Nantucket Real Estate Market: 2024 Year-End & 2025 Insights
The Nantucket real estate market continues to showcase remarkable resilience and strength. Despite economic uncertainties and high mortgage rates, the island’s market has demonstrated steady growth, with $1.36 billion in total sales across 341 transactions—a 16% increase in total dollar volume compared to the previous year. This momentum highlights Nantucket’s enduring appeal and the confidence buyers continue to place in the island’s real estate.
Market Trends & Shifts
One of the most notable shifts in 2024 was the stabilization of the market following the post-COVID buying frenzy. While demand remains strong, we are seeing a more balanced dynamic between buyers and sellers. Homes sold for an average of 91.9% of the asking price, a shift from previous years when competitive bidding often drove prices well above listing. Additionally, despite high mortgage rates, the median home sale price saw a 22% increase, further underscoring the strength of Nantucket’s luxury home market.
Another key trend this year has been the persistently low inventory, creating a competitive environment for buyers. With fewer properties available, desirable homes continue to move quickly, and well-positioned listings remain in high demand. While average days on market have lengthened slightly, this reflects a more measured pace of transactions rather than a decline in buyer interest.
Lee Real Estate’s Market Leadership
Lee Real Estate continues to set the standard for excellence in the Nantucket market. In 2024, our team represented both the highest home sale ($26M) and the highest land sale ($12M) on the island, reaffirming our reputation as the leading brokerage. Additionally, we are proud to hold the #1 spot in sales volume per licensed agent, a testament to our commitment to delivering exceptional results for our clients.
The strength of our network, deep market knowledge, and ability to navigate shifting conditions have allowed us to provide strategic guidance to buyers and sellers alike. Whether representing legacy properties, new developments, or investment opportunities, Lee Real Estate remains dedicated to achieving the best possible outcomes for our clients.
What To Expect This Year
As we continue moving into 2025, the big question remains: Will the market continue its steady performance, or will new opportunities drive further momentum? With Nantucket’s unique island appeal, limited inventory, and strong buyer interest, we anticipate another year of active transactions and potential growth.
For those considering buying or selling, now is an opportune time to take advantage of market insights and expert guidance. At Lee Real Estate, we are here to help you navigate the evolving landscape with confidence.
Ready to explore the possibilities? Let’s connect and make your Nantucket real estate goals a reality.