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Austin's share of million-dollar homes is at an all-time high, topping other Texas cities

Scenic lookouts like Mount Bonnell show a booming luxury home market in Austin. (Laura Figi/Austonia)

Over 12% of homes in Austin are now worth at least $1 million, more than any other Texas city, according to a Redfin report.

That's 8.4 percentage points higher than pre-pandemic levels, when just 3.9% of homes had reached that valuation. And it reflects a nationwide trend—a record 8.2% of U.S. homes are now worth at least $1 million, nearly double the rate in February 2020.

Seven of the top 10 metros with shares of $1M homes are in California. In San Francisco, which tops the list, you'd be hard-pressed to find a home worth less, with nearly 90% of housing valued at or above that margin. Californian cities like Anaheim saw their share of million-dollar homes leap by double-digits (28%), perhaps reflecting the well-reported migration of California residents to more affordable locales, including Austin.

Austin saw the second-highest increase in non-Californian cities in that time frame and sits well above Dallas (4.4%), Houston (2.7%), Fort Worth (2.4%) and San Antonio (1.5%) for total share of $1 million homes.

Texans looking for greener (or cheaper) pastures may find that in McAllen or El Paso: both Lone Star cities sit near the bottom of the list with just 0.2% and 0.1% of their homes valued at or above the $1 million mark.


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