$2,000,000+ Market Highlights
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- Inventory up 40% (Record 458 vs 328 last year).
- Sales up 37% (Record 345 vs 298 last year).
- Top Sale: $10,000,000, 165 Brattle Street, Cambridge
- Buyers and sellers are increasing their activity resulting in record inventories and sales.
- As usual special properties, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage.
Active Listings
At the end of the first half, the inventory of high-end listings increased 40% to a record 458 listings compared to 328 last year. Over the past 10 years there have been on average 310 listings at this time. Inventories dipped in 2020 and 2021 but have been improving since Q2 2022.
High-End Sales
Sales in the first half increased by 16% to a record 345 compared to 298 last year. Over the past 10 years there have been on average 194 sales at this time. The majority (69%) of these sales were in the $2-$3 million range and 85% were in the $2-$4 million range. Six percent were above $5,000,000 and 2% were above $7,000,000. After a dip last year, so far in 2024 we are seeing continuing strong demand and improving inventories leading to a more balanced market.
First Half – Top Sale
Property: 165 Brattle Street
- Town: Cambridge
- Selling price: $10M
165 Brattle Street in Cambridge that sold for $10M was the top sale for the first half of 2024 in Middlesex County. The home had an ultra-premium location on an oversized lot. The 1873 Victorian home has 5,709 sq ft of above grade living space, 7 bedrooms. It included a carriage house/garage and large partly finished lower level, both with development potential. Listed for $9.9M, it was on the market for 139 days.
First Half – Highest & Average Sale
Days on Market
Days on market for high-end sales in the first half decreased to 61 compared to 68 last year, the 10-year record high of 159 in 2015, and the 10-year average of 107. The range of days on market is wide, from 1 to 594 days.
Sales by Town
Twenty-three of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first half. Newton leads with a big jump to 101 sales compared to 83 sales last year and a 10-year average of 53 sales. Lexington followed with 55 sales, Weston with 31, Concord and Winchester with 29, and Cambridge with 27. Together these six towns made up 79% of the high-end sales in Middlesex County.
Featured Properties Middlesex County:
The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information
