BOSTON — With a home valued at $9,000,000 or more, it’s hard to imagine anyone living in a Boston mansion.
But for many of the city’s most sought-after properties, it could be a reality.
With Boston’s top-ten list of luxury homes at $8.5 billion, it is not uncommon for someone to own multiple homes, and the trend is spreading.
As of last week, the median price of a Boston home was more than $8 million, and that figure is expected to rise this year as more people choose to live in them, according to real estate data firm Zillow.
But it is only the beginning of what could be another wave of luxury home ownership in the Boston area, with the top 10 of the list being in the most expensive neighborhood in the city.
Boston is home to some of the country’s most expensive real estate, and in the past decade, there has been a boom in high-end luxury home sales.
In 2016, more than 4,400 properties were sold in Boston alone, according a Zillows report.
In 2018, more were sold, but only 3,700 of them were in the priciest neighborhoods in the nation.
Boston’s wealthy, urban elite have purchased hundreds of luxury properties in the last decade, while the city has seen its number of high-priced homes plummet.
“I think there is a lot of pent-up demand for the luxury housing market in Boston,” said Richard C. Kort, an agent and principal of Kort Realty, which specializes in luxury properties.
“You see a lot more of these high-class homes being sold in the suburbs, but they are selling for very little.
It’s kind of like a bubble, and there is definitely pent- up demand.”
In Boston, most of the homes that were bought in the decade of the dotcom boom are in the affluent West End, where people are more likely to live close to the transit hub of Boston’s central business district, the Kennedy Expressway, and a burgeoning East End that has become a haven for wealthy transplants and new arrivals.
Many of the most sought after properties in Boston’s priciest residential neighborhoods are located in South Boston, where most of those high-price homes are located.
The top-rated residential neighborhoods in South is East Boston, which is home of the largest number of luxury high-rises in the area.
The median price in East Boston is $1.4 million, according Zillowing, and is expected increase by about $1 million this year.
In addition to luxury highrises, many of Boston is neighborhoods that are more affordable than the high-rise housing that goes on in Boston, and those high prices are helping to drive the luxury home market.
In West End West End is home, among other things, to the world-famous West End Museum, which attracts a significant number of wealthy people.
The city’s other neighborhoods, including South Boston and Roxbury, are also home to luxury properties, and some of those luxury homes are in neighborhoods that have seen a significant decline in home values.
The number of homes in Roxbury and South Boston that are valued at more than half a million dollars has decreased by more than 30 percent since the beginning a decade ago, according Kort.
But that trend isn’t going away anytime soon.
“People are going to want to live closer to the center of Boston,” he said.
“There are more people going to live around the city, and they are going in a different direction.”
The trend could be especially pronounced in Boston because the region has been hit hard by the economic downturn, which has created an unprecedented housing shortage.
As the economy has been growing and housing prices have gone up, more and more families are moving into Boston to stay closer to work, school and social events, according the ZillOW report.
But even with the increased demand, the housing market is still far from where it needs to be.
According to Zillowers, about one in six properties in South and East Boston are valued over $1,000.
For the median home price in Boston to continue increasing at this rate, the average price of an expensive Boston home would need to increase by at least $1 billion by the end of 2021.
The Zillower report noted that the region’s population is expected by Zillowitz to grow by more people over the next decade, which could result in more expensive housing.
In 2021, the region is projected to grow from about 7 million people to nearly 9 million, with more than one in three people living in the Greater Boston area.
By 2031, there are expected to be more than 50 million people living within 50 miles of Boston.
While the region will still be growing, its population is forecast to shrink by about 8 percent by 2031.
The trend toward more expensive homes in the region could be exacerbated by