In Real Estate, Pricing is Paramount

04/01/2025

Understanding the Impact of Days on Market in Nantucket Real Estate

Over the last 12 months, Nantucket has seen 282 listed properties sold, reflecting the ongoing demand and unique dynamics of the island’s real estate market. However, one of the most telling factors in determining a property’s final sale price is the number of Days on Market (DOM). Analyzing these transactions reveals a clear trend: the longer a property stays on the market, the greater the price reductions tend to be.

The Correlation Between Days on Market and Sale Price

A closer look at the data highlights the importance of strategic pricing from the outset:

• 133 properties sold within 60 days of being listed, achieving an average of 96% of the asking price.

• 57 properties sold between 60 and 120 days, closing at an average of 89% of the asking price.

• 92 properties remained on the market for over 120 days, ultimately selling for an average of 83% of the asking price.

The property with the longest DOM—860 days—sold for just 67% of its original asking price.

This pattern underscores a key takeaway: the longer a home lingers on the market, the more leverage buyers have in negotiations, leading to significant price reductions.

The Risks of Aspirational Pricing

For many sellers, the temptation to list at an aspirational price is strong, particularly in a high-demand market like Nantucket. However, the data indicates that overpricing often results in extended market times and, ultimately, a lower final sale price. Buyers in today’s market are well-informed and have access to extensive historical data, allowing them to recognize overpriced listings and wait for price reductions rather than engaging in bidding wars.

Pricing for Success in Nantucket’s Market

Setting an accurate and compelling initial price is crucial for maximizing returns. Based on the trends observed:

1. Price Competitively from the Start – Properties that enter the market with a realistic and data-driven price point generate more immediate interest and competitive offers.

2. Understand Market Conditions – Nantucket’s real estate market fluctuates seasonally and is influenced by broader economic trends. Staying informed about current demand and inventory levels can help determine an effective pricing strategy.

3. Leverage Professional Insights – Working with an experienced local real estate professional ensures access to market intelligence, historical data, and strategic positioning.

4. Be Willing to Adjust – If early market feedback suggests the price is too high, prompt adjustments can prevent excessive days on market and the subsequent impact on final sale price.

The Bottom Line

Nantucket’s real estate market offers unique opportunities for sellers, but success is closely tied to strategic pricing decisions. Properties that align with market conditions from the start sell faster and at stronger price points. While the goal is always to maximize returns, overpricing often leads to drawn-out negotiations and substantial price reductions. By pricing competitively and responding proactively to market dynamics, sellers can achieve the best possible outcomes.

If you’re considering selling your Nantucket property, taking a data-driven approach can make all the difference. Connect with one of our local real estate experts to ensure your home is positioned for success from day one.