Real Estate Sales on St John 2021 - Statistics and Trends

This Stunner sold in 2021 for just over $1M. Reach out to capture your dream deal!

Real Estate on St John is unlike any other real estate in the world.  Not only does the unbelievable natural beauty of the island (thanks in part to the protections of the Virgin Islands National Park) set it apart, but the character, culture, tourism, and amenities make it an extremely desirable and stable investment.  Being a United States territory offers even further comfort to buyers and sellers alike.  Additionally, unlike most other locales, St John is not driven by market forces such as employment, recessions, or political turmoil.  Rather, St John - much like its history will tell - remains rebellious, stubborn, and free.  To sum it up simply, no one has to sell and no one has to buy.  The market is purely driven by the joy of ownership and remains an exclusive club where all are welcome, but few are fortunate enough to get in.  

As I prepared to write a real estate update for the bustling market, which was long overdue, the statistics kept changing.  The number of transactions and total volume of the market is off the charts with ninety homes sold this year to date.  Sixty-two was the previous record number of homes sold in a single year!  We sold a total of nearly 150 million dollars in homes thus far in 2021.  That’s a 140% increase in volume from 2020, and we’re not even close to finished; there are currently twenty-five homes under contract.

One stunning statistic is that homes are still selling under list price at an average of just under 10% off over the last nine months.  We also have not seen the price of homes increase much - we haven’t seen any listings raise their price, and new listings on the market remain relatively low.  In my opinion, it indicates that price increases are possibly on the horizon as inventory decreases.  Market trends in the US Virgin Islands tend to lag seven to twelve months behind market trends in the states.  We have all seen what’s going on there, with some homes going under contract before the property is even listed for sale on the market.

The vacation rental market has been bell-ringing for the last fifteen months.  Low to no vacancy, high rates, and a nearly sold-out summer busted annual sales records for vacation rentals across the island, both at the low and high end.  Even if this is an anomaly year, St John was exposed to tens of thousands of new visitors this year who otherwise may have never discovered it.  Each of them will share their experience with several friends.  This will create a lasting demand for rentals, which makes it a profitable and solid investment for all of the new, existing, and future owners.  

Come see us soon, but book ahead!  Winter weeks are nearly sold out and summer 2022 is quickly filling up.

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