Four U.S. Markets Where Luxury Mansions Cost Under $1 Million

Four US markets, Buffalo, Indianapolis, Cleveland, and Memphis, have median mansions priced under $1 million. This is a shift from 2021, where only 30.3% of US mansions were valued under $1 million, down from 45.1%. Atlanta has the highest number of mansions priced below $1 million, with over 21,000, while California markets, such as San Jose, demand the highest premiums.

The luxury housing market in the United States has experienced a significant shift in affordability, with median mansion prices dropping in several major cities. According to Zillow (NYSE: ZG), while the median U.S. mansion (5,000+ square feet) is valued at $1.4 million, four markets—Buffalo, Indianapolis, Cleveland, and Memphis—offer these luxury homes for under $1 million. This marks a notable change from June 2021, when 45.1% of U.S. mansions were valued under $1 million, compared to the current 30.3% [1].

Buffalo leads the pack with a median mansion value of $825,500, followed by Indianapolis at $965,500, Cleveland at $995,200, and Memphis at $996,700. These figures are significantly lower than the median mansion values in California markets, where San Jose commands the highest prices at $6.5 million and San Francisco follows at $4.9 million [2].

Atlanta stands out as a unique market with over 21,000 mansions priced below $1 million, nearly double the next highest market. This reflects Atlanta's position as a volume leader in the luxury segment, offering both a high number of affordable mansions and relative affordability compared to other major markets [1].

The data from Zillow highlights the growing unaffordability in the mansion market, with only 30% of U.S. mansions valued under $1 million. This shift underscores the regional disparities in mansion affordability across America. The analysis also notes that while the price tag is the initial cost, buyers should consider ongoing expenses such as property taxes, insurance, and maintenance, which can run 1%–4% of the home's value annually [1].

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

References:
[1] https://www.stocktitan.net/news/ZG/a-mansion-for-less-than-1-million-that-s-the-norm-in-four-bja1cui3ckka.html
[2] https://finance.yahoo.com/news/mansion-less-1-million-thats-120300974.html