We closed out our 21st year with gratitude for our amazing team and all of our trusted clients and supporters. 2023 was a year of mixed messages that included record-setting home sales, higher average prices amid rising interest rates, more cautious buyers, and modest inventory levels.
2024 promises to present new trends and headlines, and we look forward to keeping you informed along the way.
With constrained inventory and ongoing demand, values held firm in 2023. The average sale price for a home was $4,023,000, slightly below 2022’s all-time high. The median sales price stayed the same at $2,850,000. Even with very low transaction volume, defined by owner reluctance to list properties, dollar volume has held, and values are still at all-time highs, despite the declining transaction volume.
As 2024 unfolds, Great Point Properties expects some increased sales volume. The equity markets have had an excellent year, and interest rates are receding. Lower rates will benefit sellers who wish to become buyers again, as well as buyers getting into the market for the first time. The ongoing constant is Nantucket’s tremendous popularity. That remains unabated, as always.
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