For an enchanting island 30 miles out to sea, people often wonder “how much does a Nantucket house cost”? Of course, there’s no easy answer to this question as it depends on the various characteristics of a specific property. From quaint historic homes in town, to waterfront estates with multiple dwellings, properties vary quite dramatically on our little island.
To attempt to answer the casual inquirer, we have responded to the question by using the median and average single family home costs in Nantucket. (This figure does not take into account covenant homes or other properties that fall under affordable housing designations).
The median home value was $3.31 million and the average home value was $4.43 million as of October 31, 2022.
Highest and Lowest Transactions in 2021
The dramatic difference in these two values can be attributed to the wide range of properties on the island. It also is attributed to the fact that the median figure captures the “middle” of all transactions, while the average can be highly influenced by the highest and lowest transaction in our market – a range of $300,000 to $32.5 million.
So, let’s talk about the highs and lows of Nantucket real estate. The least expensive home sale in 2021 was a free-standing four bedroom, two bathroom home for $500,000. The most expensive home sale in 2021 was the $32.5 million sale of 42 Easton Street, a .11-acre waterfront property with two dwellings and two guest cottages.
At Fisher Real Estate, we believe there is a property for everyone. So whether you’re looking to find a small condo to visit on the weekends, or a more substantial summer home, give our team a call so we can help find the right fit for you.