Boston Metro Area Has Multiple 'Million-Dollar Cities' As Home Prices Soar
BOSTON (CBS) -- A "pandemic-driven housing boom" is driving up home prices across America, and Boston is one of the most expensive markets in the country, a new analysis finds. Zillow released a report Monday on "Million-Dollar Cities," and reported that the Boston metro area has 11 of them.
Zillow said there are now 312 million-dollar cities, up 45 from last year and up 104 from five years ago. Only San Jose, Los Angeles, New York and San Francisco had more than Boston.
"In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021," Zillow senior economist Chris Glynn said in a statement. "Despite the label, there are homes available in these communities for less than $1 million, but buyers must be realistic about their wish list and act quickly in the current market, especially since homes are selling in a matter of days in many places."
Zillow said the cities and towns around Boston where the typical home value exceeds $1 million are:
Weston ($1.53 million)
New Castle, NH ($1.46 million)
Wellesley ($1.42 million)
Dover ($1.21 million)
Newton ($1.18 million)
Belmont ($1.12 million)
Lexington ($1.12 million)
Winchester ($1.09 million)
Needham ($1.08 million)
Lincoln ($1.08 million)
Brookline ($1.06 million)