Is Cape May County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Cape May County has remained a Seller's Market.
Housing Prices in Cape May County, NJ
How much do homes in Cape May County, NJ cost?
Median Sold Price
$749,950
$568/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Cape May County was $749,950 in April 2024, up 1.7% from last year, and the median price per square foot was $568.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $316K | $310K | -1.9% |
2 Bedrooms | $446.2K | $475K | +6.4% |
3 Bedrooms | $675K | $710.5K | +5.3% |
4 Bedrooms | $999.9K | $999.9K | 0.0% |
5+ Bedrooms | $1.9M | $1.8M | -2.9% |
Summary: Cape May County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.9%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 5.3%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 2.9%.
Median Sold Price Compared To Nearby Counties
Atlantic County | $304.6K | $339.8K | +11.6% |
Cumberland County | $224.6K | $240K | +6.8% |
Cape May County | $737.3K | $749.9K | +1.7% |
Housing Supply in Cape May County, NJ
How many homes are available in Cape May County, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
518 | 519 | 0.2% |
Summary: The Cape May County real estate market had 519 homes for sale in April 2024, a 0.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 50 | 51 | +2.0% |
2 Bedrooms | 76 | 74 | -2.6% |
3 Bedrooms | 149 | 145 | -2.7% |
4 Bedrooms | 104 | 100 | -3.8% |
5+ Bedrooms | 139 | 149 | +7.2% |
Summary: The Cape May County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2%, 2 bedroom homes decreased by 2.6%, 3 bedroom homes decreased by 2.7%, 4 bedroom homes decreased by 3.8%, and 5+ bedroom homes increased by 7.2%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
83 | 95 | +14.5% |
Asking Price vs. Sold Price
44 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 95 homes were sold or pending in Cape May County in April 2024, up by 14.5% month-over-month. Of the 72 sold homes, 61% were sold under asking, 17% were sold at asking, and 22% were sold over asking.
Days on Market for Cape May County, NJ
How long does it take to sell a home in Cape May County, NJ?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
54 Days | 57 Days | +5.4% |
Summary: Homes in Cape May County had an average of 57 days on market in Apr 2024, up by 5.4% compared to last year.
Breakdown of Home Sale Times
52 Homes Were Sold
Under 30 Days
20 Homes Were Sold
In 30 - 90 Days
23 Homes Were Sold
Over 90 Days
Summary: During April 2024, 95 homes were sold in Cape May County; 55% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.