The 2024 New England Luxury Real Estate Report is an annual review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Commentary and insights are provided by Luxury Real Estate Broker Stewart Young of Cape Cod, Slater Anderson, Managing Director of Real Estate, and gathered from over 75 residential real estate brokers, appraisers and consultants. Market data are collected from Multiple Listing Services and do not include private listings.
Stewart Young, a LandVest | Christies International Real Estate Principal focusing on Cape Cod, the South Coast, and Bostons western suburbs, remarks, In 2024, the high-end markets across New England and the Adirondacks rebounded from a dip last year with a record number of sales. The rebound was broad, with almost all markets making up this 2024 LandVest New England Luxury Real Estate Report (29 of 35) recording increases in sales.
Inventories improved throughout 2024, but demand outstripped supply, maintaining a sellers market. The strong stock market generally and the strong tech, biotech, and financial sectors in New England and the East Coast are propelling the high-end markets despite high interest rates and economic and political uncertainties.
This year the high-end sales volume increased by 25% compared to 2023 (4,010 vs 3,219 sales). In contrast, the COVID years had significant record growth in sales: 50% in 2020 and 39% in 2021. Sales in 2022 slowed considerably but still showed growth of 2%. Compared to our baseline year in 2006 (861 sales), sales are up 366% vs 274% in 2023 and have recovered substantially from a bottom of 534 sales in 2009. High-end properties in the $2-3 million price range are experiencing bidding wars resulting in premiums for sellers, but at the highest end of the market, buyers continue to be selective, value conscious, and push back against overly aggressive pricing.
Young continues: Lack of inventory has been a problem for buyers since the emergence of COVID in 2020. This year owners who had put selling on hold during COVID returned to the market creating more choice for buyers. Climate change induced flooding and wildfires continue to be a motivating factor for buyers from the West Coast to move to New England. On the other hand, owners and buyers of property at risk for flooding and other storm damage are facing increasing risks and the cost of property insurance and even availability at any cost are causing a rethink about the merits of these properties. In the absence of adequate insurance, prevention is the new focus with engineering firms seeing increasing calls for storm mitigation plans.
All six states included in the LandVest Luxury Real Estate Report had growth in high-end sales: Maine: +35%, Massachusetts: +20%, New Hampshire: +19%, New York: +65%, Rhode Island: +66%, and Vermont: +73%.
Within these state markets, 29 of the 35 markets making up the 2024 LandVest New England Luxury Real Estate Report had increases in sales. Excluding markets with fewer than 10 sales, the top 5 were: Southern Vermont: +244%, Columbia County NY (upper Hudson River Valley adjacent to the Berkshires in MA): +190%, NorthWoods/Lakes ME: 129%, Washington County RI: 103%, and Hancock County ME (Mt Desert): 77%. Markets with decreases in sales included Berkshire County MA: -17%, Upper Valley NH: -7%, Suffolk County MA Condos (Boston): -3%, and Nantucket County: -2%.
The three large vacation markets in Massachusetts performed at pre-COVID record levels. Cape Cod grew 30% to a record 264 sales above the 2021 COVID peak of 252 sales. Marthas Vineyard grew 5% to 100 sales but below the 2021 COVID peak 161 sales. Nantucket declined 2% to 206 sales substantially below the 2021 COVID peak of 392 sales.
In Massachusetts, sales were up in 10 of 13 markets vs decreases in all 13 markets in 2023. The largest increases were West & Central MA (Franklin, Hampshire, and Hampden counties): +55% vs -3% in 2023, Suffolk County Single Family: +53% vs -34% in 2023, and Essex County: +51 % vs -34% in 2023. The three markets with decreases in sales were Berkshire County: -17% vs -2% in 2023, Suffolk County Condos: -3% vs -8% in 2023, and Nantucket County: -2% vs -6% in 2023.
Growing inventory, rate, and economic uncertainty are the themes heading into 2025. But until inventory recovers fully, it remains a sellers market in most of our key regions. If mortgage rates can get closer to 6% in 2025, then we expect to see a steady pool of buyers to continue, said Managing Director of Real Estate at LandVest | Christies International Real Estate.
Inflationary concerns have returned with the change in economic policies. Until more certainty returns to the economic outlook, we dont see much relief in labor and material costs for renovations and new construction. At higher price points in our markets, cash buyers remain less affected by elevated interest rates. As a result of these factors, we are cautiously optimistic about sales inventories equaling or exceeding 2024 totals, largely though more inventory available on the market.
With over 13 locations across New England, a market-leading average residential transaction price of around $2M annually, and an in-house appraisal and consulting team, LandVest | Christies International Real Estate is the leader in luxury residential brokerage in New England.
For additional information about LandVests brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | syoung@landvest.com | 617-359-8930
Slater Anderson | sanderson@landvest.com | 617-357-8990
To landvest.com 
Follow Us on Social Media