N A N T U C K E T
SPRING
A er a long, grey and windy winter, we are ever so happy to see the daffodils and forsythia in bloom to herald in our very special spring season on Nantucket. We appreciate the longer days and the sun actually has some warmth to it now if one gets in the lee. It is fun to see the Nantucket High School sailing team back on the water and to catch sight of various an que cars taking a test drive in prepara on for the 49th Annual Daffodil Fes val star ng on April 23rd.
With Q1 under our belts we are star ng to see what may turn into some new and interes ng trends. There were 79 sales in the first 3 months of this year (+65% from Q1 last year) for $265,732,000 (+28%). The average sale price (of all proper es sold) has dropped from $3.995M to $3.364M (-16%). It feels like the aspira onal pricing that has con nued post-pandemic, by sellers, may be adjus ng. When considering a lis ng price, it is important to price your property to this market and not a past or future one.
The average sale, as a percentage of list price, has averaged over 91% since 2014; today it is 88%. The average sale, as a percentage of assessed value has dropped to 124%, down from 136% in 2024. During the pandemic years it was 152%. Perhaps the most important indicator that the market may be shi ing is that the average me on the market is now up to 7 months; from 2021 through 2024 it was averaging 5 months. When the me on the market rises, it usually means that sellers are pricing their homes higher than the current market will bear. Today it may also mean that buyers are becoming more cau ous about a major discre onary purchase, due to the na onal economic climate. This is certainly the biggest unknown with the poten al to impact the Nantucket real estate market.
To date in 2025 there have been 7 sales of commercial property on the island, averaging $3.35M. This spring there has been a huge demand for both the purchase and rental of commercial proper es, especially in the core district of Town.
MARKETNEWS
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The average selling price of a residen al property on Nantucket is now $4,412,000 (-3% from 2024), and the median price of a home is $3,250,000 (-11%). The average vacant lot is selling for $2,086,000 (-23%); the median price is $1,788,000 (-24%). More than 78% of all property sales on Nantucket were over $1M. And 44% of all sales to date this year have been over $5M. So far this year, only one property has sold for less than $500,000.
At the end of Q1 there were only 151 property lis ngs ac vely on the market, about half what it was prior to 2020. Inventory con nues to be low due to the unprecedented number of sales between 2020 and 2023. When inventory is low, it typically takes buyers longer to find the right property. With the decline of vacant land lis ngs, and the me and cost of building on-island, many are choosing to buy an exis ng house.
One of the challenges on Nantucket is the lack of vacant land. Over 60% of the island is held by various conserva on groups and is not buildable (or taxed). These groups have done an excellent job preserving the open spaces on the island, many of them for public recrea onal use. However, if you remove 60% from any market, prices will go up. It is es mated that only 4% of Nantucket remains un-built. What this does not include is the expansion of exis ng structures. There is no ques on that our island community is facing some major challenges, especially in the a ainable and affordable housing areas, right now The average price of real estate on Nantucket escalated over 40% during the pandemic and has yet to come down in any significant way
We are cau ous about making predic ons based upon only 3 months of data and hope that you will stay tuned to see how the balance of this year shapes up. As always, contact your favorite Atlan c East agent for more informa on on the market.
NANTUCKET REALESTATEATAGLANCEYTD as of Q1 2025
Currently only 151 active listings, 48 pending sales, 79 closed salesYTD, average residential price is down 16% and average land price is down 23% from 2024, average time on market is up from 5 to 7 months, and the average selling price, as % of list is 88% and 124% of assessed value.
Nantucket Home Prices (In 000's YTD) As of Q1 2025
Community Spotlight: Nantucket ShellfishAssociation
The (NSA) is a non-profit organiza on dedicated to preserving and protec ng Nantucket's Nantucket Shellfish Associa on harbors, water quality, and shellfish resources, advoca ng for the responsible enjoyment of these resources by all. The NSA is focused on protec ng the last commercially-viable wild-caught bay scallop fishery in the country. Here's a more detailed look at what NSA does: Goals:
· Protect and promote the Nantucket shell fishing industry.
