Metro Boston and Providence are experiencing significant growth in luxury home values, with a typical luxury home in Boston valued at $2,698,471 and in Providence at $1,861,985.
The report highlights that luxury property values increase more slowly due to the smaller pool of buyers but are still in demand, with metro Boston having a 13.7% increase in luxury home listings year over year.
Luxury homes in the US are spending a median of 24 days on the market before receiving an offer, 17 days in Boston, and 20 days in Providence, indicating a relatively quick turnaround for these high-end properties.
While the national average luxury home value increased by 3.9%, metro Boston saw a 5.8% increase, positioning it eighth in the nation for luxury home values, and Providence experienced a 7.8% increase, ranking 14th priciest nationwide.
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