Nantucket appreciation rates and housing market information

Nantucket housing market information

With 9,520 people, 9,210 houses or apartments, and a median cost of homes of $1,282,946, Nantucket house prices are not only among the most expensive in Massachusetts, Nantucket real estate also is some of the most expensive in all of America.

single-family detached homes are the single most common housing type in Nantucket, accounting for 86.47% of the town's housing units. Other types of housing that are prevalent in Nantucket include duplexes, homes converted to apartments, or other small apartment buildings (7.76%), row houses and other attached homes (3.92%), and a few large apartment complexes or high rise apartments (1.66%).

The most prevalent building size and type in Nantucket are three and four bedroom single-family detached homes. The town has a mixture of owners and renters, with 25.33% owning, and 14.83% renting.

There is a lot of housing in Nantucket built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Nantucket built from 1939 and earlier (23.98%). A lesser amount of the housing stock also hails from 1995 and later (17.62%), and some were built from 1940-1969 (17.62%).

A decent proportion of the Nantucket housing stock is seasonally occupied. That is, homes and condos in Nantucket are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Nantucket housing market speaks to its popularity as a vacation location of choice.

Nantucket home appreciation rates

In the last 10 years, Nantucket has experienced some of the highest home appreciation rates of any community in the nation. Nantucket real estate appreciated 199.27% over the last ten years, which is an average annual home appreciation rate of 19.92%, putting Nantucket in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Nantucket definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Nantucket that despite a nationwide downturn in the housing market, Nantucket real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Nantucket appreciation rates continue to be some of the highest in America, at 3.31%, which is higher than appreciation rates in 78% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Nantucket. Nantucket appreciation rates in the latest quarter were at 0.57%, which equates to an annual appreciation rate of 2.28%.

Relative to Massachusetts, our data show that Nantucket's latest annual appreciation rate is higher than 100% of the other cities and towns in Massachusetts.