Snapshot of New Listings on Nantucket in the Past Week

There have been 27 new listings coming on the real estate market in the past week on Nantucket, with an average list price of $6,597,741.  The median price of these listings is over $4 million.  The average selling price of a property on Nantucket right now is $2,125,000.  The majority of these new listings are located in Town (6), followed by ‘Sconset (5), the Cliff area (4), Brant Point (3) and 2 each in Monomoy, Surfside and Pocomo, all areas that hold high appeal to our summer residents.

These new listings range from $480,000 for a Nantucket Housing Need Covenant house (restricted to affordability for year round resident who qualifies) at 19B Waydale Road to $38,000,000 for 41 Jefferson Avenue in Brant Point, nearly one acre located directly on Nantucket Sound with multiple dwelling units.

As predicted, it would appear that many sellers are reaching for the stars on their list prices which usually means a few things:  they may not have to sell and are willing to wait until the market catches up to their pricing strategy.  We also know from experience that this can sometimes take years.