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September 2020 Nantucket Real Estate Market Insights


Market Insights

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As with many rural markets, Nantucket real estate is shattering historic sales records and is poised to set its highest annual sales volume in history. Monthly real estate sales in September were the highest ever recorded for any month, surpassing the previous monthly sales record (October 2018) by a whopping 63 percent. The $355 million in monthly sales through 113 transactions is more typical of what the island sees on a very healthy quarterly basis, but never before in just a single month. Third quarter sales volume totaled $655 million, bringing the market just shy of the $1 billion mark, after removing non-market rate transactions and foreclosures. The robust dollar volume can be attributed to a significant growth in high-end sales activity and an overall rise in buyer demand. Marketing times were at record lows, median home values set record highs, and property inventory continued to be limited. Here are Fisher’s September Market Insights…