Cape May Housing Market – September 2024 Overview
Units Sold: 27
Active Inventory: 121
Median Sale Price: $810,000
Days on Market: 123
Market Trends
Units Sold: 27 homes sold in September, down 16% from 32 last month, but up 4% from 26 in September 2023.
Active Inventory: Current inventory increased by 23 units (23%) compared to last year, with 121 homes available this September, but down from 130 last month.
Median Sale Price: Jumped from $609,500 last September to $810,000 this year, a significant increase of $200,500.
New Listings & Contracts
New Listings: 28 homes were newly listed, down 10% from 31 last year.
Current Contracts: 28 contracts pending sale, which is 40% higher than the 20 from last September.
Market Supply
Months of Supply: Increased to 4.5 months from 3.8 months last year, reflecting a 19% rise, suggesting a more balanced market.
Sale Price vs. List Price
Homes sold for an average of 97.2% of their list price, which is 1.2% lower than last year.
Days on Market
The average days on market rose to 123, up 38% from 89 days last year, indicating longer selling times.
Summary
The Cape May housing market shows a notable increase in median sale prices and a rise in active inventory. While units sold have decreased from last month, current contracts reflect a positive trend compared to last year. The market is adjusting, with longer days on market and stable months of supply.