Austin’s first ‘million-dollar neighborhood’ follows national trend

The “million dollar listing” moniker might be a bit modest for well-known Bravo show at this point, in reality, the price is a “growing phenomenon,” according to a recent Curbed article. Citing a recent study by listings site Trulia, the story reports that “the share of single-family homes sporting seven-figure values has grown 7.6 percent over the past year alone” and currently make up 3.6 percent of homes on the market.

Concurrent with a market cool-down and a continued affordability crisis, the rise in high-priced homes’s prices have spurred the growth of “million-dollar neighborhoods, where the median home value is more than $1 million,” according to the article.

Of the 838 out of the 15,100 neighborhoods included in Trulia study that have that distinction, only one is in Austin. A recent Austin Business Journal article, citing the same study, Barton Creek has the honor of being the city’s first “million-dollar neighborhood.” Trulia estimates its estimated median home value as $1,021,760.

Located 10 miles west of downtown, Barton Creek is in a green valley that winds along the Barton Creek greenbelt and provides views of and access to the nearby Hill Country. It has the amenities one would expect of a luxury enclave, including a country club with four golf courses and top-rated public and private schools.

The Trulia study also that the Austin area has a higher percentage of million-dollar homes than any other major Texas city, according to ABJ and puts the area’s October median home value at $302,129, compared with $251,394 for Dallas and $202,196 for Houston.

• The number of ‘million-dollar neighborhoods’ in the U.S. has doubled [Curbed]

• High-priced homes: Austin gets its first $1 million neighborhood [Austin Business Journal]