WELCOME
Purchasing your first home on Nantucket is both exciting and unique. The island's real estate market operates differently from mainland markets, with limited inventory, strong demand, and distinctive regulatory requirements.
This guide will walk you through everything you need to know, from understanding your budget to navigating the buying process and finding the right neighborhood for your needs and lifestyle.
With the right preparation and expert guidance, you can successfully navigate Nantucket's competitive market and find your perfect island home.
THE PROCESS
Before you start looking at properties, secure mortgage pre-approval. Nantucket sellers expect serious buyers to have financing in place. Work with a lender experienced in island transactions.
Partner with a local Nantucket real estate agent who knows the market intimately. Island real estate is uniquely competitive, and local expertise is essential for success.
Begin your property search with clear priorities. Nantucket inventory is limited, so be prepared to act quickly when the right property appears. View properties in person when possible.
When you find the right property, work with your agent to craft a competitive offer. In Nantucket's market, strong offers move quickly. Be prepared to negotiate while staying within your budget.
Once your offer is accepted, conduct thorough inspections and review all documents. Nantucket properties have unique considerations including HDC regulations, septic systems, and flood zones.
Work with your team to navigate the closing process. Once complete, you'll receive the keys to your new Nantucket home. Welcome to island living!
FINANCIAL PLANNING
Your purchase price is just the beginning. Understanding the full cost of Nantucket homeownership helps you budget accurately and avoid surprises. Here's what to plan for.
| Cost Category | Typical Range | Notes |
|---|---|---|
| Down Payment | 20-25% | Higher down payments common for jumbo loans. Some programs available for year-round residents. |
| Closing Costs | 2-5% | Includes title insurance, attorney fees, recording fees, and loan origination costs. |
| Property Taxes | $8-15 per $1,000 | Nantucket's tax rate varies. Budget based on assessed value, not purchase price initially. |
| Insurance | $3,000-15,000+/year | Flood insurance often required. Rates depend on location, construction, and coverage. |
| Maintenance Reserve | 1-2% of value/year | Island maintenance costs are higher. Plan for salt air, weather, and contractor availability. |
We recommend having 6-12 months of expenses in reserve after closing. Island living costs can surprise first-time buyers, and having a buffer ensures a smooth transition to homeownership.
NEIGHBORHOODS
While waterfront and downtown properties command premium prices, several neighborhoods offer more accessible entry points without sacrificing Nantucket's charm and quality of life.
AVOID THESE PITFALLS
In Nantucket's limited market, waiting too long often means missing opportunities. Be ready to act.
Beyond purchase price, factor in high insurance, maintenance, and island living expenses.
Nantucket's market is unique. Working with local agents and inspectors is essential, not optional.
Historic District Commission rules affect all exterior changes. Understand restrictions before buying.
If possible, see properties in different seasons. Summer and winter Nantucket are very different.
FREQUENTLY ASKED QUESTIONS
Entry-level homes on Nantucket typically start around $1 million, though condos and smaller properties occasionally list lower. The median home price exceeds $2.5 million. First-time buyers should realistically budget $1-2 million for starter homes in less central locations.
While not required, working with lenders experienced in Nantucket transactions is highly recommended. They understand island-specific issues like flood zones, seasonal property considerations, and jumbo loan requirements. Local relationships can also expedite the process.
Very competitive. Limited inventory and high demand mean properties often receive multiple offers. First-time buyers should be pre-approved, work with an experienced agent, and be prepared to make decisions quickly. Off-market opportunities through local connections can be valuable.
The HDC regulates all exterior changes to properties on Nantucket to preserve the island's historic character. This affects paint colors, windows, roofing, and additions. All exterior modifications require HDC approval, so understanding these restrictions before purchase is essential.
This depends on your intended use. Year-round properties offer flexibility but may be in less desirable locations. Seasonal properties in premium areas may have rental restrictions. Consider how you'll actually use the property and discuss options with your agent.
From accepted offer to closing, typically 30-60 days. However, finding the right property can take months given limited inventory. Being prepared with pre-approval and a clear understanding of your priorities will help you move quickly when opportunities arise.
Contact Us
Whether you're buying, selling, or exploring Nantucket real estate opportunities, we're here to help.
