North Texas dominated the state in housing values in an analysis of million-dollar cities put out by real estate database company Zillow.
Highland Park, Westlake, and University Park made the list of places where typical home values are $1 million or more.
The cities posted average December 2019 home values of $1,601,709 in Highland Park, $1,599,808 in Westlake and $1,387,862 in University Park.
Zillow found 218 million-dollar cities nationwide, but the three in North Texas were the only ones in the Lone Star State.
The 218 nationwide included three more million-dollar cities than at the end of 2018 and 74 more than five years ago. The net addition of three $1 million cities is the lowest in recent years, according to the Zillow analysis — a reflection of the slower housing market nationwide last year.
Of the 218 priciest cities nationwide, Highland Park had the 79th highest typical home price. Very next on the national list was Westlake, with the 80th most expensive homes nationwide. University Park ranked 108th.
The luxury residential sector in Dallas has swung to a buyer’s market, according to Erin Mathews, an agent who sells high-end homes with Dallas-based brokerage Allie Beth Allman & Associates.
“For about the last three years, the high-end market has remained about the same in my view,” Mathews said. “It’s not bad. It’s just a bit stagnant. We’re not seeing a tremendous amount of growth.”
Tom Hughes, a founding agent at Compass Real Estate in Dallas, said a lack of inventory is the biggest problem that agents face now in Highland Park, University Park, and Preston Hollow.
The supply of homes in those places is hovering around six months, which is more supply than two years ago, but lower than last year, he said.
“The inventory is an issue,” he said.
More than half of the $1 million cities on Zillow’s list are in the San Francisco, New York and Los Angeles metro areas.
The highest typical home value nationwide went to Indian Creek Village, which is situated on a man-made barrier island on the southeastern tip of the Florida peninsula. A “typical” home in Indian Creek is valued at $14,325,904 — a whopping nine times the value of a typical home in Highland Park.
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