High-End $2,000,000+ Market Highlights
- Inventory up 11% (record 322 vs record 291 last year).
- Sales down 14% (467 vs record 544 last year).
- Top Sale: $11,800,000. 15 Dogwood Rd, Weston.
- Strong inventories and buyer demand continue to propel the market despite economic and political concerns.
- 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 third quarter, the inventory of high-end listings increased 11% to a record 322 listings compared to a record 291 last year. Over the past 10 years, there have been on average 255 listings at this time. At the end of the third quarter 2021, inventories had slowed to a 10-year record low of 185 but have been improving since Q2 2022.
High-End Sales
Sales in the first three quarters decreased by 14% to 467 compared to a record 544 last year. Over the past 10 years, there have been on average 284 sales at this time. The majority (70%) of these sales were in the $2-$3 million range and 87% were in the $2-$4 million range. Six percent were above $5,000,000 and two percent were above $7,000,000. In our last report, we expected that the flurry of sales activity in the past two years would abate in 2023; however, demand remains strong. At the same time, improved inventories should lead to a more balanced market.
Q1-Q3 Top Sale
Property: 15 Dogwood Road• Town: Weston • Selling price: $11,800,000
Stone and shingle manor house on 2.4 acres in the Weston Golf Club neighborhood. 14,212 sq ft, built in 2010 with pool and spa. Listed at $12,950,000. 64 days on market. Source: MLS.
Q1-Q3 – Highest & Average Sale
Days on Market
Days on market for high-end sales in the first three quarters increased to 66 compared to a record low of 38 last year, the 10-year record high of 145 in 2018, and the 10-year average of 103. The range of days on market is wide from 1 to 516 days.
Sales by Town
Twenty-three of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in the first three quarters. Newton led the pack with 135 sales, followed by Lexington with 78, Weston with 61, Concord with 39, Cambridge with 36, and Winchester with 23. Together these six towns made up 80% of the high-end sales in Middlesex County. Over the past 10 years, Lexington has moved from fifth to second place, benefitting from its excellent schools, convenient location, and a strong pipeline of upgraded construction.
Harvard, MA | $2,195,000
Concord, MA | $8,850,000
Concord, MA | $10,000,000
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact:
Stewart Young | (syoung@landvest.com) | 617-359-8930
or click here to view Stewart’s current Real Estate listings.
