September 2024 Market Report

SEPTEMBER MARKET REPORT

September of 2024 was a big month, officially putting 2024 ahead of 2023 in year-to-date dollar volume. We saw $224.8M in dollar volume, a 13.1% increase from September of last year. If you exclude September 2020 and 2021, statistical anomalies due to the pandemic, this September was our largest on record. Transactions were up by over 32% during the month. Monthly data helps us paint a picture of the market, however, these numbers can be skewed by just a couple of large transactions closing in the same month. YTD numbers are the best indication of the market as a whole. We are now at $878.9M in total dollar volume for 2024, slightly up compared to 2023, which was $863.4M through this point last year. This puts 2024 on pace to be another >$1B for Nantucket Real Estate. Land and Commercial real estate activity remain relatively quiet in 2024, reflecting the lack of raw land that remains privately owned and not in conservation. If we look strictly at home sales, dollar volume in 2024 is up to $787.1M, up 7.8% from 2023. The high end of our market continues to have legs and is fueling the higher dollar volume we are seeing this year.

September brought some interesting and large transactions this year. Of the 39 homes sold this month, 4 closed for over $10,000,000. YTD there have been 14 $10M+ transactions, this ties 2022 for the most the island has ever seen. The most notable was the sale of 72 Main Street. This property was listed in October of 2023 for $25,000,000. It went under contract a few months later and just closed for nearly the full asking price this month. 72 Main Street is a large and recently updated property and has now set the new high water mark for in-town single-family home sales. It is worth noting that this property most recently sold for $7,350,000 in 2016. It will be interesting to see if this was a fluke or if a rising tide lifts all boats.

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

AS OF SEPTEMBER 30