Austin is known for its thriving real estate market, with prices at an all-time high. It may be surprising to learn that our city ranks in the top 50 cities in the US with the highest share of homes valued at $1 million or more, according to a new study released by Lending Tree. The rankings of the Top 50 cities were determined by the My Lending Tree property value database, which is a collection of real estate data from over 155 million properties in the U.S. The data showed a trend that cities with more start-ups and a larger tech industry made the list, with San Jose, California taking the number one spot with 53.81% of the homes valued over a million dollar. San Jose is also the only city with a median home value exceeding 1 million. San Francisco followed closely in second, with every other ranking falling far behind the top two Bay Area metros.
Austin found its spot at No. 11 on the list for the U.S. andNo. 1 for the state of Texas, with a 2.16% share of million-dollar homes in the city’s real estate market. While the median value of a home in Texas is an affordable $282,000, the median value of homes over $1 million in our city is $1.31 million. The median million dollar home in Austin is actually the lowest in the state, despite having the largest share. Texas was not the only city to make the top 50, Houston, Dallas and San Antonio also found a spot.
Houston ranked No. 14 on the list with a 1.52% share of million dollar homes for the Bayou city. The median value of all homes in Houston is an economical $192,000, compared to the median value of million dollar homes which is $1,401,000, making it the highest in the state.
The Big D, Dallas, follows closely at No. 18, with a 1.31% share of million-dollar homes. The median value of all homes is $213,000, and the median value of homes over $1 million is $1,395,500.
San Antonio appears at No. 39, with a 0.41% 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 at $1,319,000.