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 the desire to live in places that were perceived as safe. By the end of 2021, the total al number of property sales were 825 (an increase of 22%) over 2020. Total sales dollars fo the year were $2,336,000,000 ($2.336 billion), the first year ever that real estate sales on Nantucket exceeded $2 billion dollars. In 2021 real estate sales dollars were up 23% compared to 2020. This red hot market is likely not sustainable as we continue to experience very low supply and unprecedented demand.
The average selling price of a property on Nantucket is $2,832,000 (+1%). The average selling price of a house is now $3,436,000 (+7%) and the median house price is $2,588,000 (+6%). Vacant land is selling, on average, for $1,437,000 (-6%) and the median price of land is $1,050,000 (+13%). It is important to note that there have been a number of recent sales of vacant land in a dense development near the airport that has impacted these numbers.
The average time a property is listed for sale on Nantucket is down to 6 months, the lowest it has ever been. Properties are currently selling for an average of 94% of list price (compared to 93% in 2020) and for 155% of assessed value (compared to 123% in 2020) at the time of sale. Stay tuned for more information in 2022 as it develops.
Data provided by LINK and Nantucket Comparable Sales