OVERVIEW
While Nantucket is known for its luxury real estate, opportunities exist for buyers with budgets under $2 million. These entry-level properties offer authentic island living in neighborhoods slightly removed from the premium waterfront and downtown locations, but with the same Nantucket charm, community, and beach access.
Properties in this range typically include smaller cottages, condominiums, and homes in developing neighborhoods like Tom Nevers and Miacomet. While inventory is limited and competition can be fierce, patient buyers who work with experienced local agents can find genuine value in this segment of the market.
Buyers at this price point should be prepared to move quickly when opportunities arise and may need to consider properties that require some updating or are located further from downtown. The tradeoff is gaining entry into one of America's most exclusive real estate markets at its most accessible price point.
TYPICAL PROPERTIES
1,000 - 1,800 sq ft
2-3 bedrooms
0.15 - 0.5 acres
Mix of vintage cottages and 1980s-2000s construction
Nantucket cottages
Ranch-style homes
Condominiums
REALISTIC EXPECTATIONS
RECOMMENDED AREAS
MARKET INSIGHTS
BUYER PROFILE
COMMON QUESTIONS
Yes, but inventory is limited. Properties under $2 million represent a small percentage of the market, typically found in neighborhoods like Tom Nevers, Miacomet, and mid-island locations. Working with an experienced local agent who knows about upcoming listings and off-market opportunities significantly improves your chances.
Homes under $2 million typically offer smaller square footage, locations further from downtown and waterfront, older construction that may need updating, and standard rather than luxury finishes. You'll still enjoy authentic Nantucket architecture and full access to island beaches and amenities.
Yes, condominiums and co-ops often provide more options in this price range. They can offer lower maintenance responsibilities and sometimes include amenities. However, review any restrictions on rental use if you plan to generate income from the property.
Very competitive. Properties priced well in this range often receive multiple offers and sell quickly. Buyers should be pre-approved, prepared to make quick decisions, and work with an agent who can alert them to new listings immediately.
Many properties at this price point have good rental potential, particularly during peak summer season. However, some condos and developments have rental restrictions. Factor in Nantucket's short-term rental regulations and verify rental rights before purchasing if income is part of your plan.
Properties needing work can offer value, but factor in Nantucket's higher renovation costs due to island logistics, contractor availability, and HDC approval requirements for exterior changes. Get detailed estimates before committing, as renovation costs can be 30-50% higher than mainland equivalents.