It’s becoming clear that 2021 may be the peak of the pandemic-era real estate market as 2022 sales are struggling to match what was the most exceptional year for the island. Although May dollar volume declined to just half of the $200 million in sales we saw one year ago, the $107 million in sales through 34 transactions is still competitive with historic figures. The market appears to be settling into a more measured pace due both to continued low inventory but also the headwinds created by rising interest rates.

While it was unclear in early 2020, it’s abundantly clear now: real estate markets across the country witnessed one of the fieriest periods of real estate activity over the last 18 months. At first, the data was head-turning. But as pandemic life progressed, record figures on top of record figures seemed to become the new status quo. That is at least until the Nantucket real estate market surged past another unprecedented milestone, the $2 billion mark, leaving virtually no inventory in its wake.
All told, the 2021 real estate market tallied $2.3 billion in sales through 732 transactions, a respective increase of 25 percent and 16 percent from 2020 and dramatically higher than any previous market in history. Here is Fisher’s Annual Market Report…