The average sales price in Boston’s luxury market increased 14.1 percent during the first quarter of 2017 compared with the same period a year earlier, according to an analysis from listings site Redfin.
The average in the luxury end—which Redfin defines as the top 5 percent of the market—was $3,540,000 at the end of March.
The average for the rest of Boston’s housing market was $675,000, which itself was an 11.8 percent jump from the first quarter of 2016.
“As seems to be endemic at this point, a lot of the price increases can be traced to lack of homes for sale and extremely strong demand,” according to a Redfin release.
The bounce in the non-luxury market was particularly pronounced compared with other U.S. cities. For instance, in San Francisco the average price was up 4.6 percent.
As for the luxury bounce, that wasn’t as pronounced. The Trump administration moving to town, for example, drove up D.C.’s luxury average 32.6 percent annually.