Four months into the year, the Nantucket real estate market appears to be returning to ‘normalcy’ after the peak period of 2020-2022. April transactions continued at a modest trajectory compared to the previous two years and were more comparable to the pre-pandemic era, though with a distinct difference in the average sale price. Monthly April transactions tallied 16 sales totaling $50 million, bringing year-to-date figures to 61 property transfers totaling $215 million. On a cumulative basis, this reflects a respective decline of 53 percent and 54 percent from the same period in 2022. Sales volume continued to be restrained by low inventory and though inventory figures are rising, much of the inventory is less turnkey for the many buyers who want immediate use of an updated property. For the turnkey properties that do hit the market, transactions continue to happen at a rapid pace.

After an unprecedented period for Nantucket real estate, the 2022 market showed signs of a return to normalcy, at least in transaction volume. While still a remarkable year as measured against all pre-pandemic figures, 2022 sales and dollar volume metrics declined significantly from the two previous years.

Interestingly, the total number of transactions was nearly identical to 2019, but 2022 dollar volume was 64 percent higher than it was just three years earlier, prior to the ‘pandemic peak’. It was also the first time the median home sale value surpassed $3 million. 

Here is Fisher’s Annual Market Report…