Atlantic East is celebrating 20 years in business, largely with the same group of professional agents that we started with. We are so grateful to be able to work with people that share our standards, and our love of and commitment to the island. Thank you to the people that have made this journey possible!
The fall season on Nantucket is one of the most beautiful times of the year here. Most everything is still open, it is easy to get dinner reservations, the water is warmer than it was in June and there is something special about the light and the spectacular sunsets. Nantucket’s version of leaf peeping manifests in our moors which change from summer green to purples, red and oranges as we usher in the off-season. The harbor has emptied out and it is the perfect time to get out on the water once more before it gets colder.
Here’s the story on the Nantucket real estate market: as of the end of Q3, the market continues the trend of the past few years with a lower number of transactions selling but for considerably more dollars than in the past. During the pandemic- driven years of 2020 through 2022, the value of an average house on Nantucket increased 43% from $2.4 million in 2019 to $4.2 million at the end of 2023. To date in 2024, the average selling price of a home on Nantucket is $4,620,000, the highest it has ever been. And, although the number of sales are down: -6% from last year and -31% the year prior, prices are showing no softness. The average selling price of vacant land on Nantucket, becoming ever more scarce, rocketed this year to $3.02 million (+55%), with a median lot price of $2.55 million (+76%). Add to this the very low inventory coupled with the current interest rate climate, to understand the lower sales activity in some sectors of the Nantucket real estate market. In the decade prior to 2020, Nantucket averaged about 500 transactions annually. In 2022 there were 825 sales for $2.3 billion dollars. In 2023 there were only 333 transactions (for $1.1 billion dollars) and to date in 2024 there have been only 218 sales (for $880 million dollars).