The Real Deal Miami

Where more mansion listings are under $1 million

Trulia finds highest concentration of sub-$1 million mansions in Indiana, Georgia and Utah

November 14, 2015 11:00AM

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Luxury home construction costs range up to $100 per square foot.

Trulia housing economist Ralph McLaughlin says luxury home building costs range up to $100 per square foot.

Real estate listings website Trulia reports that Indiana, Georgia and Utah may be some of the best states to shop for mansion-size homes under $1 million.

Trulia analyzed all homes bigger than 6,000 square feet listed for sale between October 2014 and October 2015 with asking prices under $1 million.

Just 0.32 percent of U.S. homes bigger than 6,000 square feet were priced under $1 million. The largest concentrations of such homes were in Utah with 1.4 percent, Georgia and Indiana with 0.9 percent each, and Maryland with 0.8 percent.

Trulia also found that the states with the lowest concentration of mansions priced under $1 million were Arizona, California, Nevada and Hawaii, each with 0.1 percent.

The comparable percentage in Florida was 0.2 percent

Ralph McLaughlin, the housing economist at Trulia, told the Wall Street Journal the state-to-state differences reflected variation in land and mansion construction costs.

“The cost just to build the home would take up about half of that million dollars,” McLaughlin told the newspaper.

He said the construction cost of a luxury home is about $70 per square foot in Georgia and Utah, which equates to $420,000 for a 6,000-square-foot home. He said the cost in California and  Hawaii would be about $100 per square foot, or $600,000. [Wall Street Journal] — Mike Seemuth