GPP 2025 Mid-Year Report

2025

N AN T U C KET REAL ESTATE MID-YEAR REPORT | 1 2025 MID YEAR REPORT

WELCOME TO

N A N TUCKET Great Point Properties is one of the leading real estate offices on island, consistently representing one-third of the market. With Iocations in Town and Sconset, we are here to help folks navigate the sales and rental market with confidence.

And to help you Find Your Nantucket.

GREAT POINT PROPERTIES TEAM BILL LIDDLE

|

GREG MCKECHNIE

LAURA BELAIR

L I Z F I N L AY

PA U L A M C A U L E Y

DEBBIE WILLETT

NICOLE BOUSQUET

JIM GARRELS

S A M PA R S O N S

CAROLINE CURNOW

AMBER CANTELLA

D A W N H O L D G AT E

STUART REID

ERIN CARSON

BARBARA JOYCE

BOBBY SABELHAUS

BERNIE COFFIN

DENISE LABOMBARD

LEXY SABELHAUS

CAROL COFFIN

MI CHE L E L I NDST EDT

EDWARD SANFORD

ALEXA COLEMAN

SUSIE LOCKE

K AT I E S E H O L M

CAROLINE MORRIS

DEBBI CULBERTSON

NICHOLE MARKS

C A RY T U R N E R

SHANE RILEY

TRACY CULLINANE

SARAH MANEIKIS

ETHAN ULMER

A L LY U L M E R

2 | GREAT POINT PROPERTIES

EDONA JAKAJ L I LY M A C D O N A L D LIZ MCCUSKER

OUR MISSION Nantucket. it’s not a destination on a map. it’s a state of mind.

Great Point Properties is one of the largest real estate firms on Nantucket. But what sets us apart is so much more than size. Guided by strong leadership, we operate as a seamless team with an incredible depth of knowledge, deep roots in the community, and a level of accountability and personal service second to none.

We have a proven track record of success that spans more than two decades. In fact, most of our principals’ business is referral only, which speaks to the level of attention we deliver. Yet we do not rest on our laurels. Whether it’s a sale or a rental, we have exceptional follow-through.

And our team will work tirelessly to ensure your satisfaction.

After six highly successful years in business, in 2008 they joined forces with Edward Sanford of Sanford Real Estate under the Great Point Properties name. Together, they set out to create an elevated experience in Nantucket real estate.

In 2013, GPP purchased Sconset Real Estate, the only firm focused solely on the island’s unique east end. The firm offers unparalleled knowledge of this distinct market, supplemented by the services of Great Point Properties staff.

Today, Great Point Properties is one of the most successful real estate firms on the island. Each member of our staff truly believes that we are only as good as our last transaction. So we work extremely hard to earn and keep our clients’ trust. We would say that our team members go above and beyond, but truth is, they are just doing their jobs the only way they know how.

In our 23rd year, Great Point Properties has grown to 29 agents and 7 administrators.

OUR OFFIC ES

1 NO RT H B EACH ST R EET NA NTUCKET, MA 02554 5 08.228.2266

6 MA IN S TR E E T S IA S C O N S E T, MA 0 2 5 6 4 508.257.6335

GREATP O IN TPRO PE RTIE S. C O M

| 3 2025 MID YEAR REPORT

2024 MARKET SNAPSHOT LOOKING BACK

23%

28%

18%

2024 TOTAL TRANSACTION VOLUME - GPP SHARE

2024 TOTAL DOLLAR VOLUME - GPP SHARE

2024 NANTUCKET RENTAL MARKET - GPP SHARE

Compared to 2023, 2024 transaction volume was essentially flat, 319 vs.

306 prior.

House dollar volume had a very strong year, topping $1.2B for just the 3rd time in our history.

Based on the Short-Term Rental Tax collected by the Town of Nantucket, GPP represented 18% of the vacation rental revenue raised in 2024.

