The Nantucket Real Estate Market

Nantucket Real Estate Market Update

The Nantucket real estate market slowdown, prevalent for 2022, continued through the first two months of 2023. Although we hesitate to make year-over-year comparisons after just two months of activity, the decline in sales is very noticeable. The 23 house sales are the lowest since 2010, and house dollar volume is the lowest since 2013. Land sales show a similar pattern, with just $4.6 million in sales on 3 transactions. However, it is important to note that total dollar volume is skewed due to the sale of a storage center for $42 million earlier this month, from Go Store It Nantucket LLC to Go Store It Nantucket Storage DST on Tomahawk Road. The 0.95-acre property and business triggered a land bank fee of $840,000, the second largest transfer fee received in its 40+ year history.

As of January 31, 2023 vs. 2022 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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Another Landmark Year.

2022 was another remarkable year for the Nantucket real estate market. Buyers continued to demonstrate their enthusiasm as the world inched away from the many distortions fueled by the pandemic and the year ended much the way it started with the theme of low inventory. As we start another year, we look forward to continuing working with our clients and providing outstanding service.