At the end of the third quarter, the inventory of high-end listings increased 31% to a record 423 listings compared to a record 322 last year. Over the past 10 years there have been on average 275 listings at this time. The majority (51%) of these sales were in the $2-$3 million range and 77% were in the $2-$4 million range. Twelve percent were $5,000,000 +, 6% at $7,000,000+, and 4% at $10,000,000+. Inventories dipped in 2021 but have been improving since Q2 2022.
Sales at the end of the third quarter increased by 23% to a record 574 compared to 467 last year. Over the past 10 years there have been on average 330 sales at this time. The majority (70%) of these sales were in the $2-$3 million range and 88% were in the $2-$4 million range. Five percent were $5,000,000+ and 2% were above $7,000,000+. After a dip in sales last year, so far in 2024 we are seeing continuing strong demand and improving inventories leading to a more balanced market.
Property: 80 Orchard Ave
Town: Weston
Selling price: $10,750,000
Historic Ridgehurst Estate 1883 Shingle Style 12,000 sq ft residence on 4.1 acres in a premium neighborhood in a premium town, city skyline views.
Days on market for high-end sales in the first three quarters decreased to 59 compared to 66 last year, the 10-year record high of 143 in 2015, and the 10-year average of 98. The range of days on the market is wide, from 1 to 755 days.
Twenty-seven of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first three quarters. Newton leads with a 20% jump to 162 sales compared to 135 sales last year and a 10-year average of 101 sales. Lexington followed with 91 sales, up 17%, Weston with 53, down 13%, Concord with 49, up 26%, and Cambridge with 47, up 31%. Together these five towns made up 70% of the high-end sales in Middlesex County.
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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