2021 Year in Review

2019 YEAR IN REVIEW 2021 YEAR IN REVIEW

Time…and money. Two factors that exert a tremendous amount of influence on the state of a vacation home market. And the very resources the Nantucket buyer demographic harnessed more of over the last 12 months. Whether it was more time granted by way of remote work, more time on the island because of its convenience over other travel, or the importance of family time that took centerstage, time -- and the financial resources to enjoy it -- were more abundant. The combination of these factors catapulted the island real estate market beyond every historic record, at a speed that most underestimated. And it wasn’t just the landscape of the island residential market that felt the impact. Nantucket’s commercial market also shifted in a dramatic way.

The 2021 market harkened back to the 2004-2006 era but there were distinct, and important, differences. Over the next several pages, are many of the charts and graphs that we often gravitate utilize to concisely summarize the market. However, to fully grasp all that unfolded in 2021 requires a more detailed review of the commentary as the summary data doesn’t paint the full picture. For instance, a quick glance at the singlefamily overview table may lead one to believe that market appreciation was eight percent as reflected in the year-over-year rise in the median home sale value. We don’t think that mirrors what we witnessed on the ground. Take a look…

Jen Shalley Allen