With median home prices sitting at $412,000, it takes quite the leap for the average Dallas home to be considered a luxury listing. And yet there are many; 22 percent of all real estate listings in Dallas are homes worth over $1 million, according to a new study.

The report, by online real estate marketplace experts Point2, ranks Dallas No. 12 nationwide among U.S. cities with the highest shares of luxury homes. Dallas ranks second in Texas, behind Austin.

In Point2's 2021 report, Dallas ranked No. 13 with only 13.9 percent of real estate listings with a price tag for more than $1 million. These new findings confirm that Dallas is on the rise as one of the best housing markets for growth, while also opening up possibilities for redefining what the term "luxury" means for real estate in 2023.

"Once used to describe famous estates recognizable by name alone or opulent residences redefining the apartment concept, luxury may now be reduced to a convenient location and cushy amenities," the report says. "Its meaning varies even further when analyzing different-sized markets across the United States, beyond the well-known house-hunting grounds of affluent home seekers."

Austin ranked No. 10 nationally with 24.7 percent of all active real estate listings for sale for over $1 million. No other Texas cities made the top 15.

The study looked at all available real estate for sale in the 30 largest, mid-size, and smallest cities in the United States, and categorized the listings by their $1-million-plus price tags.

In the category for the smallest U.S. cities, Grapevine ranked No. 13 with 13 percent of all real estate listings for sale worth over $1 million.

The largest cities also were analyzed for active real estate listings worth over $5 million.

The study admits that luxury homes worth over $5 million are the true indicator of what "real luxury" looks like specifically for the largest American cities. In Dallas, only 1.8 percent of real estate listings fit that criteria, earning the city No. 8. Austin, with 1.5 percent, land just behind Dallas, at No. 9.

The top 10 largest cities in the U.S. with the highest shares of luxury real estate listings worth over $5 million are:

• No. 1 – Los Angeles, California (11.6 percent)
• No. 2 – Boston, Massachusetts (9.4 percent)
• No. 3 – San Diego, California (7.6 percent)
• No. 4 – New York City, New York (7.4 percent)
• No. 5 – San Francisco, California (7.1 percent)
• No. 6 – Washington, D.C. (2.1 percent)
• No. 7 – Seattle, Washington (2.0 percent)
• No. 8 – Dallas, Texas (1.8 percent)
• No. 9 – Austin, Texas (1.5 percent)
• No. 10 – San Jose, California (1.1 percent)

The full report and its methodology can be found on point2homes.com.