$1.33 B I L L I O N ANNUAL SALES VOLUME

$2,5B $2B $1,5B $1B $500M $-

2020

2021

2022

2023

2024

Total Transactions ANNUAL TRANSACTION VOLUME

800 600 400 200 0

4 | GREAT POINT PROPERTIES

2020

2021

2022

2023

2024

2024 NANTUCKET SALES: $1.35 BILLION ON 319 TRANSACTIONS HOME SALES: $ 1 . 2 B ON 2 7 8 TRA NS A CTI ONS

$

4.5M 100

$

26M

$

3.4M

AVERAGE SALE PRICE

AVERAGE DAYS ON MARKET

HIGHEST SALE PRICE

MEDIAN SALES PRICE

COMPARED TO 2023: $4M

COMPARED TO 2023: 102

COMPARED TO 2023: $42M

COMPARED TO 2023: $2.8M

NANTUCKE T HOME S A L E DATA

AVE RAGE INVENTORY

AVER AG E D AY S O N MAR K ET

250

200

Average Inventory

Average Days on Market

200

150

150

100

100

50

50 0

2020

2021

2022

2023

0

2024

AVE RAGE SALE TO ASKIN G PRIC E

2021

2022

2023

2024

AVER AG E L I S T P R I C E

Average List Price

Average Sale to Asking Price

98% 97% 96% 95% 94% 93% 92% 91% 90% 89%

2020

6000000 5000000 4000000 3000000 2000000 1000000

2024

2023

2022

2021

0

2020

2020

2021

2022

2023

2024

LAND SALES: $ 9 4 M ON 3 3 TRA NS A CTI ONS

2.9M

$

132

$

12M

$

2.2M

AVERAGE SALE PRICE

AVERAGE DAYS ON MARKET

HIGHEST SALE PRICE

MEDIAN SALES PRICE

COMPARED TO 2023: $2.5M

COMPARED TO 2023: 65

COMPARED TO 2023: $10M

COMPARED TO 2023: $1.8M | 5 2025 MID YEAR REPORT

2025 MARKET AT MID-YEAR We have reached the midpoint of 2025, and Nantucket’s real estate market continues to show strong activity. While a few segments are beginning to show signs of potential softening, others have gained momentum, reinforcing the market’s overall resilience. This year is on pace to surpass $1 billion in sales volume once again, potentially making 2025 the fifthhighest year on record, a remarkable figure for a small 14-by-3.5-mile island located 23 miles out to sea.

In the first half of 2025, we saw $501,140,185 in total dollar volume, up 10% over the prior year. Meanwhile, we saw 145 transactions, up 36% from the prior year. 2025 is off to a great start; however, we are seeing some shift in market segment activity. Despite being up year over year, the average home sales price currently sits at $3,736,308, down compared to the $4,456,779 we experienced in 2024. The median tells the same story, $2,500,000 compared to $3,385,000 prior.

YEAR-TO-DATE HOUSE TRANSACTIONS BY PRICE: 2024 VS 2025 2024

2025 42

$0 - $3M:

61

33 33

$3M - $6M: $6M - $10M:

8 9

$10M+:

7 8

The big story of 2024 was the $10M+ market; however, year-to-date, we have seen a resurgence in the under $4M market.

Last year, this segment was quiet for two reasons: a lack of inventory and increased interest rates. 30-year fixed jumbo mortgage rates have held above 6% for nearly two years. When this initial increase occurred, we observed interest ratesensitive buyers becoming more patient, hoping to wait it out until the Federal Reserve cut rates to alleviate the financial burden of debt servicing. However, at the beginning of this year, most experts were predicting at least two rate cuts in 2025, which seemingly brought these buyers off the sidelines. Year-to-date, there have been 82 home sales under $4M, which is up 55% from the 53 we saw during the same period last year. We are now in July, and the Federal Reserve has yet to cut rates. It will be interesting to see how this segment progresses throughout the remainder of the year, despite the current macroeconomic headwinds.

Another interesting development has been listings accumulating days on market. Year-to-date, the average days on market sits at 140, while the average in 2024 was 100, representing a 40% increase. Inventory has also increased. At the time of writing this, there are 210 single-family homes on the market, compared to 181 at this time last year, a 16% change.

