Over 32,000 mansions exist in the Philadelphia area, with some priced under million.
In the Philadelphia metropolitan area, approximately 32,400 mansions are currently available, as outlined in a recent analysis by Zillow. This classification of mansions encompasses homes with at least 5,000 square feet of finished living space, with the median mansion in the region measuring 5,936 square feet.
As of June 30, the median value of these mansions is estimated to be ,373,800, reflecting a broader trend of rising real estate prices in the area. The report identifies what Zillow terms a “starter mansion,” which consists of an entry-level 5,000-square-foot residence, with a median value of just over million. The significant increase in home prices over the past few years indicates that prospective buyers are less likely to encounter mansions priced below the million mark. In June 2021, approximately 45% of mansions nationwide were valued under million; however, this figure has since declined to around 30%. Specifically, in the Philadelphia metropolitan area, 23% of mansions are now valued below million—down from nearly 46% two years ago.
The ongoing housing shortage in the Northeast has contributed to upward pressure on the real estate market, including the segment dealing with mansions. Properties priced under million generally feature fewer amenities and are often older constructions; in Philadelphia, the median age of these affordable mansions is roughly 65 years, compared to a more contemporary median of 27 years for the region’s mansion market as a whole.
Regionally, the Philadelphia area has a higher concentration of mansions priced under million when compared to other major metropolitan areas in the Northeast. Nevertheless, the analysis reveals that the San Jose, California, metropolitan area holds the record for the highest median mansion value across 50 of the largest metro areas in the country, sitting at over .5 million. Conversely, the Buffalo, New York, metro area boasts the lowest median mansion value at approximately 5,500.
The current economic landscape might present an opportunity for potential mansion buyers in the Philadelphia region and beyond. Average mortgage rates have shown a declining trend since the start of the year, recently reaching their lowest levels since October 2022, according to Freddie Mac. Financial experts are suggesting that it may be an opportune moment for buyers to reconsider their real estate options, as previously unattainable mansions might now fall within a more attainable price range.
