Market News - 2024 Market Review

In 2024, the Martha's Vineyard real estate market experienced a notable decline in activity, with the number of transactions decreasing by 8.1% from 407 in 2023 to 374 in 2024. This marks the lowest transaction volume since 2009. The total dollar volume also saw a reduction of 6.1%, dropping from $817 million in 2023 to $766 million in 2024. Despite these declines, the average property price experienced a modest increase of 2.2%, rising from $2.01 million in 2023 to $2.05 million in 2024. 

The residential sector, which comprises 86% of the market's dollar volume and 81% of transactions, mirrored these trends. Transactions and dollar volume both decreased by 7%, while the average residential property price saw a slight decline of 1%, moving from $2.196 million in 2023 to $2.176 million in 2024. The median residential price remained relatively stable, shifting marginally from $1.550 million to $1.555 million during the same period. 

A significant factor contributing to the reduced number of sales is the limited inventory available on the island. Deb Blair, president and owner of LINK, the island's multiple listing service, noted in an article in the Vineyard Gazette on January 30th 2025, that the drop in sales is primarily due to the scarcity of available properties. 

In terms of market segments, the high-end sector in Chilmark (properties over $3 million) experienced a resurgence in 2024, with seven sales compared to four in 2023. Conversely, the $1-3 million range saw a decline from 14 sales in 2023 to 10 in 2024. Edgartown maintained stability, with transactions increasing slightly from 128 in 2023 to 129 in 2024, and a 2% rise in total dollar volume from $350 million to $358 million. The average sales price in Edgartown also grew by 2%, reaching $2.77 million in 2024. 

Overall, the 2024 Martha's Vineyard real estate market reflects a cooling trend, influenced by limited inventory and broader economic factors. While transaction volumes and dollar amounts have decreased, property values have remained relatively stable, indicating a resilient market amidst changing conditions.

For a more in depth analysis of the Marthas Vineyard real estate market, read our latest MARKET REPORT in our MARKET NEWS section of the website by clicking the links. 

We are more than happy to discuss the market, share our insights and answer any other questions you might have.