Four cities where Americans can find a cut-price mansion… for less than a regular home elsewhere

Daily Mail​

2 days ago

The American dream may be about owning a modest family home with a white picket fence, but some have grander ambitions.
For those with dreams of owning their own mansion - defined as a home of at least 5,000 square feet - four cities have emerged as the best place to bag a deal this year.
Across the country the median mansion will set you back $1.4 million, but in Buffalo, Indianapolis, Cleveland, and Memphis, it could cost less than $1 million, according to a new report from Zillow.
In Buffalo, New York, median mansions are available for $825,500, and in Indianapolis, similar-sized homes are on the market for an average price of $965,500.
In Cleveland, Ohio, and Memphis, Tennessee, buyers can bag a palatial pad for an average price of $995,200 and $996,700, respectively.
Home prices have surged more than 50 percent in the years following the pandemic, and this is notable in the mansion market too.
In June 2021, nearly half of all US mansions were valued at less than $1 million, according to Zillow. Today, just 30 percent are under the million-dollar threshold.
'Home prices surged during the pandemic, pushing even starter homes into million‑dollar territory in hundreds of cities,' Kara Ng, senior economist at Zillow, said.
She continued: 'Especially on the coasts, champagne tastes require champagne budgets, 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.'
By contrast, buyers would need a cool $4.5 million for the average mansion in four of California's major metros.
The median mansion in San Jose is currently valued at $6.5 million, according to Zillow figures.
San Francisco's averagely-priced mansions are listed at $4.9 million, mansions in Los Angeles are $4.7 million and in San Diego they are only slightly cheaper at $4.6 million.
Experts at Zillow warned those looking to purchase such a large home should also keep in mind the costs of maintaining it.
Larger properties can come with higher property taxes, utility bills and insurance premiums.
In addition, Zillow recommends budgeting for annual upkeep of somewhere between 1 to 4 percent of the home's value.
It comes as the US housing market is cooling overall with 33 out of the 50 largest metro areas seeing price cuts, and some falling more rapidly than others.
The pace and severity of the slowdown varied in July, according to new data from Realtor.com.
In particular, the South and West shifted decisively in favor of buyers due to rising inventory, deeper price cuts, and homes spending longer on the market.
The housing market in the Northeast and Midwest remains steadier.
'The housing market has cooled modestly in 2025, prompting our lowered outlook for home sales and price growth,' said Danielle Hale, chief economist at Realtor.com.
'But the extent and persistence of rebalancing really varies across the country, and, regionally, homebuyers and sellers are likely to experience a very different market.'