The luxe life
Surprising Fort Worth neighbor ranks No. 13 among small cities with most million-dollar homes
With median home prices sitting at $580,000 in Grapevine, it takes a bit of a leap for the average home to be considered a luxury listing. And yet there are many; 13 percent of all real estate listings in Grapevine are homes worth over $1 million, according to a new study.
The report, by online real estate marketplace experts Point2, ranks Grapevine No. 13 nationwide among small U.S. cities with the highest shares of luxury homes. It was the only Texas city to make the top 15.
The report surprisingly lacked any mention of Southlake, which regularly gets nods for being the richest city in Texas.
These new findings confirm that the Metroplex is on the rise as one of the best housing markets for growth, while also opening up possibilities for redefining what the term "luxury" means for real estate in 2023.
"Once used to describe famous estates recognizable by name alone or opulent residences redefining the apartment concept, luxury may now be reduced to a convenient location and cushy amenities," the report says. "Its meaning varies even further when analyzing different-sized markets across the United States, beyond the well-known house-hunting grounds of affluent home seekers."
The small city that made the most gigantic leap into the top spot in the report was East Honolulu, Hawaii, with a massive 70.5 percent of all real estate listings worth over $1 million. Rounding out the top five are Bozeman, Montana (No. 2) with 62.4 percent of listings worth over six figures; North Bethesda, Maryland (No. 3) at 54.7 percent; and California's Cypress (No. 4) and Covina (No. 5) at 36.8 and 36.4 percent.
The remaining smallest cities in the U.S. with the highest shares of luxury real estate listings worth over $1 million are:
- No. 6 – Catalina Foothills, Arizona (33.8 percent)
- No. 7 – Milford, Connecticut (23.1 percent)
- No. 8 –Downers Grove, Illinois (22.6 percent)
- No. 9 – Palm Desert, California (19.8 percent)
- No. 10 – Country Club, Florida (19.4 percent)
- No. 11 – Burien, Washington (18.8 percent)
- No. 12 – Murray, Utah (13.5 percent)
- No. 13 – Grapevine, Texas (13.0 percent)
- No. 14 – Collierville, Tennessee (12.3 percent)
- No. 15 – Dunwoody, Georgia (11.1 percent)
The study looked at all available real estate for sale in the 30 largest, mid-size, and smallest cities in the United States, and categorized the listings by their $1-million-plus price tags.
In the category for the largest U.S. cities, Dallas ranked No. 12 with 22 percent of all real estate listings for sale worth over $1 million, while Austin ranked No. 10 nationally at 24.7 percent.
The largest cities also were analyzed for active real estate listings worth over $5 million.
The study admits that luxury homes worth over $5 million are the true indicator of what "real luxury" looks like specifically for the largest American cities. In Dallas, only 1.8 percent of real estate listings fit that criteria, earning the city No. 8. Austin, with 1.5 percent, land just behind Dallas, at No. 9.
The full report and its methodology can be found on point2homes.com.