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Million-Dollar Home Listings Dry Up for Wealthy Suburban Buyers

Soaring demand is colliding with limited supply in elite towns, pushing house hunters elsewhere. 

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Wealthy young urbanites are in a race to the U.S. suburbs. But they’re already late: The starter mansions are almost gone.

Take Wellesley, a leafy Massachusetts town of 30,000 people getting an influx of buyers from Boston who have outgrown apartments. Couples with dual incomes are coming out of the pandemic with more money, hungry for kids’ rooms and “his” and “her” home offices.