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Boston ranks 5th priciest luxury market in the U.S.

by Timothy Inklebarger

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.

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