“After an unprecedented period for Nantucket real estate, the 2022 market showed signs of a return to normalcy, at least in transaction volume. While still a remarkable year as measured against all pre-pandemic figures, 2022 sales and dollar volume metrics declined significantly from the two previous years.
Interestingly, the total number of transactions was nearly identical to 2019, but 2022 dollar volume was 64 percent higher than it was just three years earlier, prior to the ‘pandemic peak’. It was also the first time the median home sale value surpassed $3 million.
The question is whether Nantucket real estate has sustained a largely permanent shift in property value based on elevated demand and a new demographic of buyers, or whether this pricing is simply a result of “abnormal” times and prices will drift back to more historic norms. With nearly half of 2022 dollar volume coming from high-end sales transactions, we have a sense it may be more of the former than the latter.” Jen Shalley Allen
Here is Fisher’s Annual Market Report…