Austin tops the list in Texas for share of million-dollar homes, says study
With the median home price in the Austin metro area now well over $550,000, it’s no shocker that a lot of homes would be valued at $1 million or more.
Well, it turns out Austin has the highest share of $1 million-plus homes among Texas’ major metros.
A new study from personal finance platform LendingTree shows 3.51 percent of owner-occupied homes in the Austin area are valued at $1 million or more. That compares with an eye-popping 52.89 percent share in the No. 1 metro on the list, San Jose, California.
The study looks at the number of $1 million-plus homes in the country’s 50 largest metro areas. Austin ranks 12th among the 50 metros (down from No. 11 in 2021), with Houston at No. 17 (2.4 percent), Dallas at No. 20 (2.2 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.