· Encourage research and educa on for the conserva on of shellfish popula ons.
· Ensure prudent commercial and recrea onal harves ng of shellfish.
Ac vi es:
· Educa on and Outreach: The NSA ac vely engages with the island community through events and programs to promote responsible shellfishing prac ces and raise awareness about the importance of healthy harbors and shellfish popula ons.
“When you live on an island, healthy harbors mean everything.”
· Advocacy: The NSA advocates for policies and regula ons that support the protec on and preserva on of Nantucket's shellfish resources.
· Research: The NSA supports research efforts that contribute to a be er understanding of shellfish popula ons and their habitats.
· Collabora on: The NSA collaborates with other organiza ons and stakeholders to address issues related to water quality, shellfish resources, and responsible harves ng.
· Recrea onal Shellfishing: The NSA promotes responsible recrea onal shellfishing by providing informa on on regula ons, best prac ces, and available resources.
· Membership:
The NSA offers various membership levels to support their mission, including commercial, individual/family, supporter, sustainer, advocate, and champion memberships. They welcome supporters, partners, and collaborators to join their mission.
DAFFODIL FESTIVAL
The 49th Annual Daffodil Fes val is being celebrated from April 24th to 27th this year. Sponsored by the Nantucket Chamber of Commerce, this beloved tradi on welcomes spring for islanders and visitors alike. There are many events for everyone - one of the highlights is the an que car parade which gathers on Main Street before heading out to the village of Sconset for the tailgate and community picnic. There is also a hat decora ng contest, a dog parade and decorated store windows, all of which have awards. The annual Daffodil Flower show is the centerpiece of the weekend and is open for anyone in the community to par cipate. The show is being held at the Bartle ’s Farm greenhouses this year on April 26th and 27th and is free for all to a end. Complimentary bus service will be running on a loop from Town. For a more in depth look at the history of the Daffodil Fes val, check out , with our own Mary THIS VIDEO Malavase, local Daffodil Expert! Fingers crossed for good weather!
2025 Sales by Price Sector, as of Q1
< $500K
$500K-$1M
$1-$2M
$2-$3M
$3-$4M
$4-$5M
$5-$7M
$7-$10M
Over $10M
VACATION RENTALS
The summer rental season is just around the corner and now is a great time to think about the preparations you'll want to make to get your home ready for tenants. Some items that may need attention…what is the condition of your linens? We recommend purchasing new linens every other year. Also, make sure the water is turned on to your outdoor shower, and trash and cable/internet services are restarted. Lastly, please make sure your smoke and CO detectors are up to date. We recommend putting fresh batteries in your television remotes and smoke detectors. There's nothing more irritating to tenants than waking up at 2:00 AM to the beep, beep, beep of the dying smoke detector battery.
If you haven't already, please remember to and and register your home with the state apply for an STR permit with the town supply us with copies of each. We use the Certificate number from the state form to remit applicable taxes collected from the tenant. The local regulations require that we post the permit number in any advertising we do for your home. For more detailed instructions on how to register, click . The certificate and permit must also be posted in your home. If you have a house HERE book, that is a great place to put them along with tips and tricks for the property, your recommendations for activities, favorite beaches and restaurants, and recycling rules for the island.
We have seen a steady decline in demand for rentals since the easing of COVID restrictions. Coupled with increased prices for rental homes, local taxes and the difficulty and expense of getting to the island, it seems some vacationers are opting to take advantage of easier overseas travel. While Nantucket will always be a place people want to visit, the level of demand is cyclical. Small things can make a big difference when rental homeowners are all fighting for a piece of a shrinking pie.
When our local paper, The Inquirer and Mirror was sold a few years ago, many of us were happy to see that Marianne Stanton remained on as editor and publisher. Her family had been at the helm of the I&M since 1970, and she'd been there since 1981. When she decided to re re, she was s ll wri ng, among other things, the weekly Here and There column. She had been at the paper, in the newsroom as a reporter, then editor and publisher with a front row seat to all the changes the island had gone through. Marianne has since re-established her voice with a weekly column on Substack, called Near and Afar and has developed a substan al following. Marianne refers to herself as a Nantucket na ve, journalist and explorer of life. It is refreshing to read a perspec ve that has been missing. Check her column out at: . Near and Afar
PROTECTYOUR PROPERTYRIGHTS
Short-term vaca on rentals have been blamed for everything on Nantucket from traffic, overcrowding, lack of affordable housing and even difficulty ge ng a dinner reserva on or a tee me. Nantucket's economy is based on tourism and there is a long tradi on of visitors coming to the island, especially during the summer months. Without any large scale resort proper es, over 90% of visitors stay in private homes. There are 12,700 residen al houses on Nantucket - since local STR registra on began, only 1,050 proper es have registered - 8.27% of the total number of houses on island. This means that 91%+ of all houses on Nantucket are owner-occupied, rented for longer than 32 days or vacant.
There have been six Town Mee ngs with hotly contested ar cles that sought to regulate and reduce the number of vaca on rentals on-island. To date we have passed a zoning by-law that prohibits the short-term rental of proper es owned by corpora ons and we have ins tuted a local short-term rental registry with regula ons to address nuisance proper es. The registry has a 24 hour hotline (1-508-315-6372) where people can report bad behavior which will be promptly addressed by the owner's representa ve. Last summer, the hotline had only one noise complaint that was a ributed to a short-term rental.
Annual Town Mee ng is scheduled for Saturday, May 3, 2025, and, once again, there are a number of ci zen's ar cles related to short-term rentals. We fully support the ci zen’s Ar cle 66 which mirrors the decision issued by the Nantucket Zoning Board of Appeals last fall and codifies the rental of one's private property on a short-term basis in the zoning by-law. Town Mee ng is the legisla ve body for Nantucket and is the only way to put a stop to the ACK-Now funded lawsuits that have pi ed neighbors against neighbors. It is me to put our energy towards the many other, and very real challenges facing our island.
Nantucket: Sales as % of List Price and Assessed Value
THE REALSTORYON SERVICEANIMALS
Did you know that there are mul ple laws that provide guidance on Assistance Animals in Massachuse s? The Americans with Disabili es Act and the Air Carrier Access Act only apply to Service Animals, dogs who are individually trained or in training to perform a task for a person with a disability. The Federal Fair Housing Law, MA Civil Rights Law and MA Service Animal Law include Service Animals as well as Support Animals, animals who provide general support and/or assistance to a person with a disability. The purpose of these laws is to allow anyone with a disability equal access to public spaces, services and housing.
If you are currently offering your home for rent or thinking about offering your home for rent in the future you may encounter a request for reasonable accommoda on for a service or support animal. Please be aware that a tenant cannot be disqualified based on a no pets policy, however, there are some limita ons. An assistance animal must be housebroken and is not required to be allowed on furniture. The animal must always be in control and not disrup ve. There are specific procedures in place to determine the validity of an assistance animal. Working with a licensed real estate professional who understands the nuances involved can save an owner lots of headaches.
A t l a n t i c E a s t
N A N T U C K E T R E A L E S T A T E
Penny Dey, GRI, ABRM, Broker/Owner
Linda Bellevue, GRI, CBR; Heidi Drew, ABR, RSPS, SRS; Peter DuPont; Angel Conrad Frazier; Mary D. Malavase, GRI, ABR, RSPS, SFR; Jane Miller, ABR, RSPS; Erikka Perkins, Rental Manager; Meg Ruley, ABR, RSPS; Lisa Sherburne, ABR, RSPS; Melinda Vallett; Geri Walker, RSPS, SFR; Mary O’Donnell, Office Manager; Yesenia Valer, Office Assistant
We believe in doing one thing and in doing it well!
82 Easton Street Nantucket MA 02554
508.228.7707
NantucketRealEstate.com
Volume XXI, Issue 2, Spring 2025
