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Boston is adding million-dollar homes faster than most U.S. cities, report says

by Emily Johnson, Taylor Johnson Public Rrelations

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Boston is one of the cities leading the growth in million-dollar listings, having added the seventh-most million-dollar homes for sale since 2014, according to Realtor.com.

Housing prices are spiking nationwide, making it so that a million-dollar home is no longer synonymous with luxury condos and suburban mansions. According to Realtor.com, a million dollars is “the new standard for good, upper-middle-classing housing.”

“In more markets than ever before, the million-dollar mark is the new benchmark for that green lawn and white picket fence,” Javier Vivas, manager of Realtor.com’s economic research team, said in the report.

Realtor.com ranked cities by the growth in million-dollar listings in 900 metro areas by comparing the number of such homes in the first quarter of 2017 and the first quarter of 2014.

Boston has boosted its share of million-dollar homes by 3 percent since 2014, according to Realtor.com. In Q1 2017, the city had nearly 10 percent of its homes valued at $1 million or more. The city had 6.8 percent of it’s houses valued at $1 million or more in 2014.

A small city with relatively little high-rise housing, the demand for Boston homes has recently pushed many of them past the $1 million mark. More high-rise living is being built, but even that is pricey, like the ultra-luxurious One Dalton being built in Back Bay.

“Ambitious developers have shoehorned glaringly modern, glassy apartments into neighborhoods of historic row houses,” Realtor.com’s report reads. “In the gloriously expensive South End and West End, condo units with custom cabinetry and 16-inch-deep cast-iron tubs range from $1 million to $2 million. Occasionally, you’ll come across a single-family home, but they usually start at $3 million.”

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