In its latest luxury market report, Redfin found that luxury home prices in the U.S. rose 7.4 percent year over year to an average of $1.76 million in the fourth quarter of 2017. The analysis tracked home sales in over 1,000 cities across the country to analyze the market for luxury homes, which it defines as the top 5 percent of most expensive homes sold in each city in each quarter.

The number of luxury homes sold around the country is quickly increasing, with sales of homes priced at or above $1 million rising 15.2 percent from a year ago, and the sales of homes priced at or above $5 million rising 13.7 percent.

These homes spent an average of 75 days on the market, eight fewer days than in the fourth quarter of 2016.

“The stock market hit all-time highs with gains in nearly every sector last quarter, instilling confidence among the wealthiest homebuyers,” said Redfin chief economist Nela Richardson. “As a result, we saw double-digit growth in luxury home sales in the last months of the year.”

Luxury supply saw three consecutive quarters of decline after the number of homes for sale priced at or above $1 million fell 23.8 percent in the fourth quarter of 2017 compared to the same period last year. The inventory shortage paired with increasing demand contributed to the trend of price increases in the market, causing the number of homes priced at or above $5 million to decline as well, with a 23.4 percent decrease over the same period.

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Boston condos for sale near Downtown/Midtown Boston

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Condos around the Midtown area to rent:

Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent

Click here: Boston Midtown Condos For Sale.

 

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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