Nantucket Real Estate Exceeds $2 Billion in Sales before December

Crashing WavesProperty sales on Nantucket were $2,028,191,000 (over 2 billion, not million, dollars) by the end of November this year.  In 2020 sales dollars were just shy of $1.9 billion for the first time ever.  Prior to that there were 4 (non-consecutive) years with total sales exceeding $1 billion but all were in the low $1 billion range.  We are surely in new territory now.

Demand is outstripping supply at a pace we’ve never seen, contributing to the huge increase in prices on Nantucket.  A more typical market on Nantucket would have between 350-400 active listings;  today there are fewer than 80 properties for sale.  The average price of a home on Nantucket is now $3,347,000, an increase of 4% from 2020 ($3,225,000).  The average price of a home in 2019 was $2,493,000 (26% less than it is today).  This situation is not unique to our island and is happening in so many places that are perceived as safe where buyers can have access to some outside open space. Stay tuned to see how 2021 ends up.  We can now say, with certainty, that it will be an unprecedented year for Nantucket real estate.