While the median home price in Houston has recently hit around $400,000, the city boasts a healthy amount of homes valued at $1 million or more. Let’s take a look at the top 3 multi-million homes in Texas.
New data from Dallas-based HomesUSA.com shows that in June, the average price of a newly built home in Houston is now $419,573. That means more than a 10-percent jump from last summer, per the report.
But just how much are these new homes worth?
Among the state’s four major metro areas, Austin led this category in June ($541,079), followed by Dallas-Fort Worth ($501,327), Houston ($419,573), and San Antonio ($391,577).
Texas, Austin leads all state metros. While ranking at No. 12 nationally, Austin deserves a shout-out.
With 3.51 percent of owner-occupied homes in the 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.
A new study from personal finance platform LendingTree shows Houston at second place. With 2.4 percent of Houston homes worth $1 million or more. That’s actually down from No. 11 in 2021. Houston ranks No. 17 among the 50 U.S. metros in the study.
Home prices here, especially for new builds are on the rise. With Houston showing a 38.8 percent year-over-year increase in the typical monthly mortgage payment, as CultureMap reported.
Dallas follows 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.
While a hot real estate market like Dallas and Houston can be frustrating for homeowners.
It can be ideal for single-family rental property investors. That’s because the strong job market in the Texan area is attracting more people, and when the housing market is tight they rent instead.
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About the writer: Shaura Cuyan writes all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs both locally and internationally and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication and has a Masters degree in Development Communication.