High-End $2,000,000+ Market Highlights
At year end 2023, the inventory of high-end listings increased 4% to 178 listings compared to 171 lisitngs last year and exceeding the record level of 177 listings in 2017. Since 2014 there have been on average 156 listings at year end. Inventories of active listings started the year in a strong position with 312 listings compared to a ten year average of 222 and were drawn down by strong sales performance during the year.
Sales for 2023 decreased by 8% to 592 compared to a record 645 last year. Since 2014 there have been on average 364 sales at year end. The majority (71%) of these sales were in the $2-$3 million range and 87% were in the $2-$4 million range. 6% were above $5,000,000 and 2% were above $7,000,000. It appears this record sales performance will continue in 2024; however, this depends on having adequate inventory to meet the strong demand. At the $2-$3 million price range, decreasing costs for financing will benefit this competitive market.
Property: 15 Dogwood Road Town: Weston Selling price: $11,800,000
Stone and shingle manor house on 2.4 acres in the Weston Golf Club neighborhood. 14,212 sq ft, built in 2010 with a pool and spa. Listed at $12,950,000, 64 days on the market. Source: MLS.
Days on the market for high-end sales in 2023 increased to 70 days compared to a record low of 41 last year, the 10-year record high of 153 in 2015, and the 10-year average of 108. The range of days on the market has broadened since last year, from 1 to 834 days.
Twenty-five of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in 2023. While overall there was an 8% decrease in sales, nine towns improved their performance over last year. Among the five largest high-end markets, Lexington was the only town to increase sales in 2023 (+12%, 85 to 95). Newton had the most sales but decreased 10% (192 to 173 sales). The other three top markets also performed well by historic standards but, except for Concord, decreased compared to last year: Weston (-4%, 81 to 78), Cambridge (-14%, 51 to 44), and Concord 0 (49 to 49).
The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.
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