10 Luxurious Velvet Sofas We Love Under $500

updated Feb 23, 2023
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Credit: Sylvie Li

Looking to feel a little fancy? A velvet sofa instantly adds sophistication and elegance to any space. Always on trend and luxurious, they come in all sorts of bright jewel tones, which means they are an easy way to incorporate color into your home (but you can also find gorgeous neutral white and gray versions). Another perk of velvet sofas is that they’re easy to take care of; they’re a cinch to spot clean, so there’s no need to fret over spilled wine. They’re also pet friendly, as the fabric is naturally resistant to scratches, and pet hair can easily be picked up with a lint roller. Best of all, velvet sofas don’t have to break the bank! To prove it, we’ve rounded up 10 great options that all ring in under $500. Take your pick of styles — mid-century modern, Chesterfield, modern — and sizes — loveseat to full-size — to get the perfect one for your space.

1 / 10
Home Depot

A scalloped back makes for a whimsical element to this tufted velvet loveseat, while the metal legs juxtapose the playfulness with sleek sophistication. Its petite size makes it ideal for small spaces such as a home office or tight living room. Between its ergonomic backrest and high-density foam cushion, it’s pretty to look at and pretty comfortable for lounging.

2 / 10

You don’t need a giant velvet sofa to create your look. In fact, this settee delivers the same luxe feel, making it a great pick for smaller spaces. All about the details, its tuxedo arm design, channel stitching, and nailhead trim add extra touches to make it a standout. The feathery velvet also features built-in wrinkle resistance to keep it looking fresh and clean.

3 / 10
was $339.99

This sofa strikes an interesting balance between being boxy and rounded, which helps it stand out in a good way. Natural pine wood legs add a boho touch and the stain-resistant velvet covering makes caring for it easy.

4 / 10

The curved sides on this Chesterfield-inspired sofa make it look even more grown-up, and the removable seat cushions make it so much easier to clean. If you're looking for something to stand out as the centerpiece of your living room, this is a great choice.

5 / 10
was $599.99

This sleeper sofa has zipper pockets on the back of the seat rest, so you can hide the additional support legs when you don't want to see them, and easily unfold them when you want to lay the sofa flat. One really neat design feature: The armrests are flexible. You can fold them sideways and use them as extra support for a pillow.

6 / 10
was $555.32

Choose between five different fabric color options to make sure you get the one that truly complements your style. The dark wooden legs are a telltale mid-century modern design choice, and the plush one-piece seat cushion is super comfortable to relax on.

7 / 10
was $692.99

Set up this sectional with the long part on either the right or left side — whichever is right for your space. Pocket coil padding in the seat cushion makes this a somewhat firm and super supportive sofa, and also one that stands up well to kids and pets who may like to jump on it.

8 / 10
was $475.00

Here is your chance to snag a huge deal on legitimate designer furniture. This spacious sleeper sofa has a split-back design so you can customize your lounge area. And because the seat has a layer of memory foam on top, it offers great support for anyone catching some z's on it.

9 / 10
was $440.99

Here, a simple silhouette makes the luxurious velvet covering feel a little more down to earth. You can remove the back cushions to easily vacuum up dust and crumbs, and you have your choice of 11 stylish color options. Details like eucalyptus-wood legs and rounded edges give it a pleasingly modern look.

10 / 10

The grid pattern on both the seat and back cushions is an unexpected surprise, and one that looks quite modern. This full-size sofa gives you room to stretch out and enjoy the velvet's soft texture as you read, nap, or watch TV. Check out the navy blue for an equally handsome color option.