After seeing record sales prices in 2021, this trend is continuing for the Greater Boston area into the spring market. While luxury home prices rose faster in 2021 than in any one-year period in history, we are seeing an increase of affluent home purchases compared to the previous year for 2022 as well.
Trends we predict seeing this year for the luxury market in Brookline, Newton, and Chestnut Hill include an increase in demand for move-in ready homes, properties with large yards and pools, and of course the best locations.
In Newton, inventory of single-family homes is still down 47% compared to last year. Brookline inventory is down as well, 42% for single family homes compared to last year while condos are down 38%. The luxury real estate market has seen 19 homes go under agreement in the past 2 months in Brookline and Newton for over $2million. The average list price being $ 2,850,000. The momentum is not slowing down either as there are more buyers still looking and there are still low interest rates.
We are predicting that the Brookline, Newton, and Chestnut Hill areas will continue to see a strong increase in demand this spring as inventory has already hit an all-time low and prices will continue to rise.
If you or someone you know are hoping to buy or sell a home this year, now is the time to start planning! The Robin Allen Group remains committed to delivering their well-recognized concierge level of service to each of their clients. Our knowledge of the local market paired with the portfolio of products available to us through William Raveis, will give you the competitive edge in today’s Real Estate Market.