Boston condo prices have been on a tear for the past two years. If you’re a first time home buyer you’ve seen the intense demand for properties every weekend while you’ve been out looking at homes. However, what you might not realize is there is another segment of the market that is heating up quite a bit as well.
Sales of Boston Condos and Single Family homes priced at $5 Million or more have doubled in the last two years. This number might sound shocking to some, but considering all of the high rises that are going up it shouldn’t be entirely surprising. It’s also not just high-rises that are commanding these prices now. Renovated brownstone’s in Back Bay and Beacon Hill are also leading the charge with sometimes sky high asking prices for living in what is no doubt a piece of history. Buyers looking for a renovated brownstone unit are now quite comfortable paying the $1,600/sq.ft. that was once considered outrageous. In fact, we’ve seen many homes sell for over $2,000/sq.ft. in the past year.
While homes in this price point only constitute less than 1% of the overall Boston real estate market, it is still a telling sign that their number has more than doubled in less than 2 years. To see homes that are still on the market in this price point click here.