Nantucket, MA

Nantucket

Nantucket has declined somewhat from a steep upward trend before 2022, in which the average sales price of the top 10 luxury properties was a staggering $23M. In the past two years, the average only equals $15M and $18M in 2023 and 2024, respectively. This breaks with the timing of these properties. The average Days On Market (DOM) has seen two very low years since the decline in average price. Last year the DOM was 368 days, which is  an increase of 154 days from 2023.

Highlights

• Average sales declined from a $23M peak to $15-18M in 2023-2024

• DOM catapulted from 214 days to 368 days last year

• Quick sales fetched 95% of list price versus 76-85% for longer listings

High times are over

As one of the more high-end markets of our New England region, Nantucket has been trailing the US market quite narrowly. In the past two years, the average sales of the US and Nantucket only varied by $1M. Our New England region is much more affordable, at a $11M and $10M average over the past two years. Despite these variations in sales prices, Nantucket and the New England region are relatively efficient. 

The sales as a percentage of the list price have been around 89% for both, over the past two years. Meanwhile, we found a big discrepancy between the properties that sold quickly (within 180 days) and properties that took longer to sell. Faster-selling properties sold, on average, at 95% of the list price. Properties moving in over 180 days, sold for as low as 76% of the original list price in 2023, and 85% in 2024.