The Nantucket Real Estate Market

The Nantucket Real Estate Market

Nantucket Real Estate November Market Update

November 2022 Nantucket real estate sales closed with 36 houses and four vacant lots sold.

There were no commercial sales for the second month in a row. The total dollar volume for the month was $168.1 million. Notably:

- House sales volume is still tracking at a low transaction volume. The 309 sales are similar to the 311 in 2019 and the lowest since 2011 when there were only 249 sales as of November 30.

- Overall dollar volume, however, remains very strong. Through November 30, the year-to-date house dollar volume is $1.24 billion. Compared to 2019 sales, that is $497 million higher on two fewer sales.

- As of November 30, the average sale price for houses is $4,025,000 compared to the pre-pandemic 2019 average of $2,372,000, a 70% increase.

- Land sales are holding up well with 74 sales on $184.6 million in dollar volume. Two sales were bulk land sales totaling 46 lots that sold for $17.6 million. In total, the 17 vacant land sales of $3,000,000 and higher are well above the norm.

Read More in Our November 2022 Market Report

As of November 30, 2022 vs. 2021 Year to Date

        How Great Point Properties compiles real estate sales statistics.

        Great Point Properties compiles data of Nantucket real estate sale from the Nantucket multiple listing service (LINK), the Town of Nantucket Land Bank records, and the Town of Nantucket Registry of Deeds. Our goal is to provide our clients with a consistent view of the Nantucket real estate market using all available means to verify transactions. Great Point Properties includes all sales that are arm’s length market transactions, whether properties were listed by a real estate office or not. We do not include partial sales, inter-family sales, and timeshare sales. We do include properties restricted by an affordable housing covenant and purchases by conservation organizations.

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        One for the books.

        Anyone who says that they knew how 2021 would unfold is, well... lying. It was another banner year. Going into the year, we discussed how people have come to value Nantucket more than ever and are looking to invest in their piece of this extraordinary island. We did not anticipate the speed and levels with which the buyers approached the Nantucket real estate market. In hindsight, it all seems so clear. Decades of wealth accumulation, low-interest rates, and a unique island merged, and we should have known that we would see record sales volume. But no, we did not see it coming. Thanks to all who have worked with Great Point Properties through these very unusual times.

        2021 Annual Market Report