We are pleased to introduce the Sotheby’s International Realty® 2023 Luxury Outlook report, an in-depth exploration into high-end real estate markets across the globe.
Following two years of residential real estate frenzy and historically low interest rates as a result of the Covid-19 pandemic, the report reveals that many luxury agents are continuing to see interest in high-end properties among the affluent, despite record interest rate hikes. Global wealth creation is expected to increase over the next several years, translating to a potential influx of luxury buyers and an increase in price points in high-end property markets around the world.
The report also examines real estate statistics and trends on Nantucket and the influences on supply and demand. Below is an excerpt from A View From Nantucket on page 4.
Mirroring the national luxury real estate market, demand on Nantucket remains strong despite increasing interest rates. In fact, average and median prices have increased while the average days on market has decreased. Fluctuating interest rates have consistently had a lesser impact on the Nantucket real estate market as many transactions involve cash buyers and limited inventory keeps demand high. Buyers, who would otherwise finance, tend to make cash offers as a way to be competitive when going against multiple offers.