2024 Luxury Outlook Report by Sotheby’s International Realty
A View from Nantucket for 2024
The Nantucket real estate market in 2023 exhibited characteristics of resilience and exclusivity, consistent with global luxury real estate trends. While the volume of transactions varied across different property types, the overall increase in average selling prices indicates a healthy demand for high-quality, unique properties.
Trends for 2024 and their implications:
- Resilient High-End Market: Globally, the luxury real estate market, particularly in high-net-worth enclaves, is expected to remain strong. The increase in average selling prices in Nantucket aligns with this trend, indicating a resilient market for high-end, single-family homes.
- Selective Buying and Premium Pricing: The trend of selective buying, focusing on quality over quantity, seems to be influencing Nantucket’s market. Buyers are likely to continue seeking unique, high-quality single-family homes, contributing to sustained or increased property values.
- Global Economic Influences: Economic uncertainties and fluctuating interest rates globally might make buyers more cautious, potentially influencing the volume of transactions. However, premium properties in desirable locations like Nantucket are likely to maintain their appeal.
- Lifestyle and Locational Preferences: Given the ongoing trend of individuals seeking lifestyle-enhancing properties, Nantucket’s unique charm and appeal will continue to attract buyers, particularly for single-family homes that offer privacy, exclusivity, and a distinct living experience.
For 2024, the Nantucket market is expected to mirror global luxury trends, with a focus on quality, exclusivity, and lifestyle appeal. While the number of transactions might not reach pre- pandemic levels, the market’s value is likely to remain strong, driven by discerning buyers looking for unique properties in this coveted location.
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