The US Virgin Islands Best Guide

Real Estate on St. Thomas, Virgin Islands

Real Estate St. Thomas

St. Thomas offers both bustling shopping areas and quiet neighborhoods. The island is mountainous, and many hillside homes are graced with incredible views of the ocean. The real estate market on St. Thomas includes houses, land, condos, timeshares, and commercial properties.

Presently, in February 2021, there are 59 houses listed. Prices range from 9.5 million for a 7 bedroom and 7.5 bathrooms home on 4.98 acres in Frenchman’s Bay to $125,000 for a 3 bedroom and 1 bathroom fixer upper in Crown Prince St. Thomas. Houses are generally situated on a half-acre lot. In densely developed areas, a quarter of an acre or less is typical.

Residential Sales – St. Thomas

Year Number of sales Low High Average
2000 28 $65,000 $575,000 $230,161
2001 94 $63,000 $2,000,000 $254,589
2002 105 $27,500 $1,010,000 $287,186
2003 115 $60,000 $2,600,000 $416,250
2004 118 $32,500 $2,500,000 $507,000
2005 97 $80,000 $2,110,000 $550,560
2006 100 $74,000 $3,300,000 $672,926
2007 80 $130,000 $2,500,000 $703,950
2008 63 $110,000 $2,800,000 $600,967
2009 46 $175,000 $3,400,000 $696,446
2010 66 $65,000 $3,950,000 $505,981
2011 53 $30,000 $1,650,000 $511,415
2012 68 $90,000 $2,175,000 $533,418
2013 72 $100,000 $3,300,000 $606,694
2014 95 $34,000 $8,855,000 $902,209

Most residents finance their homes through conventional mortgages with local banks. Interest rates are slightly higher in the Virgin Islands than on the US mainland. A typical down payment is 20 to 30 percent. Banks require earthquake and windstorm insurance with mortgages; the cost is around 2-3% of the replacement value.

In general, land is available in quarter, half, three quarters, and one-acre lots. The price of a quarter-acre to half-acre lot is often less than $70,000. Half-acre to one-acre lots range from $50,000 to $200,000. Larger lots are also available. Factors to consider when looking for land include location, view, access to the property, and any site preparations that might be necessary in order to build.

There are presently 84 undeveloped lots on the market. Prices start at $38,000 for .2 acres in Agnes Fancy, to 10.9 million for 96.6 acres in Hull Bay. Looking for your own island?

Land Sales – St Thomas

Year Number of sales Low High Average
2001 66 $15,000 $650,000 $84,814
2002 83 $10,000 $1,500,000 $80,804
2003 112 $19,000 $3,100,000 $117,217
2004 144 $12,500 $3,000,000 $152,775
2005 124 $12,000 $1,350,000 $139,590
2006 137 $26,000 $8,900,000 $553,707
2007 82 $20,000 $2,450,000 $298,593
2008 41 $22,500 $1,900,000 $240,445
2009 41 $35,000 $964,000 $150,220
2010 38 $36,000 $1,410,000 $189,263
2011 48 $40,000 $662,000 $118,635
2012 33 $30,000 $750,000 $131,669
2013 30 $30,000 $250,000 $106,883
2014 49 $15,000 $1,113,393 $137,519

The costs of building a house start at around $250 per square foot, with the amount varying considerably depending on the materials used for building and finishing. Keep in mind that preparations and special structural requirements may need to be met, increasing the total cost of the construction project. A cistern for water storage and a septic tank are necessary components of a house on St. Thomas. The cistern alone will account for almost 10 percent of the total building cost. Land owners should depend on the experts when it comes to building on St. Thomas; plans must be prepared by an architect, engineer, or draftsperson licensed in the Virgin Islands.

Condos on St. Thomas are often located on or near a beach. Facilities might include tennis courts, a swimming pool(s), a restaurant/bar, marina and water-sports center on the beach among others. Studio Condos currently on the market start at $39,000. One-bedroom condos range between $179,900 and $295,000. And larger condos with three or more bedrooms run between $569,000 and 1.8 million. There are currently 78 condo properties listed.

Condominium Sales – St. Thomas

Year Number of sales Low High Average
2000 85 $23,990 $416,000 $135,194
2001 104 $10,000 $359,000 $101,976
2002 145 $20,000 $402,400 $124,863
2003 189 $23,000 $420,000 $139,159
2004 206 $35,000 $530,000 $175,319
2005 200 $45,000 $542,500 $232,718
2006 154 $82,000 $720,000 $273,005
2007 104 $70,000 $1,742,500 $315,788
2008 93 $75,000 $685,000 $269,853
2009 64 $85,000 $650,000 $259,466
2010 69 $50,000 $633,750 $220,459
2011 68 $45,000 $549,000 $210,503
2012 64 $55,000 $640,000 $236,706
2013 85 $37,500 $550,000 $204,061
2014 101 $39,000 $770,000 $214,417

Timeshare or fractional ownership options are usually available from $6,000/a week and up. Presently, there are 51 timeshare openings available.

Guest houses, restaurants, yachts, inns, and retail stores are examples of commercial properties that have recently been or are on the market. Currently, there are 23 commercial properties listed.

Market Inventory Table – St. Thomas

ALL LISTINGS HOMES LAND LOTS CONDOS COMMERCIAL
Sept. 2006 377 89 168 78 20
November 2007 487 109 186 136 15
September 2008 557 147 161 182 19
October 2009 590 151 174 207 29
August 2010 669 180 238 189 36
August 2011 593 152 211 170 29
May 2012 587 157 231 171 28
August 2013 664 196 274 166 28
March 2015 690 200 284 149 28
September 2016 568 160 216 130 37
April 2019 348 97 139 68 16
February 2021 295 59 84 78 23

A real estate agent can introduce you to the listed properties and help you narrow them down to those that fit what you are looking for. Contact the featured real estate agents above for more information on real estate on St. Thomas.

Note: This section is dated February 2021; prices, property estimates, and numbers reflect the market at the time this section was written. Information is believed to be accurate but is not guaranteed. Tables with historical data for home, land and condo sales were prepared by Team San Martin, RE/MAX St. Croix. Information is from MLS and deemed to be reliable, but is not guaranteed.

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