Nantucket Real Estate Update Through Q3 2021

Main Street NantucketSome of the things we love about the fall are the really blue skies and amazing sunsets, scallops and cranberries, the smell of wood burning fires and the chance to spend time with friends after a hectic summer.  The pace has slowed down on island, compared to last year at this time, as folks have returned to school this fall.  The ocean is not yet too cold and most of the restaurants and shops are still open, some with abbreviated schedules.  It is a wonderful time of the year to be on Nantucket!

The real estate market on Nantucket continues to break records.  The escalation in activity and prices began in late spring of 2020, driven largely by the pandemic and people’s desire to live in places that were perceived as safe.  As of Q3 this year the total number of property sales are up 50% compared to the first three quarters of 2020.  The dollars represented by these sales are up 43%.  This is not sustainable as, heading into the off-season, we continue to experience very low supply and unprecedented demand.

Total sales dollars in 2020 were $1.895 billion, compared to $1.018 billion in 2019.  As of the end of September sales on Nantucket were $1.467 billion putting us on track to exceed, for the first time, $2 billion in 2021.  A total of 679 properties changed hands in 2020; through the third quarter of 2021 there have been 539 sales.

AE Q3 Market News