A mansion for less than $1 million? That's the norm in four markets

Rhea-AI Summary

Zillow (NYSE:ZG) reveals that while the median U.S. mansion (5,000+ square feet) is valued at $1.4 million, four major markets offer these luxury homes for under $1 million: Buffalo ($825,500), Indianapolis ($965,500), Cleveland ($995,200), and Memphis ($996,700).

The analysis shows a significant shift in mansion affordability, with only 30.3% of U.S. mansions now valued under $1 million, down from 45.1% in June 2021. Atlanta leads with over 21,000 mansions under $1 million, while California markets command the highest prices, topped by San Jose with a median mansion value of $6.5 million.

Positive

• Four major markets offer mansions under $1 million, providing affordable luxury options
• Atlanta leads with over 21,000 mansions under $1 million
• 'Starter mansions' available for under $1 million in 21 of 50 biggest metro areas
• Buffalo offers entry-level mansions for less than $500,000

Negative

• Only 30.3% of U.S. mansions are now valued under $1 million, down from 45.1% in June 2021
• California markets show extreme pricing with median mansion values above $4.5 million
• High ongoing maintenance costs ranging from 1%-4% of home value annually
• Unique features and size can make mansions harder to resell than standard homes

Insights

Real Estate Market Analyst

Zillow's data reveals growing unaffordability in mansion market with only 30% under $1M, highlighting regional disparities and platform's data strengths.

Zillow's latest analysis provides valuable insights into the luxury housing segment, revealing significant regional disparities in mansion affordability across America. The data shows a dramatic shift in the high-end market - while 45.1% of mansions were valued under $1 million in June 2021, that figure has dropped to just 30.3% today, indicating substantial appreciation in the luxury segment.

The report identifies four markets where mansions remain relatively affordable: Buffalo ($825,500), Indianapolis ($965,500), Cleveland ($995,200), and Memphis ($996,700). Conversely, coastal markets command extraordinary premiums, with median mansion values reaching $6.5 million in San Jose and $4.9 million in San Francisco.

Atlanta emerges as a fascinating outlier with over 21,000 mansions valued under $1 million - nearly double the next highest market. This reflects Atlanta's unique position offering both volume and relative affordability in the luxury segment.

What makes this data particularly valuable is the granular breakdown across 50 metropolitan areas, highlighting the persistence of regional arbitrage opportunities despite overall market appreciation. The analysis also wisely addresses practical considerations beyond purchase price, noting maintenance costs of 1-4% annually - an important qualifier that enhances Zillow's credibility as a comprehensive real estate resource.

This research demonstrates Zillow's sophisticated data capabilities and positioning as the authoritative source for market intelligence across all housing segments, reinforcing its value proposition to consumers, professionals, and investors seeking to understand America's complex real estate landscape.

Seven in 10 U.S. mansions are valued above $1 million

• The median mansion costs less than $1 million in four large metro areas: Buffalo, Indianapolis, Cleveland and Memphis.
• Nationwide, the median mansion is worth more than $1.4 million, and more than $4.5 million in four major California markets.
• An entry-level 5,000-square-foot home, or a "starter mansion," goes for less than half a million dollars in Buffalo.

SEATTLE, Aug. 13, 2025 /PRNewswire/ -- Owning a mansion may sound like a fantasy, but there are parts of the U.S. where a home buyer can live like a king while spending like a prince. A new Zillow® analysis has found four major markets where the median mansion costs below $1 million — less than California Bay Area buyers are paying for a typical home.

While the term "mansion" may feel outdated, it still carries cultural weight as a status symbol. However, today's dream homes are shaped as much by budget realities as buyer priorities. With affordability tight, buyers are often prioritizing functional space over excess.

Those holding on to mansion-sized fantasies will find they are surprisingly within reach in a few markets. A median mansion nationwide, defined as a home with at least 5,000 square feet of finished living space, is worth more than $1.4 million. But in Buffalo ($825,500), Indianapolis ($965,500), Cleveland ($995,200) and Memphis ($996,700), buyers can stretch out in a palatial pad for a six-figure price.

"Home prices surged during the pandemic, pushing even starter homes into million‑dollar territory in hundreds of cities. Especially on the coasts, champagne tastes require champagne budgets," said Kara Ng, senior economist at Zillow. "But in some parts of the country, a million dollars still buys serious square footage. More room to roam, including outdoor space, became a must-have during the pandemic, and those preferences have held true."

The days of finding a mansion under $1 million are fading. In June 2021, nearly half of all U.S. mansions were valued at less than $1 million (45.1%). Today, just 3 in 10 are (30.3%). And, of course, some cost hundreds of millions of dollars.

But for buyers dreaming of space and status with a six-figure price tag, the Midwest and the South still teem with mansions at a relative bargain price.

Atlanta leads in raw numbers with more than 21,000 mansions under $1 million. No other market comes close; New York is second with about 12,500. Roughly 35% of Atlanta mansions are worth less than $1 million, which is high, but still a smaller share than 13 other major markets. That means Atlanta has a lot of mansions, period. Only the New York City and Washington, D.C., metro areas have more.

On the other coast, a cool $1 million wouldn't even cover the down payment on a median mansion in San Jose, valued at $6.5 million. Other sky-high markets include San Francisco ($4.9 million), Los Angeles ($4.7 million) and San Diego ($4.6 million). Outside of California, mansions are most expensive in Miami ($3.7 million), Seattle ($3.3 million) and Phoenix ($2.9 million).

For buyers willing to make a few compromises in their fantasies, a "starter mansion" — a home in the 25th percentile of mansion values in a given area — goes for less than $1 million in 21 of the 50 biggest metro areas. A buyer could even land one in Buffalo for less than $500,000, evidence that dream homes don't always come with a nightmare budget.

