Nantucket has long been a place of extravagance. Famously a summer playground for the affluent, the island has maintained a certain allure for decades. However, a recent article in Town & Country suggests a shift in the real estate market, signaling that the tides may be turning.
With newcomers attracted by a reputation for low-key summers and an air of sophistication, Nantucket residents are feeling some growing pains. I’ve certainly noticed more buzz surrounding our island’s resident billionaires as they buy up multimillion-dollar homes. It’s no question that these significant price tags are reshaping the real estate market here on Nantucket. The consequences? Prices hiking up for even the smallest of homes and depleting the island’s inventory of affordable housing. This is not a problem unique to Nantucket, but a national and worldwide issue.
What does this mean for locals? Well, the island’s charm is in part due to the incredible local businesses that call Nantucket home and the employees who staff them. With a dip in affordable housing available to our service employees, many businesses and non-profits are considering purchasing homes to provide housing options to their own staff. The Nantucket Antheneum, our local library, among other organizations like the Linda Loring Nature Foundation and the Nantucket Boys and Girls Club, are also exploring the market to address their own housing needs.
You may wonder, why not rent? The rising home prices have majorly impacted the shrinkage of our rental market, leaving many year-round residents unable to find suitable housing. Residents who work for the town, the backbone of our community, are certainly feeling the pressure.
My Perspective
While it is wonderful to see our local businesses thriving amongst the growing summer traffic, it definitely comes at a cost to the community. So the question remains, how do we address the balance between growth, a thriving economy, and attainable/affordable housing?
As a Nantucket real estate agent, I am excited about the growth of our community and I truly enjoy sharing the charm of our island with newcomers. As a local resident, it is important to me that Nantucket maintains its unique identity and that our year-round residents don’t feel pushed out. After all, the people in our community are what really makes Nantucket special. The shops, restaurants, and other small businesses that make up our community should be enjoyed by all. I believe that when our residents work together, we’ll be able to find a solution that benefits all of Nantucket.