Well… the groundhog did say six more weeks of winter… but we have only seen a handful of days above 50 degrees and summer sure is taking its sweet time to arrive. Hopefully, when the climate heats up so will the real estate market. Things have adjusted since the multi-year covid induced frenzy that was the Nantucket Real estate market. We [...]
What goes up must come down – perhaps.
After the upsurge of sales in 2020 and 2021 resulting from the pandemic, Nantucket real estate began to level off in 2022 displaying statistics more commensurate to the pre-pandemic market. 2022 exhibited a 29% decline in dollar volume and 41% fewer transactions over 2021. Despite the decline in dollar volume and the number of transactions, the average sale price was up from $2,832,000 in 2021 to $3,448,000 in 2022.
Curiously the number of transactions in 2022 was like in 2019. Yet, the dollar volume was 60% higher, an indication of the significant influence the past two years contributed to the escalation of property values. The main contributing factor to continuing appreciation is the low supply of inventory and strong buyer demand. With a short supply of inventory in 2022 home sales dropped but increased appreciation culminated in a strong dollar volume, resulting from several high-end and uber-high-end property sales. A significant change in the market is the lack of entry-level homes, and properties under $1,000,000. The past 6 years have recorded a serious decline year after year phasing out this price point and creating grave consequences for Nantucket’s workforce.
To summarize, Nantucket is an incredibly beautiful, unique, and special island high in demand with limited real estate opportunities. These characteristics continue to keep the value up and investment secure.
Nantucket has a remarkable number of supporters despite its small size as an island. Many people who visit throughout the summer do so year after year, often for many generations. However, there is something to be said about venturing into unfamiliar territory. We are going to review some [...]
Nantucket is an island about 30 miles (50 km) by ferry[1] south from Cape Cod, in the U.S. state of Massachusetts. Together with the small islands of Tuckernuck and Muskeget, it constitutes the Town and County of Nantucket, a combined county/town government. It is the only such consolidated town-county in Massachusetts. As of [...]
People are frequently shocked to find that Nantucket has cheaper property taxes than many other communities on the mainland. This is a result of the island's seasonal economy, in which non-resident taxpayers—those who [...]
If you haven’t noticed….It’s wild out there! It seems like this island could not be busier! There are just days until the Fourth of July and this year America has more than just our freedom to celebrate. This year, even though Nantucket’s fireworks and other Fourth Festivities have been cancelled, I think we have more than enough reason to [...]
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