Those who are seriously considering buying a mansion should keep in mind that the price tag is only the first bill. More house often means more ongoing expenses. They should budget for higher property taxes, insurance and utility bills, plus ongoing upkeep that can run 1%–4% of the home's value annually. Most importantly, buyers should be certain that the space works for their life and not just their daydreams — massive homes with unique features often take longer to resell than a starter home.

Metro Area	Median Mansion Value	Median "Starter Mansion" Value	Number of Mansions Valued Under $1 Million	Share of Mansions Valued Under $1 Million
United States	$1,441,500	$899,900	415,117	30.3 %
New York, NY	$2,247,000	$1,381,200	12,555	15.5 %
Los Angeles, CA	$4,716,000	$3,245,700	412	1.0 %
Chicago, IL	$1,383,000	$934,600	9,530	29.2 %
Dallas, TX	$1,864,000	$1,357,800	3,929	10.8 %
Houston, TX	$1,471,600	$1,005,100	8,735	24.7 %
Washington, DC	$1,581,500	$1,158,300	10,613	16.3 %
Philadelphia, PA	$1,373,800	$1,032,700	7,421	22.9 %
Miami, FL	$3,681,100	$2,179,500	1,028	3.5 %
Atlanta, GA	$1,194,000	$878,400	21,634	35.3 %
Boston, MA	$2,462,300	$1,692,500	1,271	5.2 %
Phoenix, AZ	$2,878,700	$1,809,000	1,272	6.9 %
San Francisco, CA	$4,854,100	$3,462,800	171	1.4 %
Riverside, CA	$2,373,500	$1,681,000	621	8.2 %
Detroit, MI	$1,179,600	$814,500	4,687	39.1 %
Seattle, WA	$3,271,900	$2,138,800	415	3.3 %
Minneapolis, MN	$1,215,100	$908,400	6,054	33.3 %
San Diego, CA	$4,550,200	$3,064,500	69	0.7 %
Tampa, FL	$2,049,500	$1,291,500	1,175	14.8 %
Denver, CO	$1,560,800	$1,148,900	4,638	15.0 %
Baltimore, MD	$1,328,700	$1,037,400	4,109	22.2 %
St. Louis, MO	$1,195,300	$788,700	4,827	38.7 %
Orlando, FL	$1,948,200	$1,330,800	1,069	12.4 %
Charlotte, NC	$1,721,700	$1,180,900	2,929	15.7 %
San Antonio, TX	$1,443,300	$1,001,500	1,894	24.9 %
Portland, OR	$1,774,800	$1,368,100	598	7.0 %
Sacramento, CA	$2,191,600	$1,646,600	294	6.3 %
Pittsburgh, PA	$1,246,000	$844,700	1,648	34.4 %
Cincinnati, OH	$1,005,900	$695,900	4,461	49.7 %
Austin, TX	$2,577,900	$1,611,500	666	7.7 %
Las Vegas, NV	$2,353,500	$1,485,200	460	6.6 %
Kansas City, MO	$1,111,500	$834,900	4,120	40.9 %
Columbus, OH	$1,166,200	$895,200	2,265	35.5 %
Indianapolis, IN	$965,500	$769,300	11,696	53.8 %
Cleveland, OH	$995,200	$760,600	4,218	50.3 %
San Jose, CA	$6,533,700	$4,570,900	11	0.3 %
Nashville, TN	$2,220,500	$1,572,500	1,541	8.1 %
Virginia Beach, VA	$1,457,300	$1,049,900	1,146	21.9 %
Providence, RI	$1,597,100	$986,200	1,160	25.6 %
Jacksonville, FL	$2,212,200	$1,455,100	498	10.9 %
Milwaukee, WI	$1,215,500	$918,400	1,374	31.1 %
Oklahoma City, OK	$1,264,800	$918,800	1,419	30.9 %
Raleigh, NC	$1,579,600	$1,269,500	725	8.0 %
Memphis, TN	$996,700	$771,300	3,474	50.3 %
Richmond, VA	$1,136,300	$844,400	3,420	38.8 %
Louisville, KY	$1,009,000	$798,500	2,669	49.1 %
New Orleans, LA	$1,116,100	$714,500	2,379	42.9 %
Salt Lake City, UT	$1,491,000	$1,163,800	1,246	12.3 %
Hartford, CT	$1,226,600	$947,600	1,037	29.7 %
Buffalo, NY	$825,500	$458,200	1,862	59.3 %
Birmingham, AL	$1,071,400	$783,500	4,899	44.0 %

*Table ordered by market size

About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing, and renting experiences.

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.

 

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SOURCE Zillow

FAQ

What is the median mansion price in the United States according to Zillow's 2025 analysis?

According to Zillow's analysis, the median mansion (5,000+ square feet) in the United States is valued at $1.4 million.

Which US cities offer mansions for less than $1 million in 2025?

Four major markets offer mansions under $1 million: Buffalo ($825,500), Indianapolis ($965,500), Cleveland ($995,200), and Memphis ($996,700).

What is the most expensive US market for mansions in 2025?

San Jose, California has the highest median mansion value at $6.5 million, followed by San Francisco ($4.9 million), Los Angeles ($4.7 million), and San Diego ($4.6 million).

Which city has the most mansions under $1 million?

Atlanta leads with over 21,000 mansions valued under $1 million, followed by New York with approximately 12,500 mansions under $1 million.

How has mansion affordability changed since 2021?

Mansion affordability has decreased significantly, with only 30.3% of U.S. mansions valued under $1 million in 2025, down from 45.1% in June 2021.

What are the typical maintenance costs for a mansion?

Annual maintenance costs for mansions typically range between 1% to 4% of the home's value, plus higher property taxes, insurance, and utility bills.