Thanks to another month of sales activity that exceeded $200 million, Nantucket real estate not only saw its highest monthly dollar volume of the year, but it also crossed the $1 billion threshold for the fifth consecutive year. Monthly sales included 56 transactions totaling $238 million, the highest monthly sales volume for any month since December of 2021. On a cumulative basis for the 10 months ending October 31, 2024, there were 251 property transfers totaling $1.096 billion, an increase of two percent and 11 percent from 2023. Due to continued strength in the upper end of the market, the median home sale price skyrocketed once again, while inventory levels continued to rise. The market showed an uptick in contract activity and is positioned to approach $1.4 billion by year’s end based on current pipeline sales.

Here is Fisher’s October Market Report…

The unprecedented transaction peak of 2020-2022 is now firmly in the rearview mirror with only significantly higher property valuations in its wake.  In 2023, the market dipped below 300 annual transactions, a lower limit that hasn’t been breached since 2009 when there were 230 transactions. Yet the total dollar volume for this relatively limited number of sales was $1.15 billion, nearly triple the dollar volume from 2009 and solidly above what was once considered a lofty ceiling.