Realtor.com ranked the Top 10 Cities Where Big Homes Sell for Small Sums, and Louisville ranks third for affordable mansions.
Looking for an affordable mansion? With an oxymoron like that, I mean aren’t we all! We’ve all heard the key phrases around real estate such as “location, location, location,” and it appears Louisville is currently in a sweet spot. Relative to the rest of the country, you can score an affordable Louisville mansion at a much easier rate.
First we need to define what exactly qualifies as a mansion. In smaller cities, mansions are defined by room count and square footage of the property. In larger cities like New York and Los Angeles, mansions are more so defined by their amenities. This study opted for the first option, and searched real estate listing databases for homes in excess 5,000 square feet. Once those larger square foot listings were defined, they were then sorted by median asking price.
The homes that fit these requirements in the Louisville area are in the range of $765,000. A concentration of these homes can be found in historic Old Louisville’s Millionaires Row. This was the home to movers and shakers of the Victorian Era, due to its location on the Falls of the Ohio River. Therefore, a lot of these large homes were built in the 1800s or early 1900s and may not fit your idea of what a mansion is. In fact, a lot of these homes started to decline in mid-20th century, and are in need of some repairs and TLC.
With that being said, Old Louisville is making a resurgence with young professionals and college students alike. It seems that everything comes full circle, and this historic area is destined for greatness again. The history runs deep, as this area is the largest historic preservation district which solely features Victorian style homes and buildings in the United States. Some of the listings are homes are three stories, and feature amenities like curved staircases, ponds, and carriage houses. So are you ready to buy a house “where Northern enterprise and Southern hospitality meet?” You can certainly find affordable Louisville mansions, even if they require a little bit of work.
