TEXAS - In a state as vast as Texas, "expensive" can mean many things—a sprawling ranch, a downtown penthouse, or a Hill Country estate. But when it comes to the highest concentration of wealth and the most valuable real estate, the competition boils down to a few ultra-exclusive enclaves in the state's major metro areas.
While Austin and Houston have incredibly wealthy neighborhoods, the long-standing champion and the most expensive real estate in Texas is found in a set of tiny, "bubble" communities in the heart of Dallas.
The Winner: The Park Cities (Highland Park & University Park)
For decades, the title of "most expensive" has belonged to the Park Cities—the sister municipalities of Highland Park (75205) and University Park (75225). These towns are entirely surrounded by the city of Dallas, creating an island of extreme affluence.
While tiny, wealthy suburbs like Westlake (in the DFW metroplex) may occasionally post a higher median price due to a few mega-sales, the Park Cities remain the undisputed, long-term center of Texas wealth.
- Median Home Price: The median home price in Highland Park is typically $2.5 million or higher, with University Park following closely. Entry-level homes often start well over $1 million, and grand estates on the famed Beverly Drive can command prices in the tens of millions.
- Why It's So Expensive: The value is a combination of three key factors:
- Highland Park ISD: The public school district is the single most significant driver. It is consistently ranked among the best in the nation, making it a "public-private" school experience.
- Location: The towns are a 10-minute drive from Downtown Dallas, bordering the beautiful Turtle Creek and the upscale shopping of Highland Park Village.
- Prestige & Exclusivity: The Park Cities have their own police, fire, and government services. It is a multi-generational hub of Texas's most prominent families, CEOs, and financiers.
The Runners-Up: Austin's Hill Country & Houston's "Villages"
The battle for the top spot is fierce, with powerful contenders in Texas's other major economic hubs.
1. The Austin Enclave: West Lake Hills (78746)
If the Park Cities are old-money luxury, West Lake Hills is new-money tech wealth with a view. This stunningly beautiful city in the hills just west of downtown Austin is the area's most prestigious address.
- Median Home Price: Median home values in West Lake Hills and its neighbor, Rollingwood, regularly exceed $2.1 million to $2.5 million.
- The Appeal: The draw is the combination of top-tier education (Eanes ISD rivals Highland Park's) and lifestyle. It offers a secluded, "Hill Country" feel with winding roads, panoramic views of the Austin skyline, and access to Lake Austin—all within minutes of downtown.
2. The Houston Stronghold: The Memorial Villages
In Houston, the most expensive real estate is concentrated in a cluster of independent "villages" known for their quiet, country-like feel despite being deep inside the city.
- The Towns: The wealthiest are Piney Point Village (77024) and Hunters Creek Village (77024).
- Median Home Price: These villages boast median home prices well over $2 million.
- The Appeal: Like the other winners, the Memorial Villages share top-ranked school districts (Spring Branch ISD) and offer something unique: privacy. These are not walkable, urban neighborhoods. They are defined by multi-acre wooded lots, private roads, and their own police forces, creating a secure, forested sanctuary for Houston's elite.
Honorable Mention: The Billionaire's Neighborhood
While the Park Cities have the highest median price, Dallas's Preston Hollow has some of the most expensive individual homes in Texas. This is where billionaires (like Mark Cuban) and former presidents build their sprawling, custom mega-mansions on streets like the famous Strait Lane.