Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Nantucket County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,668,181 | $478,681 | $242,182 |
| Price Trend (Annual %) | 6.0% | 7.0% | 8.2% |
| Median Gross Rent | $2,070 | $1,687 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 5.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Nantucket County is about 248% higher than in Massachusetts. Rent is about 23% higher than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Nantucket County, up about 6.0% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Nantucket County rose about 28.7% between 2015 and 2023, from $1,609 to $2,070. Over the same span, rent in Massachusetts rose about 53.1%.
Affordability
On average, housing unit costs 13.4 yearly household incomes in Nantucket County.
Buying the median-priced home in Nantucket County costs roughly 67.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Nantucket County. The price-to-rent ratio in Massachusetts is about 23.6.
| Metric | Nantucket County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,668,181 | $478,681 | $242,182 |
| Median Household Income | $124,472 | $101,501 | $78,145 |
| Price-to-Income Ratio | 13.4 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Nantucket County rose about 71.1%, while median household income rose about 53.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Nantucket County | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 31.0% | 57.4% | 58.2% |
| Rental Rate | 9.5% | 34.3% | 31.3% |
| Vacancy Rate | 59.5% | 8.4% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Nantucket County has a homeownership rate of 31.0%, lower than the Massachusetts average of 57.4%. Its housing vacancy rate is 59.5%, compared with 8.4% in Massachusetts.
Housing Stock
| Metric | Nantucket County | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.78 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1983 | 1962 | 1978 |
| Median Number of Rooms | 6.3 | 5.5 | 5.5 |
The typical housing unit in Nantucket County was built around 1983. On average, 2.8 people live in a home with about 6.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Nantucket County, Massachusetts.
What is the median home price in Nantucket County, Massachusetts?
The median home price in Nantucket County, Massachusetts is $1,668,181, higher than the Massachusetts average of $478,681.
What is the average home price in Nantucket County, Massachusetts?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Nantucket County, Massachusetts?
The median gross rent in Nantucket County, Massachusetts is $2,070 per month, higher than the Massachusetts average of $1,687.
What was the median gross rent in Nantucket County in 2020?
In 2020, the median gross rent in Nantucket County, Massachusetts was $1,781 per month.
What is the price-to-rent ratio in Nantucket County, Massachusetts?
The price-to-rent ratio in Nantucket County, Massachusetts is about 67.2, meaning it would take roughly 67.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Nantucket County.
Are home prices or rent rising faster in Nantucket County, Massachusetts?
Both home prices and rent are rising in Nantucket County, up about 6.0% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Nantucket County, Massachusetts?
31.0% of households in Nantucket County, Massachusetts own their home, lower than the Massachusetts average of 57.4%.
What is the vacancy rate in Nantucket County, Massachusetts?
The housing vacancy rate in Nantucket County, Massachusetts is 59.5%, higher than the Massachusetts average of 8.4%.