$6,116 Closing Credit*
$515,000
1,080 SqFt
3 Beds
•1 Full Bath
Jeanine M. Cabrera, Listing Office: Cabrera Coastal Real Estate, LLC
Is Cape May, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Cape May has remained a Seller's Market.
Key Takeaway
Cape May is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cape May, NJ
How much do homes in Cape May, NJ cost?
Median Sold Price
$1,665,000
$474/sqft
Based on all homes sold in November 2024.
Difference Since Last Month
+$1,075,010(+182.2%)
Key Takeaway
Homes in Cape May have sold for 182.2% more than they did a month ago.
Summary: The median home sold price in Cape May was $1,665,000 in November 2024, up 182.2% from last month, and the median price per square foot was $474.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $589.9K | - | N/A |
| 3 Bedrooms | $380K | $387K | +1.8% |
| 4 Bedrooms | $1.5M | $630K | -59.4% |
| 5+ Bedrooms | - | $2.7M | N/A |
Summary: Cape May housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 59.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Cape May | $589.9K | $1.6M | +182.2% |
| Lower Township | $589.9K | $415K | -29.7% |
Housing Supply in Cape May, NJ
How many homes are available in Cape May, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 23 | 19 | -17.4% |
Summary: The Cape May real estate market had 19 homes for sale in November 2024, a 17.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 3 | -25.0% |
| 3 Bedrooms | 7 | 2 | -71.4% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Cape May housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 71.4%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 5 | 6 | +20.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cape May, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Cape May in November 2024, up by 20.0% month-over-month. Of the 4 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Cape May, NJ
How long does it take to sell a home in Cape May, NJ?
Average Sale Time
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 165 Days | 262 Days | +58.9% |
Summary: Homes in Cape May had an average of 262 days on market in Nov 2024, up by 58.9% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Cape May are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 6 homes were sold in Cape May; 33% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved.