LendingTree recently compared median income and property values in U.S. cities with populations between 10,000 and 50,000 to determine the most expensive cities in the country.
Vineyard Haven Metro Station, which covers all of Martha’s Vineyard, ranked No. 1.
With a median home value of $857,000, Vineyard Haven tops a list that includes Breckenridge, Colorado and Jackson, Wyoming.
But it’s not just the real estate values that make Vineyard Haven so high on the list.
Vineyard Haven, Jackson, and Hailey, Idaho, all have home values about 8.5 times higher than the area median household income.
In comparison, the report found that the city of San Francisco, California, has a similar average home value relative to population of $933,300.
These statistics are also interesting because loud the Vineyard Gazettethis area has the lowest rate of home sales in the last 10 years.
“The market is trying to correct itself. During the pandemic, things got completely out of hand. We had a lot of people trying to buy what was on the market, which wiped out inventory and then prices went up due to demand. The market is correcting and there are some discounts on homes that were overpriced,” Karen Overtoom of Karen M. Overtoom Real Estate in West Tisbury told the newspaper.
Other real estate experts, like Marilyn Moses of Ocean Park Realty, agreed Vineyard leaf that the lack of purchases is also due to the high interest rates.
“Sellers don’t want to lose their interest rate. I have sellers who say, ‘I’m at 2 to 2.3 to 3.2 percent. ‘Why would I buy another house where I’m going to get hit with a 6 or 7 percent interest rate?'” she said .
But just because there doesn’t seem to be as much on the market doesn’t mean the price of home ownership in this well-known vacation spot is cheaper, according to a report from The Martha’s Vineyard Times.
In fact, average home sales increased about 9% last year, putting the average value at $2.3 million.
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