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Austin and Dallas lead the way in Texas with the highest shares of luxury homes for sale, while Houston, Fort Worth and San Antonio have a lower percentage at the $1 million and up price point.
That's according to a recent analysis by real estate platform Point2 that sheds light on the diverse landscape of luxury homes in Texas cities.
As median home prices soar beyond $1 million in certain parts of the country, defining luxury in real estate becomes a relative concept, varying greatly across different-sized housing markets.
The study analyzed the proportion of luxury homes in 30 of the largest, 30 mid-sized, and 30 small cities in the country, setting a minimum price point of $1 million as the benchmark for luxury properties.
The cities were categorized as follows: big cities, comprising the 30 largest markets among the 100 most populous in the U.S.; mid-sized cities, consisting of the 30 largest markets outside the 100 most populous; and small cities, encompassing the first 30 markets with a population of 50,000 and up.
In the analysis of big cities in Texas, Austin and Dallas, both major markets, emerge as leaders with the highest shares of luxury homes for sale, comprising 24.7% and 22% of their respective inventories. Houston follows closely with 11.4% of homes falling into the luxury category, according toPoint2, a division of Yardi Systems Inc.
Conversely, smaller Texas cities within the large-scale market such as Fort Worth, San Antonio and El Paso display a significantly lower share of high-end homes for sale, each hovering below 3.5%.
In the city of Dallas, the median house price stands at $412,000, with 22% of listings priced above $1 million and 1.8% of listings priced above $5 million. In Fort Worth, the median house price is $340,000, with 3.4% of listings priced above $1 million and 0.2% of listings priced above $5 million.
The analysis further includes mid-sized markets, revealing that in Grand Prairie, the median house prices stand at $330,000, with only 1% of its housing inventory falling into the luxury price range.
In Grapevine, a small-city market, 13% of homes for sale have price tags of at least $1 million, with the median house price at $580,000.
The study was based on active listings at the time of the analysis on July 3.