As recently as 2021, almost half of all U.S. mansions — homes with at least 5,000 square feet of livable space — cost $1 million or less. But today, only a handful of cities still offer top-end homes at that price range, according to a new Zillow analysis of home prices across the U.S.
Nationwide, mansions are selling for a median price of $1.4 million, but in some parts of the country, high-end properties fetch far more. In four major California cities, including Los Angeles and San Francisco, the median mansion has a price tag of $4.5 million, Zillow said.
In four metro areas, though, homebuyers can snap up an extra-large residence for under $1 million:
- Buffalo, New York: $825,500
- Indianapolis, Indiana: $965,500
- Cleveland, Ohio: $995,200
- Memphis, Tennessee: $996,700
For those willing to trade location for space, mansion values also hover around or slightly more than $1 million across the Midwest and in some Southern cities as well, including Louisville, Kentucky and Birmingham, Alabama, according to Zillow.
“In general, mansion prices move with general affordability. So in places like Buffalo, Indianapolis, Cleveland and Memphis, in the broad scheme of the U.S., these markets tend to be relatively more affordable,” Zillow senior economist Kara Ng told CBS MoneyWatch. “So it makes sense you could find a typical mansion for under $1 million in those regions.”
Many mansions that below the $1 million mark are less expensive because they are older homes, with a median construction year of 1985 versus 2000 for the median construction year for all mansions, Zillow said.
In 2021, nearly half of all U.S. mansions were worth less than $1 million. Today, just three in 10 fall below the $1 million threshold, according to the report.
Mansions — and homes in general — are most costly on the coasts. In San Jose, the median mansion is valued at $6.5 million, for example. “The coasts tend to be on the pricier side, and that follows general affordability trends,” Ng said. “It’s hard to build due to geographical constraints, and housing deficits in these areas tends to put upward pressure on prices.”
To be sure, homebuyers in every price range are getting less for their money, with the median U.S. home sale price reaching a record of nearly $400,000 in June, according to Redfin. Tight inventory and high mortgage rates has made it tougher for would-be buyers to enter the property market.
Last year, just 24% of home sales were to first-time homebuyers, down from 50% in 2010, according to data from the National Association of Realtors.
Where are the most mansions under $1 million?
Atlanta, Georgia has the greatest number of mansions — 21,634 — under $1 million. That accounts for 5% of all mansions under $1 million in the U.S. Look to New York City for the second highest share of large residences — 2,555, — under $1 million.
Indianapolis has 11,696 such homes, while Washington, D.C., has 10,613, and Chicago has 9,530.
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
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