The luxe life

Dallas unlocks No. 12 ranking among U.S. cities with most million-dollar homes

4255 Cochran Chapel Rd., Dallas, home for sale, million-dollar home

This majestic estate at 4255 Cochran Chapel Rd., Dallas, is on the market for $7,995,000.

Photo courtesy of Estately.com

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.

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Rent report

Texas opens the door to more renters than any other state, report says

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Photo by Vitaly Gariev on Unsplash

Texas remains attractive to renters thanks to factors such as affordability, job growth, and apartment availability.

Texas reigns as the country’s No. 1 magnet for renters. According to an Apartments.com analysis, Texas gained nearly 73,000 net new renters from 2023 to 2024.

That figure, pulled from U.S. Census Bureau data, takes into account people who moved to and away from Texas.

Apartments.com says Texas remains attractive to renters thanks to factors such as affordability, job growth, and apartment availability. Many of these renters arrive from high-cost states like California and New York.

Among the state’s four major metro areas:

Dallas-Fort Worth rent growth recently slipped into negative territory as a wave of new apartments hit the market. “With modern housing choices backed by a strong job market that supports income growth, it’s easy to see why renters are flocking to Dallas,” says Apartments.com.
Houston continues to stand out nationally for relative affordability and high apartment availability. “Though the city has seen growth in recent years, a steady supply of apartment communities has kept rents low,” according to Apartments.com.
San Antonio now has the highest vacancy rate among major U.S. apartment markets (15.7 percent).
Austin continues to see widespread financial incentives for new renters, with more than 60 percent of properties offering one to two months’ free rent.

“Taken together, the data suggests Texas is entering a new housing phase: Demand remains strong, but the state’s massive apartment buildout is beginning to give renters more leverage than they’ve had in years,” Apartments.com says.

According to Apartment List, these are the top sources, in descending order, of new renters for each of Texas’ four major metros:

Dallas — Houston, Austin, New York City.
Austin — Dallas, Houston, San Antonio.
Houston — Dallas, Austin, New York City.
San Antonio — Austin, Houston, Dallas.

“For renters looking to move out of California, Texas was the most popular destination, edging out neighboring Nevada and Arizona,” Apartment List says.