There are 401 properties actively listed for sale on Nantucket right now. Of these, 98 (25%) properties are priced $4,500,000 or higher. There are only 8 current listings under $500,000, many of which are restricted for affordability and year round residency. There are currently 42 listings (11% of the market) priced between $500,000 and $1,000,000.
The average list price of all current listings is $4,160,401. The median list price is now $2,490,000, a differential of nearly $1.7 million.
There are 46 properties under contract right now (down from one year ago by 25%) ranging from $400,000 to $13,850,000. There are only 2 properties pending sale listed under $500,000; there are 5 pending sales over $5,000,000 and 2 pending sales over $10 million. Over 75% of the current pending sales are of properties that have been listed for less than 4 months. Another way to say this is that new listings, when priced correctly for the current market, are going under contract quickly. The other 25% of current pending sales are of properties that have been listed longer. Most of these properties have had recent price reductions, aligning with the current market, which resulted in offers. Of the pending sales – the property that had been listed the longest was on the market for 951 days or 2.65 YEARS.
There are only 8 single family residential properties listed for sale right now in Brant Point, Cliff and Town areas for less than $1,500,000. Although inventory remains tight, new listings are coming on the market at a fairly high rate.