Page 8 - Luxury Market Report as of January 2021 revised 3-15-21

Oak Bluffs

Sales in the Oak Bluffs luxury market doubled in 2020, fol-
lowing little or no gain in the prior year. Average and median prices
declined as a result (since many more homes sold in the lower end of the
luxury market), while Days on Market declined to just under 5-months.

Over the past several years, Millennial and Gen X luxury buyers
have increasingly flocked to the water view and water front areas of Oak
Bluffs -- including East Chop, Ocean Park, Farm Neck/Hart Haven and
Sengekontacket communities. In the process, they have shifted how the
luxury market is defined in the area. For example, the community of
East Chop that historically has catered to young and old families with
kids, and which has traditionally been a seasonal and second home mar-
ket, has become a popular destination for both retiring baby boomers
and prospective Millennial and Gen X vacation home single-family lux-
ury home buyers. While one of the biggest houses on the island was re-
cently built on the East Chop Bluffs with its sweeping water views, this East Chop water views, sold for $1.80M
area is also now seeing young luxury buyers with a preference for more
modest but still Victorian cottage styled yet modernized homes that have
equal access to both the water views, beaches, clubs and amenities like
shops, restaurants and harbors.

For sale on East Chop with water views $1.995M The “Rose Cottage” on East Chop, sold for $1.7325M