“After two years of transaction and dollar volume declines following the market’s peak in 2021, Nantucket real estate saw a modest bump in 2024. Transactions edged just past 300 property sales, while dollar volume held a firm grip, surging well beyond the $1 billion mark once again.

On a quarterly basis, market activity followed a seasonal crescendo from one quarter to the next, with the fourth quarter posting more than double the activity of the first and second quarters. By year’s end, there were 311 transactions totaling $1.35 billion on the books, a respective increase of six percent and 17 percent from 2023 but less than half the overall sales and transaction volume we saw in 2021.

After a muted year for appreciation rates in 2023, one of the more interesting components of the 2024 market is the considerable increase in the median home sale value despite a significant rise in peak summer inventory, a lengthening in marketing times and very little improvement in mortgage rates. Despite these factors, the average and median home sale values saw sizable gains of 10 and 17 percent respectively, even without the two record-setting, $38 million+ sales of 2023. It begs the question as to whether this ‘on-paper’ appreciation metric can be applied island-wide, or if it is isolated to certain price points, areas and/or property types?” Jen Shalley Allen

Here is Fisher’s Annual Market Report…

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