Boston Commuter Towns
Boston’s luxury housing market has so far defied many of the economic shifts hitting its counterparts around the Northeast and Mid-Atlantic, as roaring demand and very limited housing stock keep the wind in Beantown’s sails.
In downtown, the median luxury condo—defined as the top 10% of the market—hit $4.25 million in the third quarter, a 55% surge compared to only a year ago, according to the latest market report from appraisal firm Miller Samuel.
Steadily rising luxury prices and limited inventory may be great for homeowners in downtown, but the competition is sending even well-heeled buyers further afield—a trend that’s likely to send prices higher in Boston’s more affordable outer ring.
Boston’s strong jobs market, fueled by world-class universities and thriving technology, biomedical and financial services industries, has also lifted luxury home values in Middlesex and Norfolk Counties to the west, according to realtor.com. Markets to consider there include Brookline, Newton,Weston, Wellesley, Needham and Chestnut Hill. All are easily accessible to downtown Boston and Cambridge and all offer excellent public schools.
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