Houston homes are flying off the market and property values are skyrocketing — but just how many of these houses are worth two commas?
An analysis of U.S. Census Bureau data by lending marketplace LendingTree found the share of owner-occupied homes in the Houston area valued at $1 million or more stands at 2.26 percent out of some 1,421,765 residences (32,167 homes total).
That puts the Bayou City 16th overall nationally among U.S. major metros. By the numbers, the media value of Houston homes is $193,900.
No surprise here: Austin leads Texas with the most million-dollar homes: 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.
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:
- 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.