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Dallas cashes in among U.S. cities with the most million-dollar homes

6941 Gaston Ave., R.L. Thornton home for sale, Dallas

Homes like this Lakewood estate formerly owned by a Dallas mayor are valued at well over $1 million.

Photo courtesy of Dave Perry-Miller

Dallasites are well aware of our booming real estate market, with highly coveted properties skyrocketing to seven-figure asking prices. So it should come as little surprise to local shoppers that Dallas ranks prominently on a new list of cities with the most $1 million homes.

A new study released by Lending Tree ranks the top 50 cities in the U.S. with homes valued at $1 million or more. The rankings are based on the My LendingTree property value database, a collection of real estate data for more than 155 million U.S. properties, and Dallas appears alongside three other pricey Texas markets.

Dallas comes in at No. 18 in the nation, with a 1.31 percent share of million-dollar homes. While the median value of all homes in Dallas is an affordable $213,000, the median value of homes over $1 million clocks in at $1,395,500.

Austin, with a 2.16 percent share of million-dollar homes, ranks No. 1 in the state and No. 11 in the U.S. The median value of all homes in Austin is $282,000, with the median value of homes over $1 million at $1,310,000. Houston is No. 14 on the list, with a 1.52 percent share of million-dollar homes, which boast a median value of $1,401,000, the highest in Texas.

San Antonio appears at No. 39, with a 0.41 percent share of million-dollar homes. The median value of all homes in San Antonio is $191,000, with the median value of homes over $1 million is $1,319,000.

California tops the Lending Tree list, with San Jose, San Francisco, and Los Angeles coming in at first, second, and third, respectively. San Jose boasts a staggering 53.81 percent share of million-dollar homes, and the median value of all homes in that metro tops the $1 million mark, at $1,069,000.

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Dallas was a top-10 destination for Gen Zers on the move for 2023

Photo by Lance Asper on Unsplash

Who wouldn't want to live in a Gen Z paradise like Dallas?

As Gen Z enters adulthood, many are flocking to the nation's biggest cultural hubs like New York City, Los Angeles — and now Dallas, which had the ninth-highest inflow of Gen Zers in 2023.

Dallas' new reputation as a Gen Z hotspot was unveiled in a recent report by American home improvement brand This Old House, which analyzed migration trends across multiple generations using 2023 U.S. Census Bureau data.

Dallas saw an influx of 13,770 Gen Z residents last year to become the generation's No. 9 most popular city. That's 4,223 more Gen Zers than the net migration rate from 2022, the report found.

Real estate marketplace Zillow seems to agree on a statewide scale, declaring Texas as the No. 1 destination for Gen Zers on the move in 2024.

However, as Gen Z Dallasites may have learned, it's going to take a big bite out of their paychecks to live in such a highly sought after city. A March RentCafe housing cost analysis predicted Gen Z adults living in Dallas are likely to spend over $149,000 on rent by the time they are 30 years old.

While Dallas saw big gains in its Gen Z population last year, many other big cities saw a mass exodus. Plano, for example — which gained 1,295 Gen Z residents in 2022 — lost 4,028 Gen Zers in 2023, the report discovered.

The biggest Gen-Z exodus was in El Paso, with a drop of 5,607 — "a sharp turn from 2022 when the city saw an increase," the report said. "Other cities, including Plano, Texas; Memphis, Tennessee; McKinney, Texas; and Wichita, Kansas, are seeing similar declines."

"Gen X, baby boomers, and the Silent Generation are also moving away from major cities, particularly New York City and Washington, D.C.," the report said. "They’re heading to some of the same cities as Gen Z, including Houston and Jacksonville, Florida."

The top 10 cities that gained the most Gen Z residents in 2023 are:

No. 1 – New York City, New York
No. 2 – Los Angeles, California
No. 3 – Houston, Texas
No. 4 – Philadelphia, Pennsylvania
No. 5 – Chicago, Illinois
No. 6 – San Diego, California
No. 7 – Seattle, Washington
No. 8 – Charlotte, North Carolina
No. 9 – Dallas, Texas
No. 10 – Minneapolis, Minnesota

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