The flight of homeowners from large urban centers to the suburbs has unexpectedly begun to reshape residential real estate, but luxury property in large cities have also gotten a boost from the hot market.
But stark differences exist between luxury markets across the country, prompting MyAffordableLuxury.com to analyze the top 10% of the listings starting at $500,000 on Zillow and Redfin to determine the starting point for a luxury property.
Boston was ranked as the 5th priciest luxury market, with high-end properties starting at $2.8 million. The median price for a home in Boston was $799,000, and the most expensive listing on the market was $45 million.
The report noted that Boston’s luxury market “has seen better days,” due to the pandemic. “According to the Greater Boston Association of Realtors, there is currently a glut of unsold condos in the Downtown area, with inventory levels up 50% Y-o-Y. Might be a great time to snatch a luxury condo in Boston!” according to the report.