DAYS ON MARKET VS AVERAGE SALES PRICE

An increase in dollar volume and transaction count, alongside higher inventory and longer days on market, appears contradictory. This is due to a discrepancy in seller’s expectations. The current average asking price of available homes is $6,891,187, while the average sales price is $3,736,308. We’re seeing many homeowners list for aspirational numbers and simply not get them.

While this strategy may have worked in previous years, buyers are becoming more reluctant to play ball. Our market remains robust and healthy. Appropriately priced properties in sought-after locations continue to experience high demand.

6 | GREAT POINT PROPERTIES

*Market data and analysis provided by GPP agent Ethan Ulmer*

GPP FEATURED LISTINGS 256 Polpis Road

9 Pleasant Street

POLPIS $33,000,000

TOWN $11,995,000

72 Baxter Road

37 Starbuck Road

SCONSET $4,300,000

MADAKET $2,695,000

3 Beacon Lane

13 Cliff Road

QUIDNET $22,995,000

CLIFF $5,995,000

7 || 7 2025 MID YEAR REPORT ANNUAL REPORT 2022

THE STATE OF THE NANTUCKET VACATION RENTAL MARKET There’s no question that Nantucket has become one of the more

the Town has appealed this decision, and for now, they aren’t

talked-about vacation rental markets in recent years. Between

enforcing it. This leaves both homeowners and renters in a bit of

beautiful beaches, charming historic streets, and a strong

limbo until a solution is agreed upon. The hope? A special Town

cultural vibe, it’s easy to see why. But beneath the sunny surface,

Meeting will be called this fall, focused solely on finding a broadly

there’s an ongoing debate that has the community at odds: what

supported zoning solution that can get the necessary two-thirds

exactly should be done about short-term rental regulations?

majority vote. This is a complex puzzle, but one that’s urgently

REGULATIONS: STILL A WORK IN PROGRESS Over the past five years, Nantucket has wrestled with whether to introduce stricter rules on rentals under 32 days or formally allow them by right through zoning changes. The community is split pretty much down the middle, which has led to some heated discussions at Town Meetings. At the State Land Court, the rulings have been more consistent.

Recently, the Massachusetts Land Court ruled that short-term home rentals (under 32 days) aren’t permitted in Nantucket’s old historic residential district under current zoning laws. However,

needed to give everyone clarity.

Meanwhile, the Town has rolled out a new short-term rental certificate program administered by the Nantucket Health Department and established by Town voters in 2023. Property owners renting for more than two weeks a year or on a shortterm basis need to register with the Health Department. Adoption has been steady but slow — so far, about 1,300 homeowners have registered, with projections suggesting that full compliance will hover around 1,700 homes by 2026. Part of the holdup? A user-unfriendly registration website and general confusion around the new requirements.

MID-YEAR RENTAL ACTIVITY: SLOW AND STEADY When it comes to actual leasing activity, it’s hard to get the full picture since most lease data isn’t public. There’s been plenty of chatter about a slowdown, but at Great Point Properties, we’ve seen nearly the same number of leases through June as last year, and dollar volume has increased by just over 10 percent for the same period, with our leases averaging $15,000 before taxes.

This trend mirrors what we’re seeing in the broader travel

of homes in the $20,000+ per week range, while demand has

industry: overall domestic travel is flat to slightly down, except

diminished as the COVID era is in our rear view mirror.

for premium cabin seats, which are up. On Nantucket, demand seems to be shifting toward higher-end rental homes. The likely culprit of this trend is the cost and hassle of getting to the island, plus overall inflation, which appear to be pushing out a segment of vacationers.

Another factor? Supply. During COVID and the remote-work boom, rental demand skyrocketed with demand that we have not seen in several years. Homeowners responded by adding high-end amenities like pools and spas to stand out. Today, these once-rare features are much more common, and while 8 |

they still command premium rates, we now have a large supply

GREAT POINT PROPERTIES

LOOKING AHEAD Overall, the Nantucket rental market feels stable but calls for caution. Regulations are unresolved, and any buyer seeking to maximize short-term rental occupancy should proceed cautiously until the island settles on regulations. And if the economy softens, we expect more pressure on the lower-priced segment rather than the luxury end. And while pools and luxury amenities remain popular, we do not see short-term growth in demand. Overall, we remain optimistic that the island will find a workable regulatory solution in the near term. And, we expect demand to stay steady with muted growth.

