Cape May Housing Market: November 2024 Insights
The Cape May housing market has experienced notable changes heading into the winter season. As of November 2024, both buyers and sellers are seeing shifts in key market indicators, including units sold, inventory levels, and prices. Here’s a closer look at the latest data and what it means for the real estate market in Cape May.
1. Units Sold: A Slight Increase
In November 2024, 28 units were sold in Cape May, showing a slight uptick compared to the same time last year. While this figure is lower than in previous months, it represents an 8% increase over November 2023, signaling ongoing demand despite the seasonal slowdown.
Explore more on how to navigate the Cape May housing market with our guide to buying a home in Cape May.
2. Active Inventory: A Balanced Market
As of November 2024, there were 118 active listings in Cape May, up from 109 in November 2023. This represents an 8% increase year-over-year. However, inventory has decreased slightly from 123 homes available in October, indicating that while more homes are on the market compared to last year, inventory levels are still lower than in recent months.
For a closer look at the homes currently for sale in Cape May, visit our Cape May Property Listings page.
3. Median Sale Price: Significant Increase
One of the most striking changes in the Cape May real estate market this November is the dramatic rise in the median sale price, which has jumped to $659,250. This represents a $222,750 increase from November 2023, when the median was just $436,500.
This surge is largely due to the relatively small number of homes sold, which has caused prices to fluctuate. While the median sale price is down from October 2024, it still reflects a strong market for sellers.
This is a good time to explore our guide to understanding median sale prices and how they affect both buyers and sellers.
4. Months of Supply: Decreasing Inventory
The months of supply in Cape May has decreased to 4.2 months this November, down from 6.4 months in November 2023. This 34% drop in inventory indicates that homes are selling faster, and there is less supply available for buyers. A lower months of supply typically signals a seller’s market, as buyers face more competition for fewer properties.
To better understand how months of supply influences the market, visit our Market Trends page.
5. New Listings & Current Contracts: Steady Demand
There were 24 new listings in Cape May in November, a slight decrease of 17% compared to the 29 new listings last year. Despite the drop in new listings, the number of current contracts pending sale increased by 28%, with 23 contracts compared to 18 in November 2023. This shows a healthy level of buyer interest and a competitive market for available homes.
Interested in seeing the latest properties? Check out our newest Cape May listings for available homes.
6. Sale Price to List Price Ratio: A Slight Decline
In November 2024, homes in Cape May sold for an average of 93.8% of their list price, slightly lower than last year’s 95.7%. While this is a modest decrease, it still indicates that homes are priced fairly and that sellers are achieving reasonable offers, even if some buyers are negotiating more than in previous months.
Curious about pricing strategies? Visit our Pricing Tips to learn how sellers can price their homes effectively.
7. Days on Market: Homes Selling More Slowly
The average days on market in Cape May was 132 days in November, up from 96 days in November 2023. This represents a 38% increase in the time it takes for homes to sell, which may be due to the typical slowdown in the housing market as we approach the winter months.
For insights on how to speed up the selling process, visit our selling tips page.
Conclusion: What’s Next for the Cape May Market?
Overall, the Cape May housing market in November 2024 continues to show strong demand, with rising prices and decreasing inventory. While there’s been a slight slowdown in the number of homes sold and an increase in days on market, buyers still face a competitive environment with fewer homes to choose from.
For both buyers and sellers, it’s essential to stay informed about the changing market conditions. Whether you’re looking to buy a home or sell in Cape May, understanding these trends can help you make more strategic decisions.
For more detailed insights and trends, check out the Long & Foster Market Minute for Cape May.
To explore more about Cape May real estate and keep up with the latest trends, visit our Cape May Real Estate page.