The Vineyard Haven, MA metro area is experiencing significant shifts in its housing market as of February 2025. The Median Sales Price has decreased to $1,700,000, marking a substantial year-over-year decline of 24.4%. Conversely, the Median List Price has surged by 46.8% to $1,975,000, indicating a potential disparity between seller expectations and buyer willingness.

Price Per Square Foot

The median Price Per Square Foot has fallen to $839.09, reflecting a 19.8% decrease from the previous year. Meanwhile, the Median List Price per square foot stands at $937.18, down by 9.3% year-over-year. This suggests that while sellers are listing homes at higher prices, the actual sales are occurring at lower price points.

Sales and Inventory

The number of Homes Sold has plummeted by 85.7%, with only one home sold in February 2025. Pending Sales have also decreased by 33.3%, totaling eight. New Listings have seen a modest increase of 8.3%, reaching 13. However, inventory has decreased by 35.2% to 46 homes, indicating a tightening market despite the increase in New Listings.

Market Dynamics

The Months of Supply have skyrocketed by 3590.0% to 46 months, suggesting a significant imbalance between supply and demand. The Median Days on Market have increased by 29.0% to 177 days, indicating that homes are taking longer to sell. The average sale to list ratio has improved by 5.5% to 98.6%, suggesting that homes are selling closer to their list prices.

Price Adjustments and Market Activity

The percentage of Price Drops has increased by 6.6% to 10.9%, reflecting sellers' adjustments to align with market conditions. Notably, 75.0% of homes went off the market within two weeks, a significant increase of 58.3% year-over-year, indicating that while fewer homes are selling, those that do are moving quickly once priced appropriately.

Conclusion

The Vineyard Haven housing market is characterized by a complex interplay of declining sales prices and increasing list prices. The significant drop in sales and the extended time homes remain on the market suggest a challenging environment for sellers. However, the rapid off-market activity for appropriately priced homes indicates that buyers are still active, albeit selective. As the market continues to adjust, sellers may need to align their pricing strategies more closely with buyer expectations to facilitate transactions.