Saturday, June 22

Nantucket’s Real Estate Market: What You Need to Know

Located barely 30 miles off the southern coast of Massachusetts, the tiny island of Nantucket might as well be in a different world. It boasts 82 miles of beach, all of which are open to the public, providing an infinite range of seaside activities, such as sailing, surfing, harbor cruises, and more. So, if you plan to escape the bustling city life, and embark on island living, Nantucket has lots to offer. But before you move, here is what you should know about their real estate market.

What Home Styles Are Most Popular?

Nantucket is renowned for its unique architectural styles that reflect the island’s coastal charm and rich history. While shingle-style homes and beach cottages are the most dominant home designs, you will also find Greek Revival architecture, Colonial-style homes, and Cape Cod. 

What Is the Cost of Living in Nantucket?

Nantucket is an isolated island. As such, the surcharges added to basic goods and services to offset the cost of shipping fuel from the mainland lead to a 21% higher cost of living than the rest of Massachusetts.

The median listing price of new homes for sale in Nantucket is $4.3M, up by 21% year-over-year, and there is little affordable rental housing.  

Is Renting in Nantucket Expensive?

Seasonal rentals negatively skew the average monthly rent of roughly $1,761. During the summer months, an apartment that rents for $800 monthly in the off-season demands much higher rents.

In fact, numerous homeowners opt to leave the island during summer, or make other living arrangements on the island to capitalize on the summer rental market. To put it into perspective, a summer cottage can range anywhere between $120 and $365 per night.

The Nantucket Housing Authority seeks to alleviate the affordable housing crisis by constructing new subsidized housing projects. These projects aim to create 54 apartments and houses for older people and middle- to low-income families.

How Long Do Homes Stay On the Market?

The real estate market in Nantucket is relatively booming, with homes on this tiny island selling after an average of 53 days on the market. This number is down since last month, and slightly lower than last year, meaning that more people are purchasing property here.

How Many People Live Here?

According to the 2020 census, the year-round population of Nantucket rose by nearly 30% from 11,000 in 2018 to 14,255. This is proof that more and more people are heading to this island. However, Nantucket MA real estate agent Bernadette Meyer affirms that you should expect even more people during the summer, when the population skyrockets to 80,000.

What are the best Neighborhoods in Nantucket?

Despite its small size, Nantucket has a surprising variety of neighborhoods. Explore the family-friendly nostalgia of Naushop, Madaket’s wild, untamed beauty, and the historic Town district.

The island is also the only town in the country that is entirely recognized as a National Historic District. So, whether you want a place to raise a family, or the ideal retirement community, one of these top Nantucket neighborhoods could be for you.

Find the Perfect Vacation Home with Bernadette Meyer

Everybody loves a nice vacation, and what better place to celebrate summer than on an island? Nantucket is a great escape from the hustle and bustle of the city, and a chance to explore the sea and all it has to offer. If you plan to vacate to Nantucket, contact Bernadette Meyer for help securing your dream vacation home.