Though we are only two months into the new year, the Nantucket real estate market is off to a vibrant start in 2024.  Preliminary January and February transactions point to a market that is notably different than one year ago.  While transaction volume is down ever so slightly, year-over-year, dollar volume is handsomely higher than the comparable period in 2023 thanks to three transactions above $10 million and a greater percentage of property sales between $4 million and $7 million. In fact, through February 25, there have been 13 transactions in this price range compared to the normal one to four transactions we typically see in the first two months of the year. 

This has led to a significant surge in the average and median selling prices and a cumulative dollar volume that rivals the five-year average.  All this said, a lot can and will change as more transactions hit the pipeline and with fewer than 25 transactions on the books thus far, one big sale (à la 5 Grant Avenue for $26 million) can drastically skew figures. 

Stay tuned for our full February report for more…