$10,000 Closing Credit*
$2,050,306
2,565 SqFt
6 Beds
•4 Full Baths, 1 Partial
Joseph T Gilmartin, Listing Office: Century 21 Gilmartin & Company
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
Last month, Cape May was a Buyer'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
$794,495
$547/sqft
Based on all homes sold in October 2024.
Difference Since Last Month
-$105,505(-11.7%)
Key Takeaway
Homes in Cape May have sold for 11.7% less than they did a month ago.
Summary: The median home sold price in Cape May was $794,495 in October 2024, down 11.7% from last month, and the median price per square foot was $547.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $589.9K | N/A |
| 3 Bedrooms | $900K | $689.5K | -23.4% |
| 4 Bedrooms | - | $1.5M | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Cape May housing prices by bedroom type for October 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 decreased by 23.4%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Cape May, NJ
How many homes are available in Cape May, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 22 | 24 | +9.1% |
Summary: The Cape May real estate market had 24 homes for sale in October 2024, a 9.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 9 | 6 | -33.3% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The Cape May housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 5 | +66.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Cape May, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Cape May in October 2024, up by 66.7% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% 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
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 101 Days | 153 Days | +51.7% |
Summary: Homes in Cape May had an average of 153 days on market in Oct 2024, up by 51.7% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Cape May has remained consistent over time.
Summary: During October 2024, 5 homes were sold in Cape May; 20% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 20% 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.