homes in the country’s 50 largest metro areas. Dallas lands at No. 20 nationally (the same placement as last year).
That compares with an eye-popping 52.89 percent share in the No. 1 metro on the list, San Jose, California.
In Texas, not surprisingly, Austin comes out on top, ranking 12th among the 50 metros (down from No. 11 in 2021), with 3.51 percent of homes valued at least $1 million. Houston lands just ahead of Dallas, at No. 17 (2.4 percent), and San Antonio, at No. 36 (1.26 percent).
“Though home prices have risen significantly over the past two years, paying $1 million or more for a house may still seem excessive to most Americans. However, just because million-dollar homes aren’t common throughout the U.S. doesn’t mean they aren’t prevalent in some areas,” LendingTree says.
The website notes that an average of 4.71 percent of owner-occupied homes in the 50 largest metros are valued at $1 million or more.