HIGH-END $2,000,000+ MARKET HIGHLIGHTS
At the end of the third quarter, the inventory of high-end listings, active and pending, increased 6% to a record 450 listings compared to a record 423 last year. Over the past 10 years there have been on average 295 listings at this time. The majority (54%) of these listings are in the $2-$3 million range and 75% are in the $2-$4 million range. Fifteen percent are $5,000,000 +, 8% at $7,000,000+, and 3% at $10,000,000+. Inventories dipped in Q1 2022, but have been strong in every quarter since then.
Sales at the end of the third quarter increased by 18% to a record 677 compared to a record 574 last year. Over the past 10 years there have been on average 382 sales at this time. The majority (69%) of these sales were in the $2-$3 million range and 89% were in the $2-$4 million range. Five percent were $5,000,000+ and 1% were above $7,000,000+. Sales dipped in Q1 2023 but recovered thru the year with record levels since Q1 2024.
10 Appleton Street
Town: Cambridge
Selling price: $10,500,000
Classic gambrel colonial style residence on 0.3 acres in one of the most desirable neighborhoods in Cambridge. Built in 1894 with 5,822 sqft with 5 bedrooms. Originally priced at $12,000,000 and on the market for193 days.
Days on market for high-end sales at the end of the third quarter were level at 60 compared to 59 last year. The 10-year record high was 145 in 2018, the record low was 38 in 2022, and the 10-year average was 90. The range of days on market is wide, from 1 to 481 days.
Twenty-five of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first three quarters. Newton led with 189 sales compared to 162 sales last year. Lexington followed with 105 sales compared to 91 sales last year and Weston with 67 sales compared to 78 sales last year. Concord and Winchester were close with 60 and 56 sales respectively. Among the larger high-end markets, Lexington, Natick, Sudbury, and Winchester are notable for having more than doubled their sales compared to their 10-year averages.
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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