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Boston real estate: 'Severe inventory shortage'

Katie Iacovella, CNBC producer
Snapshot of Boston real estate

Boston is one of the oldest cities in the nation and the largest in New England. You might also be surprised to know it's home to the country's first subway system.

With all its history, seven Fortune 500 companies and numerous colleges, just how obtainable is its real estate?

P.T. Vineburgh, founding partner with Charlesgate Realty Group, told CNBC's "Power House" that "overall, the market is hyper-competitive, highlighted by a severe shortage of inventory."

Real estate site Zillow shows the median sale price for all homes at the end of May was $446,700.

Boston's North Park Square in Boston's Historic North End
Paul Marotta | Getty Images

The average number of days on the market in the metro Boston area for the second quarter was 39, according to the Multiple Listing Service.

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Vineburgh also noted that "low rates, international investment capital, strong core businesses as well as complex zoning is inhibiting any notable amount of new supply-driven market performance. Any new product is typically super high-end as this is all that can justify development, given acquisition and construction costs."

Vineburgh showed CNBC three listings in Boston's popular North End, ranging from $599,900 to $1,095,000.