The 166-unit Ritz-Carlton Residences, Boston at Hines’ South Station tower development is scheduled for completion in 2025. The project is the most notable high-end luxury development under construction in Boston. Image courtesy of Hines
The Greater Boston luxury homebuyers this spring have more choices than usual, and inventory is building up faster than in the rest of the country.
The number of new listings of luxury single-family and condominium homes in the United States increased 7.3 percent in April, according to a new analysis from economists at listings portal and brokerage Redfin. However, in Greater Boston, the number of active luxury listings increased by 9.1 percent last month.
But at the same time inventory increased, Redfin said, pending sales of luxury homes in Greater Boston were relatively flat with just a 0.6 percent reduction year-over-year.
That’s a much stronger pace of sales than in the rest of the country. Across America last month, Redfin found, pending sales of luxury homes fell 9.9 percent in April, the largest annual decline since August 2023 and the lowest level for any April since 2014.
“Many luxury buyers are adopting a wait-and-see approach because of volatility across financial markets and shifting tariff policies,” Redfin Senior Economist Sheharyar Bokhari said in a statement. “These high-end buyers often sell stock to help with down payments, but many pressed pause on their home search when the stock market tumbled in April. As a result, what is usually a fiercely competitive space is cooling.”
If most of April’s pending sales close – typically in one to two months after going under agreement – it will represent a reversal from April’s sale trends, which may have been influenced by economic uncertainty and presidential tariff announcements in March and early April.
Redfin found that, nationwide closed sales of luxury properties fell 6.5 percent in April. The drop in sales was even greater in Boston, with the Massachusetts capital region seeing an 11.6 percent reduction in completed luxury single-family and condo sales, combined.
“Even though luxury sales are down overall, the most desirable homes are still being snapped up relatively quickly,” Bokhari said. “That’s because many wealthy buyers have the means to weather economic uncertainty and make large purchases without overextending themselves.”
The average luxury home was on the market for 52 days, whereas in Boston, homes were purchased at a quicker rate, with an average of 37 days on the market.
The reversal comes as the 166 luxury condominiums on top of developer Hines’ mixed-use South Station Tower are set to start delivering later this year. The Collaborative Companies is handling sales for Hines.
