Philly area has over 32,000 mansions, with some priced below million.

In the Philadelphia metropolitan area, there are approximately 32,400 mansions, according to a recent analysis by Zillow. This research defines mansions as residences that encompass at least 5,000 square feet of finished living space, with the median size of such homes in the region measuring 5,936 square feet.

The median value of a mansion in the Philadelphia area is reported to be ,373,800, based on home value estimates provided by Zillow as of June 30. Notably, what Zillow categorizes as a “starter mansion”—those entry-level homes with a minimum of 5,000 square feet—has a median price slightly exceeding million in this region.

The surge in home prices over recent years has significantly impacted availability in this luxury segment. As of June 2021, nearly half of the mansions in the United States were valued at less than million. However, current figures indicate that this percentage has decreased to 30%. Locally, 23% of the mansions in the Philadelphia area are now valued below million, a considerable drop from around 46% two years ago.

Market dynamics highlight that the Northeast’s housing shortage continues to exert upward pressure on mansion prices. According to analysts, mansions priced under million typically come with fewer amenities and are generally older. In the Philadelphia area, the median age of these lower-valued mansions is approximately 65 years, in stark contrast to the median age of all mansions in the region, which is about 27 years.

Comparatively, a larger proportion of mansions priced under million can be found in Philadelphia than in other prominent metro areas in the Northeast. In a broader perspective, the San Jose, California, metro area holds the highest median value for mansions at over .5 million, while Buffalo, New York, accounts for the lowest at 5,500.

Experts suggest that now may present an opportune moment for potential buyers in the Philadelphia area and elsewhere. Average mortgage rates have shown a declining trend, with recent reports indicating the lowest figures since October, as noted by Freddie Mac, a government-backed mortgage buyer. For those who previously deemed mansions financially out of reach, it may be worthwhile to revisit the market, as opportunities could arise where a once-unaffordable mansion may now be viable.

For individuals looking to invest in luxury real estate, careful consideration of current market conditions and mortgage trends is essential. As the dynamics of the housing market continue to evolve, prospective buyers may find the landscape shifting in their favor.