GPP FEATURED RENTALS

HUMMOCK POND

BRANT POINT

TOM NEVERS

8 AURORA WAY

11 EAST LINCOLN AVENUE

19 WANOMA WAY

$16,000 Per Week

$21,950 Per Week

$18,000 Per Week

CLIFF

SCONSET

CLIFF

5 SHERBURNE TURNPIKE

18 CANNONBURY LANE

19 DERRYMORE ROAD

$28,000 Per Week

$30,000 Per Week

$11,000-$14,000 Per Week

TOWN

MIACOMET

TOWN

52 ORANGE STREET

11 SWAYZE DRIVE

74 MILK STREET

$7,500-$16,000 Per Week

$15,000 Per Week

$40,000 Per Week

| 9 2025 MID YEAR REPORT

WHAT TO KNOW IN THE NANTUCKET REAL ESTATE WORLD Zoning: Nantucket has twenty different zoning areas across the island. The zoning map is a patchwork indicating the allowable density and use. The island’s zoning varies from industrial to protective moorlands management. Lot sizes can vary from minimums of 5,000 square feet to 10 acres. Along with lot size, allowable ground cover ratios, and setbacks are defined within our zoning. Many properties were created and built before Nantucket’s zoning laws and if they are not conforming to the regulations, they are grandfathered as preexisting and non-conforming lots of record.

Water and Waste: The island is fortunate to have an aquifer below its surface. The Town water, managed by Wannacomet Water Company, has wells ranging from 75’ to 150’ in depth that draw on the aquifer and distribute it to the Town’s water distribution system.

More rural areas have private wells. As for waste, the more densely populated areas of the island, like Sconset Village, Nantucket Town, and Mid-Island, have access to connect to the Town’s sewer system.

The sewer is pumped to a waste treatment plant on the South Shore.

Less densely populated areas or outlying areas do not have Town sewers, and private septic systems serve homes. Several sensitive water protection zones require more advanced systems. As a general rule of thumb, a more environmentally sensitive system will be required if a property is in proximity to the Harbor, Hither Creek, or freshwater ponds.

Historic District Commission: The Historic District Commission, commonly referred to as the HDC, is the island’s architectural review board. Exterior changes to any building require approval from this board. The board consists of five elected members with three alternate members. The public meetings are conducted weekly, and the applications can vary from a front door paint change request to the approval of a harborfront estate. Any project requiring a building permit that would involve exterior alteration would first require approval from the Historic District Commission. The HDC was established to maintain and preserve the island’s amazing collection of historic homes while providing a design context for new construction.

Building with Nantucket in Mind is a terrific book that provides context and illustration for designs considered appropriate on Nantucket.

Nantucket Conservation Commission: The Conservation Commission, often called the ConCom, is a regulatory board consisting of seven appointed members and an administrative staff that monitors and safeguards the island’s water resources. Many island properties are subject to wetland regulations. As a general rule, any kind of land alteration/construction within 100’ of an identified wetland is subject to the Conservation Commission. As a homeowner or potential buyer, it is important to seek expert advice from a licensed surveyor for any site with wetlands.

General: Nantucket is nearly 30,000 acres, or 47 square miles,

10 |

in size, and its population varies from around 14,500 in the winter months to upwards of 80,000 in the peak of summer. Nearly 12,500 houses are spread across the island and powered by electricity from an undersea cable from Cape Cod. The island has one hospital and one school system bolstered by two popular private schools serving pre-K through 8th grade. Nantucket is a Town, county, and an island.

GREAT POINT PROPERTIES

The island’s elected body is the Selectboard, consisting of five elected volunteers. The island’s legislative body is an Annual Town Meeting. These two bodies are administered by a town manager.

