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 March 2023
At the same time last year, Cape May County was a Seller's Market.
Key Takeaway
Cape May County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Cape May County, NJ
How much do homes in Cape May County, NJ cost?
Median Sold Price
$755,000
$569/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Cape May County have sold for 2.7% more than they did a year ago.
Summary: The median home sold price in Cape May County was $755,000 in March 2024, up 2.7% from last year, and the median price per square foot was $569.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $302K | $310K | +2.6% |
| 2 Bedrooms | $457.5K | $475K | +3.8% |
| 3 Bedrooms | $678.3K | $711.7K | +4.9% |
| 4 Bedrooms | $999.9K | $999.9K | 0.0% |
| 5+ Bedrooms | $1.9M | $1.8M | -7.5% |
Summary: Cape May County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.6%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 4.9%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 7.5%.
Median Sold Price Compared To Nearby Counties
| Atlantic County | $300.5K | $336.5K | +12.0% |
| Cumberland County | $220.3K | $239.9K | +8.9% |
| Cape May County | $734.8K | $755K | +2.7% |
Housing Supply in Cape May County, NJ
How many homes are available in Cape May County, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 571 | 626 | +9.6% |
Summary: The Cape May County real estate market had 626 homes for sale in March 2024, a 9.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 49 | 52 | +6.1% |
| 2 Bedrooms | 79 | 85 | +7.6% |
| 3 Bedrooms | 169 | 187 | +10.7% |
| 4 Bedrooms | 118 | 133 | +12.7% |
| 5+ Bedrooms | 156 | 169 | +8.3% |
Summary: The Cape May County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 61 | 77 | +26.2% |
Asking Price vs. Sold Price
42 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cape May County, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.
Summary: A total of 77 homes were sold or pending in Cape May County in March 2024, up by 26.2% month-over-month. Of the 66 sold homes, 64% were sold under asking, 14% were sold at asking, and 23% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 62 Days | 66 Days | +6.9% |
Summary: Homes in Cape May County had an average of 66 days on market in Mar 2024, up by 6.9% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
18 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cape May County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 77 homes were sold in Cape May County; 58% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 23% 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. 
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.