“For the second month in a row, the Nantucket real estate market surpassed $100 million, capping off a strong second quarter.  Sales were led by the highest Nantucket real estate sale in history, a number that keeps drifting toward $40 million, with the $38 million sale of a waterfront property in Monomoy.  June sales brought year-to-date figures to $433 million through 116 property sales, a decline of 44 percent in transaction volume and 37 percent in dollar volume from one year ago.  For perspective on the rise in property values over the last five years, cumulative dollar volume in 2023 approximates the total from 2018 when there were 100 fewer transactions for the same period.  Despite a significant rise in interest rates, the Nantucket real estate market is still humming along.  Limited inventory has been the gift that keeps on giving (for current owners!) to propel property values to record heights.  And we haven’t seen that slow down just yet.”

Here are Fisher’s June market insights from Jennifer Shalley Allen…