Nantucket Tax Rate and Budget: The island’s annual operating budget is about $131,000,000, plus additional capital expenses, which bring the total budget close to $150,000,000.

Like most towns, the main expenses are safety and education. The majority of tax revenue comes from property taxes. The 2025 rate is $3.28 per $1,000. It is worth noting that in 2024, $13,678,170 was generated from room occupancy taxes that include taxes collected by short-term rental homeowners and lodging establishments.

Short-Term Rental Regulations: The Nantucket government and voters have struggled with short-term rentals and proposed regulations. The island has a history of homes being rented weekly, but its popularity, combined with the demand for vacation home rentals, has culminated in a heated debate over the best practice for the island. Four years of Annual Town Meeting debates, along with a court ruling, have yet to clarify the future direction of STRs, but it is reasonable to assume that there will be regulatory changes in the coming years.

Conservation: Nantucket is closing in on nearly 50% of the island’s land under conservation or protection. The largest steward of conservation land, with 9,010 acres in protection, is the Nantucket Conservation Foundation. Several of their popular properties include Sanford Farm, Squam Farm, the Middle Moors, and Tupancy Links. The Nantucket Island Land Bank is the second-largest conservation group, managing 3,373 acres. The Land Bank continues to acquire land for public benefit through revenue generated by a two percent transfer fee paid on all transactions by buyers. In total, nine very active conservation organizations contribute to keeping portions of the island’s landscape open, with 17,225 protected acres. Check out the Coast to Coast walking trail network if you have an interest in enjoying the amazing collection of open lands.

Beach Access: The island is unique, with abundant access to its 82 miles of beaches. Popular south shore beaches like Cisco and Surfside to calm-water beaches along the North Shore in Dionis or near the Jetties all have parking and access. Though our more popular beach destinations tend to be public, many are private. There has been a long culture of property owners sharing their beaches with the public. As guests, we are encouraged to stay away from the fragile dunes, leave only our footprints, and refrain from driving on the beach.

Insurance: Obtaining homeowners coverage for a second home or investment property limits choices, especially when the home has a high replacement value or is considered to be in a higher-risk location. The island has a good selection of insurance companies that can advise on the options available. Some seasonal residents may use an off-island relationship and bundle their Nantucket home with other insured properties.

NANTUCKET PRICE INDEX: HOMES IN POPULAR ISLAND LOCATIONS AROUND THE $5,000,000 PRICE RANGE

NANTUCKET – TIMELESS ELEGANCE

25 Pine Street – $5,195,000

Step back in time—without sacrificing modern comfort—in this gorgeous 19th-century reproduction. With four bedrooms, four baths, and a location just a short stroll from Nantucket’s charming Main Street, this home pairs classic style with an unbeatable spot in town.

JOHNS ISLAND, FL - OCEANSIDE VERO BEACH

80 Cowry Lane – $4,950,000

With nearly 3,600 square feet of living space, this spacious three-bedroom home (built in 1985) offers lush landscaping, a relaxing pool, and a laid-back coastal lifestyle in Oceanside Village. Beach access is just steps away.

EDGARTOWN – VINEYARD VIBES WITH A MODERN TWIST

SOUTHAMPTON, NY – HAMPTONS COOL

264 Katama Road – $4,950,000

121 David Whites Lane – $4,950,000

Built in 2020, this four-bedroom beauty boasts a sleek design, a garage and studio, and a pool out back. It’s the perfect midpoint between downtown Edgartown and the dunes of Katama Beach—just 1.8 miles in either direction.

Newly completed in 2025, this sixbedroom, 3,900-square-foot stunner sits on a tidy 10,000-square-foot lot and comes with its own pool. It’s just a short walk to Southampton Village.

PALM BEACH ISLAND – COZY, CHIC, AND CLOSE TO IT ALL

231 Cocoanut Row – $3,995,000

This adorable three-bedroom cottage might be compact (1,000 square feet), but it punches well above its weight.

Set on a 3,900-square-foot lot with a private plunge pool, it holds the title of least expensive single-family home on Palm Beach Island. | 11 2025 MID YEAR REPORT

12 | GREAT POINT PROPERTIES