Cape May Housing Market Update – October 2024: What Buyers and Sellers Need to Know
The Cape May real estate market continues to evolve as we move into the final months of 2024. Whether you’re considering buying or selling, understanding the latest trends is crucial. In this blog, we’ll break down the key statistics for October 2024 and explain what they mean for you, whether you’re a buyer, seller, or investor.
Key Cape May Market Stats: October 2024
Here’s a quick overview of the Cape May housing market for October 2024:
- Units Sold: 33 homes sold, a 16% increase from last year.
- Active Listings: 121 homes available, up 16% from October 2023.
- Median Sale Price: $910,000, a 38% increase year-over-year.
- Days on Market: Homes sold in 103 days on average, nearly the same as last year.
- Months of Supply: Only 3.7 months, a 44% decrease compared to last year.
Now let’s dive deeper into what these numbers mean for you.
What’s Happening in the Market?
1. Price Growth: What Buyers Can Expect
- Rising Prices: The median sale price for homes in Cape May has surged by 38%. In October 2023, the median price was $657,500, but now it’s $910,000.
- Competition for Homes: As prices climb, the competition for homes is heating up. Buyers will need to act quickly and be prepared to compete for the best properties.
2. Limited Inventory: Fewer Homes Available
- Low Supply: There are only 3.7 months of inventory available in Cape May, which is 44% lower than last year. In simple terms, homes are selling fast, and there aren’t many to choose from.
- More Listings but Still Tight: Although the number of homes listed is up by 16%, the overall supply is still quite low. If you’re a buyer, be ready to move quickly when you find the right property.
What Does This Mean for Buyers?
If you’re considering buying a home in Cape May, here are some key takeaways:
- Higher Prices, Faster Sales: Homes are selling for a median price of $910,000, a big jump from last year. Expect rising prices to continue, especially in desirable areas.
- Low Inventory: With only 3.7 months of inventory available, there is a lot of competition for the limited number of homes. Be prepared for quick sales and multiple offers.
- Act Quickly: If you find a home you love, don’t hesitate. With homes selling in 103 days on average, the window to make an offer can be short.
Tip for Buyers: Consider working with a local agent who can give you early access to listings and help you navigate bidding wars.
What Does This Mean for Sellers?
If you’re thinking about selling your home in Cape May, the current market is in your favor. Here’s why:
- Seller’s Market: With fewer homes available and rising prices, you may be able to sell your home quickly and for a higher price than you expected.
- Strong Buyer Demand: The number of homes under contract is up by 17%, meaning more buyers are actively looking to purchase.
- Quick Sales: Homes are still selling fast, with the average days on market at 103—just 1 day shorter than last year.
Tip for Sellers: To get top dollar, make sure your home is well-priced and move-in ready. The better it shows, the quicker it will sell.
Cape May Market at a Glance: Key Stats
| Metric | October 2024 | October 2023 | Change |
|---|---|---|---|
| Units Sold | 33 | 28 | +16% |
| Active Inventory | 121 | 104 | +16% |
| Median Sale Price | $910,000 | $657,500 | +38% |
| Days on Market (DOM) | 103 | 104 | -1% |
| Months of Supply | 3.7 | 6.5 | -44% |
| Sold vs. List Price | 99.7% | 100.4% | -0.7% |
Trends to Watch in Cape May Real Estate
Here’s what to keep an eye on in the Cape May housing market:
- Price Increases: Expect continued price growth as demand for Cape May homes remains strong, especially in luxury segments.
- Limited Inventory: With only 3.7 months of supply, the competition for homes will likely remain fierce.
- Buyer Demand: More buyers are looking for homes, with current contracts up by 17% from last year.
If you’re a buyer, you’ll need to act quickly and be ready to make competitive offers. If you’re a seller, the market is ripe for getting a great price for your home.
Tips for Buyers in a Competitive Market
- Be Prepared for Quick Decisions: With limited homes available, homes sell fast. Get pre-approved for a mortgage and be ready to make an offer when the right property comes along.
- Expand Your Search: If the prices in Cape May are out of reach, consider looking in surrounding areas where prices may be more affordable.
- Know Your Budget: With rising prices, it’s more important than ever to stick to your budget. Work with a real estate agent to avoid bidding too high on a property.
Tips for Sellers to Maximize Value
- Price Strategically: While the market is hot, it’s still important to price your home competitively. Overpricing can lead to longer market times.
- Stage Your Home: Homes that are staged well tend to sell faster and for a higher price. Ensure your home is in top condition before listing.
- Work With a Professional: An experienced agent can help you navigate the market and negotiate the best deal.
Final Thoughts: Is Now the Right Time to Buy or Sell in Cape May?
The Cape May housing market is thriving, with rising prices and strong demand. If you’re a buyer, be prepared to face competition and higher prices. If you’re a seller, now is a great time to list your property and take advantage of the seller’s market.
No matter which side of the transaction you’re on, having a trusted real estate agent by your side can help you make the most of the current market conditions.