2022 Real Estate Year in Review
The market remains healthy after a busy year in 2022.
With 2021 flexing as the biggest year in real estate on St John, we wondered how 2022 might do. Turns out, the market remains healthy and 2022 carried on the steady stable trend we have seen for decades on St John. While 2021 was likely an anomaly year seeing 117 closings at a higher average price, 2022 turned out to be the 2nd highest on record. Seventy-nine homes sold on St John in 2022 with an average price of $1.55 Million. If any of you have had a chance to talk with me about the St John real estate market, one thing I have consistently advised on is that the factors here produce a dependably steady and stable market. We are not subject to huge upswings or down turns like the volatility you see in many markets in the United States. If you look at the trend curves they are nearly straight lines.
This stability is due to, but not limited to, a couple of unique things on St. John:
1. The Virgin Islands National Park being the biggest land holder and therefore protecting the natural beauty of the island from over development.
2. The fact that our market is not under any pressure for people who HAVE to buy or HAVE to sell.
3. The undeniably strong demand for travel to St John as one of the top tropical destinations in the world year after year. We were surprised to find that 2022 was somehow able to beat out 2021 in short term rental income, but it did so handily with our owners enjoying the extra income while still coming to visit their lovely homes during prime weeks.
In investing, what you want is steady slow growth. Of course, it’s lovely to hit the jackpot and cash in on quick gains, but long term is the best way to look at real estate investing and the long look on St John is predictably bright (and sunny).
We discussed homes above, but the land market did not care about 2021’s banner year and just went ahead and beat it. I expect to see a lot of new gorgeous homes built in the next 24 months. Check out this amazing lot we have listed with views over the dramatic Reef Bay Valley and to the North over Maho Bay!
We have a few select weeks left for winter and summer 2023 and next winter 2024 are filling up fast.
Check out our diverse inventory of stunning vacation rentals on St John and book your next stay with us easily online with just a few clicks.
