Neighborhoods where the number of $1 million homes has increased the most
The percentage of homes in the United States that are valued for $1 million or more has almost doubled since 2012, from 1.6 percent to 3 percent, according to a new Trulia report. Some cities, including Boston, have seen an even more dramatic increase.
Boston did not make the top 10 list of housing markets with the biggest increase in million dollar homes — California cities like San Francisco, San Jose, and Oakland pushed it out — but it did come close. The Cambridge-Newton-Framingham area was ranked No. 11 with a 3.8 percentage point increase in million dollar homes, and Boston came in at No. 12, with a 3.4 percentage point increase.
In total, 7.3 percent of Boston homes are valued at $1 million or more, according to Trulia. The real estate listing site also broke down the data within Boston in order to show the neighborhoods where the share of million dollar homes has increased the most.
The Haymarket area tops Trulia’s Boston neighborhood list, though that is probably because it covers just a few blocks and has very few residential listings. Even a few homes listed over $1 million would make up a relatively large percentage of all homes in the neighborhood.
Here are the other Boston-area neighborhoods that have seen the highest increase in the share of million dollar homes since 2012:
- Mission Hill: 38.9 percent million dollar homes in 2016, a 32.9 percentage point increase since 2012.
- Downtown Crossing: 34.7 percent million dollar homes in 2016, a 23.8 percentage point increase since 2012.
- Chinatown: 46.3 percent million dollar homes in 2016, a 23.6 percentage point increase since 2012.
- Cambridgeport: 31.3 percent million dollar homes in 2016, a 22.5 percentage point increase since 2012.
- Downtown: 46.7 percent million dollar homes in 2016, a 19.9 percentage point increase since 2012.
- West Cambridge: 59.0 percent million dollar homes in 2016, a 19.6 percentage point increase since 2012.
- Bay Village: 47.1 percent million dollar homes in 2016, a 18.3 percentage point increase since 2012.
- Strawberry Hill: 19.2 percent million dollar homes in 2016, a 17.3 percentage point increase since 2012.
- Aggasiz – Harvard North: 51.4 percent million dollar homes in 2016, a 17.1 percentage point increase since 2012.
Many of these neighborhoods are still seeing high levels of development, such as another potential Downtown Crossing tower that would add 400 or so units to the newly-populated residential neighborhood.
Trulia also made a series of map showing the growth in million dollar homes in the Boston-area since 2012. Each red dot represents one listing for $1 million or more.
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