A new study identifying the most expensive neighborhoods across the country puts one San Antonio neighborhood near the top of the list for Texas.
The Dominion has been named the sixth most expensive neighborhood in the state — and the most expensive in the metro — by ConstructionCoverage.com. The affluent San Antonio neighborhood boasts a median home value of $708,400. Home values in the neighborhood jumped 4.04 percent in just one year, 3.21 percent in the last five, and 1.37 percent in the last decade, the study adds.
Meanwhile, the median home price in the U.S. is $226,700, according to the Zillow Home Price Index, which Construction Coverage used to compare more than 7,000 neighborhoods across the country.
The most expensive neighborhood in the state is Austin's Barton Creek. The upscale neighborhood boasts a median home value of $1,046,600 — currently at its peak. The second most expensive neighborhood in Texas is Afton Oaks. Located in Houston's ritzy River Oaks area, it boasts a median home value of $1,024,600.
Three other San Antonio neighborhoods are among the 20 priciest in the state, according to the study. Inwood Homeowners ranks 14th with a median home value of $561,100, Elm Creek is 16th with homes valued at $547,500, and Monte Vista is No. 20 with a median price of $514,000.
Compass real estate broker Grigor Licul told Construction Coverage that the most coveted neighborhoods have more to offer than nice homes. Buyers also buy into a place with "good infrastructure, school districts, and transportation," among other things, he said.
As a result, “Developers follow the demand and develop a higher end product within these neighborhoods, further stratifying the market," Licul said. "It is a reinforcing loop which causes the neighborhoods with a higher price baseline to maintain their pricing advantage [and] remain more resilient to potential downturns.”