Here's What $1 Million Buys You On Nantucket

What does $1 million buy you on Nantucket these days?

A two-bedroom, one-bathroom standalone condominium off Surfside Road sold earlier this month for $1.1 million. Built in 1960 and renovated in 2022, the condo at 2 Anna Drive was on the market for 96 days with an asking price of $1.25 million.

It had sold only two years ago for $799,000.

The sale comes as Nantucket’s median single-family home sale price has surged to $3.55 million in 2024, an all-time high and a 29 percent increase over last year.

“Given where we are with the rise in year-over-year property inventory and current interest rates, it’s a bit of a surprise to see such a substantial increase in the median home sale value yet again,” said Fisher Real Estate principal broker Jen Shalley Allen. “But we’ve also seen double the transaction activity in home sales between $4 million - $5 million so that certainly plays a part. The median value will likely moderate a bit more toward year’s end once some of the properties that are lingering on the market trade at their fair market value.”

Some additional market perspective was recently shared in the Maury People Sotheby's International Realty's mid-year report:

“It’s clear that this year is shaping up differently from the last. The market continues its shift towards a more balanced state. Although it’s still more favorable for sellers, buyers are experiencing more favorable conditions than in recent years.

“Both average and median sales prices have been on the rise over the past years, but the first half of 2024 has seen a particularly substantial increase. An uncertain economy and higher interest rates have contributed to a decrease in sales compared to the first half of last year. While real estate on Nantucket is more resilient to high interest rates and economic fluctuations, the effects are noticeable but far from drastic.

“Low inventory has significantly impacted the market in recent years. However, with fewer transactions and 32% more new listings, inventory is continuing to grow. Last year at this time, there were 124 properties on the market; this year, there are 229, an 89% increase.”