MARKETNEWS

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The average sale price of a property on Nantucket is now $3,323,000. In 2022 it was $3,448,000; in 2021 it was $2,832,000; in 2020 it was $2,792,000 and in 2019 it was $2,150,000. As is the case in many special places, the average price has increased considerably (+38%) since 2019. The average price of a residential property selling on Nantucket this year is $3,726,000, down 4% from $4,143,000 at the end of 2022. The median sales price of a home is $2,485,000 (-17% from 2022). Vacant land is selling, on average, for $3,194,000 (an astounding increase of 27% over 2022) and the median price of a vacant lot is $1,900,000 (+12%). The demand for vacant land is way outstripping the supply right now. It has been estimated that there is less than 4% of vacant land that could be built on remaining on Nantucket. There have been only 2 commercial sales to date in 2023 due to the lack of inventory. The average commercial sale is $2,800,000. The average time on the market (all properties) has consistently been 5 months, as it has been for the last 4 quarters. This is the shortest amount of time from list to sale since we started tracking it, but we do expect this number to increase. The average selling price, as a percentage of list price at the time of sale, slid from 94% in 2022 to 91% for the first quarter of 2023. Properties are now selling for 170% of the assessed value, down from 181% in 2022. It is important to note that an island-wide revaluation will occur in 2024 which will significantly alter this number

On Nantucket, as is the case in many desirable places, the primary challenge in the real estate market is the low number of properties for sale. Today, there are only 80 listings on Nantucket. A “normal” market would have between 300 - 400 listings. There are only 3 listings under $1 million on Nantucket, all of them vacant land. There are only 12 listings between $1-$2 million. The average price of listed properties is $5.7 million (42% higher than the average selling price).

We are starting to see a number of new listings coming on the market, as is typical for springtime. Quality properties, in a variety of locations, that are move-in ready with a high level of amenities are in the highest demand and continue to move fairly quickly. Those that may need work or updating tend to have a smaller pool of buyers and may take longer to sell.

We are reluctant to predict the market based on only one quarter of data and look forward to seeing how the market performs this summer. Although there are some solid indications that inflation is slowing, stay tuned to see what the rest 2023 brings.