Luxury list

Austin boasts biggest share of million-dollar homes in Texas, says study

Austin has biggest share of million-dollar homes in Texas, says study

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Austin ranks 11th in the nation for share of million-dollar homes. Photo courtesy of Austin Luxury Group

As a testament to the metro area’s soaring home prices, Austin leads Texas for the share of homes valued at $1 million or more.

An analysis of U.S. Census Bureau data by lending marketplace LendingTree found the share of owner-occupied homes in the Austin area valued at $1 million or more stands at 3.52 percent. That percentage — the share of all owner-occupied homes — puts Austin first among major metro areas in Texas and 11th among the country’s 50 biggest metro areas.

The analysis shows the Austin area has 14,226 owner-occupied homes valued at $1 million or more.

From November 2019 to October 2020, 1,534 luxury homes ($1 million or higher) were sold in the Austin area, according to the Texas Association of Realtors. That represented a 41.4 percent year-over-year increase in luxury sales volume and a 5.6 percent share of all residential sales volume in the region (based on dollar totals).

In May, the median home price in the Austin metro area reached an all-time high of $465,000, according to the Austin Board of Realtors.

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).
  • Dallas-Fort Worth ranked 20th, with 1.94 percent of owner-occupied homes valued at $1 million or more (29,509 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.