A new report from real estate company Zillow this week found that hundreds of U.S. cities and towns now have starter homes that typically cost $1 million, including 10 in Massachusetts.
Surprisingly, Boston is not on the list, as Zillow says an entry-level home in the city is worth just over $514,000. But the wealthy suburbs around Boston, as well as some island towns, did make the cut.
Zillow defines a “starter home” as a house in the lowest third of home values in a given region. The typical cost of a starter home nationwide is $198,649. In Massachusetts, it’s $435,700.
$1 million starter homes in Massachusetts
According to Zillow, the cities and towns in Massachusetts where starter homes typically cost over $1 million are:
- Nantucket: $1.73M
- Weston: $1.49M
- Wellesley: $1.39M
- Chilmark: $1.37M
- Dover: $1.29M
- West Tisbury: $1.17M
- Needham: $1.15M
- Lexington: $1.12M
- Edgartown: $1.11M
- Carlisle: $1.06M
Since February of 2020, Massachusetts has added nine cities and towns to its count of places with $1 million starter homes. Zillow senior economist Karen Ng says the COVID pandemic “reset the cost of buying a home.”…