BOSTON — The economic fallout from the coronavirus pandemic is all around us, but it appears to be having the opposite effect on Boston’s high end housing market.
Luxury real estate sales have been booming since a stay-at-home advisory was issued in Massachusetts.
According to data from Multiple Listing Service, there was a 217% increase in sales of $1 million-plus homes in the Greater Boston area from March 23rd through June 26th.
Real estate experts believe multiple factors are playing into the home buying trend, including historic low interest rates.
“It’s pretty much been non-stop all day,” said Beth Dickerson, Global Real Estate Advisor with Gibson Sotheby’s International Realty. “Buyers seem to be rushed to find a property.”
Broker and sales agent Beth Dickerson told Boston 25 News she believes some prospective buyers are looking for space for home offices.
She said others are looking for properties that can fit an at-home fitness area.
“The South End seems to have the highest number of sales above $2 million dollars. They’re typically two to three bedrooms with gardens, decks and parking spaces where people can spread out more,” said Dickerson.
Dickerson said the current inventory in Boston is the lowest it’s been in five years.
“I don’t see any signs of it slowing down,” said Dickerson.