Mixed Bag
There’s a mixed bag of indicators for the Nantucket real estate market, but for the most part they point to another strong year. The main indicators that are trending opposite this are days on market (DOM), which is trending upwards, and number of transactions, which is more than last year, but less than the previous 11 years. The main indicator, median price, is up 16% year over year. What’s interesting is median price is up and transactions are down, which makes me think there is pent up demand for the right property, but there is still a constraint on supply, therefore pushing values up. The headwinds of interest rates are strong, but I think the strength of the equity markets is stronger and ’25 should be another healthy year. Keep in mind, every dollar made in the equity markets that’s put into the real estate market, leveraged at 70%, gives the consumer an additional $2.33 of purchasing power on top of the dollar. Happy New Year!
This is an interesting chart.
| Yearly Total Volume Closed in mm’s | Transactions | Median Price in mm’s | |
| 2009 | $435 | 238 | $1,164,811 |
| 2010 | $701 | 367 | $1,075,000 |
| 2011 | $532 | 347 | $1,030,000 |
| 2012 | $830 | 509 | $1,012,500 |
| 2013 | $758 | 482 | $872,500 |
| 2014 | $1,002 | 527 | $1,194,803 |
| 2015 | $858 | 488 | $1,197,500 |
| 2016 | $971 | 510 | $1,260,500 |
| 2017 | $1,049 | 492 | $1,305,625 |
| 2018 | $1,156 | 473 | $1,600,000 |
| 2019 | $1,005 | 437 | $1,575,000 |
| 2020 | $1,862 | 643 | $2,110,000 |
| 2021 | $2,331 | 747 | $2,125,000 |
| 2022 | $1,635 | 442 | $2,412,500 |
| 2023 | $1,159 | 307 | $2,695,000 |
| 2024 | $1,372 | 326 | $3,119,000 |