Realistic pricing remains key for sellers in 2023.”

Boston offers an attractive place to live, work, and play. The ultra-luxury market saw a surge of activity in 2022 with a spike in both inventory (20%) and sales (130%) compared to 2019*. The majority of high-end sales occurred in Boston, the directly surrounding towns of Brookline and Cambridge, and Wellesley and Weston, highlighting the importance of accessibility to the city. We also saw many $10 million-plus trades transact off-market, making it increasingly important to work with a local agent who has their ear to the ground. We have yet to see rising interest rates affect the luxury market as most buyers pay with cash or have the ability to get lower rates through private banking or portfolio lending. Looking ahead, realistic pricing remains key for sellers in 2023. We expect demand to remain consistent for luxury properties in these sought-after neighborhoods.”

Hilary Maddox

To achieve strong results in Greater Boston throughout 2022, we had to adapt and adjust strategies to contend with market uncertainty caused by global events. Challenges in the first half of the year, like the ongoing pandemic, the war in Ukraine, and midterm elections seemed to run straight into third and fourth quarters of staggering inflation, volatile stock markets, and rapidly rising mortgage rates.”

Brian Dougherty

The upper end of the luxury market has seen increased activity in terms of velocity of sales and further price appreciation. Buyers and investors with capital understand that a blip in the Boston market, which typically never causes downward pressure on prices of more than 10% and usually only for a brief period of time, is an opportunity that they only see once every 10 years or so. They are savvy enough investors to seize the opportunity when it arises.”

Megan Kopman