The Greater Boston Luxury Market Is Busy
After a turbulent year filled with changes that impacted most industries negatively, real estate remained a bright spot — and the greater Boston high-end real estate market has been especially hot. After a brief pause in the spring of 2020 just after the COVID-19 pandemic hit the United States, the housing market has thrived while other sectors in the economy have been strained. As re-opening continues to ease residents’ concerns, confidence in the future will lead to more homes being listed, further fueling the current seller’s market.
Greater Boston’s Booming Luxury Housing Market
The proof of Boston’s luxury market success is in the data: The median list price for a luxury home in the metro Boston area is $3.8 million, well above the U.S. average of $1.9 million, and this market boasts the third-highest median sales price across the nation, according to a report from the Institute for Luxury Home Marketing. While most luxury markets saw an increase in demand for bigger homes with land, Boston real estate agent Beth Dickerson saw a different kind of demand as she aided in the sale of both a $4.3 million condo and a $6.1 million 12,000-sq.-ft. home outside of the city. From March of 2020 to June of 2021, there was also a 217% increase in sales of homes in Boston’s urban core listed for $1 million or more.
“I have been extremely busy since the virus started,” said Dickerson, a senior global real estate adviser at Gibson Sotheby’s International Realty. “I don’t know what happened, but it has been nonstop.”
Dickerson noted that there’s been a shift in consumer behavior that has put a new emphasis on space in the home. Low-interest rates along with increased remote work have forced homeowners to re-evaluate their home’s functionality during COVID-19 stay-at-home orders. With this new focus on home functionality, interest in home offices has skyrocketed with 53% of homebuyers saying they would choose a home office space over an extra bedroom.
Luxury Real Estate Market
Are you daydreaming about touring and selling impeccable, luxury properties? Becoming a luxury real estate agent isn’t impossible, but it does take a lot of hard work and dedication to serve clients whose time is quite literally money. Understandably, then, mastering this market requires significant patience and a solid work ethic.
Each property is unique, and it requires vision to highlight the one-of-a-kind features found in the home. It’s also worth noting that, while the commission checks tend to be larger for luxury real estate agents, they’re also less frequent. These glamorous homes often appeal to a smaller audience who typically take years to locate and then successfully navigate the purchasing process.
If you’re interested in becoming a luxury real estate agent, we have a guide to help you break into this lucrative niche here.
Take On 2021 With the Best Massachusetts Real Estate Courses From The CE Shop
Enroll in our Pre-Licensing program now to get your career started and begin connecting your fellow residents with the home of their dreams. Or keep going strong with one of our comprehensive, 100% online Continuing Education packages. Want to stay up to date on everything in Massachusetts? Join the New England Real Estate Facebook Group!