Is Cape May County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Cape May County has remained a Seller's Market.
Housing Prices in Cape May County, NJ
How much do homes in Cape May County, NJ cost?
Median Sold Price
$733,125
$560/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Cape May County was $733,125 in May 2024, down 0.5% from last year, and the median price per square foot was $560.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $304.5K | $310K | +1.8% |
2 Bedrooms | $426.2K | $485K | +13.8% |
3 Bedrooms | $665K | $710K | +6.8% |
4 Bedrooms | $999.9K | $999.9K | 0.0% |
5+ Bedrooms | $1.8M | $1.8M | -2.9% |
Summary: Cape May County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 13.8%, 3 bedroom homes increased by 6.8%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 2.9%.
Median Sold Price Compared To Nearby Counties
Atlantic County | $301.7K | $347.5K | +15.2% |
Cumberland County | $224.9K | $240K | +6.7% |
Cape May County | $736.5K | $733.1K | -0.5% |
Housing Supply in Cape May County, NJ
How many homes are available in Cape May County, NJ?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
524 | 557 | +6.3% |
Summary: The Cape May County real estate market had 557 homes for sale in May 2024, a 6.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 52 | 59 | +13.5% |
2 Bedrooms | 77 | 89 | +15.6% |
3 Bedrooms | 150 | 134 | -10.7% |
4 Bedrooms | 100 | 108 | +8.0% |
5+ Bedrooms | 145 | 167 | +15.2% |
Summary: The Cape May County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.5%, 2 bedroom homes increased by 15.6%, 3 bedroom homes decreased by 10.7%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 15.2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
92 | 98 | +6.5% |
Asking Price vs. Sold Price
59 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 98 homes were sold or pending in Cape May County in May 2024, up by 6.5% month-over-month. Of the 87 sold homes, 68% were sold under asking, 14% were sold at asking, and 18% were sold over asking.
Days on Market for Cape May County, NJ
How long does it take to sell a home in Cape May County, NJ?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
55 Days | 51 Days | -7.8% |
Summary: Homes in Cape May County had an average of 51 days on market in May 2024, down by 7.8% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
32 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Summary: During May 2024, 98 homes were sold in Cape May County; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.