There are more than 32,000 mansions in and around Philly. Some cost less than $1 million.
Tens of thousands of mansions dot the Philadelphia area, according to Zillow. Soaring home prices over the last few years mean buyers now are less likely to find a mansion that costs under $1 million.
Roughly 32,400 mansions are spread out across the Philadelphia region.
That’s according to an analysis by Zillow, which defined mansions as homes with at least 5,000 square feet of finished living space. In the Philadelphia metropolitan area, the median mansion spans 5,936 square feet.
“Mansions hold a lot of cultural weight as a status symbol,” said Kara Ng, senior economist at Zillow.
The median value of a mansion in the Philadelphia metro is $1,373,800, according to Zillow’s home value estimates as of June 30. What Zillow calls a “starter mansion” — an entry-level 5,000-square-foot home — is worth a median of just over $1 million in the Philadelphia area.
Soaring home prices over the last few years mean buyers now are less likely to find a mansion that costs under $1 million. In June 2021, almost half of the country’s mansions — 45% — were worth less than $1 million. Now, 30% of mansions are.
In the Philadelphia region, 23% of mansions are valued at less than $1 million. That’s down from about 46% in June 2021.
“The shortage of homes in the Northeast puts upward pressure on prices, including for mansions,” Ng said.
Mansions under $1 million generally have fewer amenities and are older. In the Philadelphia metro, the median age of one of these mansions is about 65 years, compared to about 27 years for the region’s mansions as a whole.
A higher share of mansions are valued at under $1 million in the Philadelphia area than in other large metro areas in the Northeast.
The San Jose, Calif., metro area has the highest median mansion value in Zillow’s analysis of the country’s 50 largest metro areas — more than $6.5 million. The Buffalo, N.Y., metro area has the lowest median mansion value at $825,500.
Ng said now might be the time for mansion shoppers in the Philadelphia area and elsewhere to make their move.
Average mortgage rates have trended lower since the beginning of the year and this week fell to their lowest level since October, according to government-backed mortgage buyer Freddie Mac.
“If you haven’t looked in a while, try looking now,” Ng said. “And maybe a mansion you couldn’t afford is now affordable.”