Out-of-towners are moving to Boston and bringing their money with them, according to a Redfin study, which shows new residents have a maximum average budget that is 9.7% higher than that of local homebuyers.
The budget difference between locals and migrants is the 23rd highest in the nation, according to the report.
The average maximum budget for out-of-towners for a Boston downtown condo for sale is $1,069,360, while locals were at $974,973. The median sales price in the area is $550,000.
Redfin developed the ranking by analyzing the average maximum list-price filters for homes set by Redfin.com users in their saved searches.
Boston Real Estate and the Bottom Line
The trend of working from home has enabled home buyers to search for homes located in more moderately priced cities, according to Redfin chief economist Daryl Fairweather.