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High-End Sales on Nantucket in 2022


Market Insights

Jen Shalley Allen
high end property sales on nantucket

High-End Residential Sales Summary

More inventory and plenty of buyers

Prior to 2021, the record for the highest residential property sale – the $27.5 million sale of 11 & 15 Cathcart Road – stood for 10 years. From that 2010 sale through 2019, there were seven mega-high-end transactions (excluding land) above $20 million but none that hit or surpassed that high-water mark. However, between 2020 and 2022, there were 10 transactions above $20 million, four of which were sales between $30 and $37.6 million, with the latter setting a new residential record. Never has the market seen so much activity in this sliver of the market. And it wasn’t just the mega-high-end segment that boasted tremendous volume compared to historical norms.  

high end property sales on nantucket

High-end sales between $5 million and $10 million averaged 20 transactions during the 2012-2019 period. From 2020-2022, this average annual activity surged to 67 transactions measuring nearly $430 million in aggregate dollar volume. Ultra-high-end sales between $10 million and $20 million averaged between eight and nine transactions during the 2012-2019 timeframe but jumped to an average of 16 transactions during the last three years. With all of these $5 million + sales combined, approximately half of 2022 dollar volume stemmed from just 20 percent of transactions.  

Before 2020, our team frequently discussed the pent-up demand in the high-end and ultra-high-end of the market. We noted how the number of transactions in the upper echelon of our market was likely artificially low since inventory isn’t often available. Buyers with a budget of $10 million and above were typically required to build what they wanted by acquiring land or undertaking a significant renovation project. This rendered the number of transactions lower than what might have been reflected if we could have compiled data for all high-end land sales and the corresponding value of construction contracts. This changed in 2020-2022 when more finished high-end properties than ever before became available and, as we predicted, there were plenty of buyers to secure them. Based on the strength in these sales through year’s-end, we anticipate this trend will continue for the foreseeable future. 

Written By

Jen Shalley Allen

Jen has worked on an impressive array of real estate transactions including two of the island’s largest and most complex vacant land transfers, commercial transactions, and single-family home sales,