The Cape Cod real estate market continues to be driven by rising prices, low inventory, and the highest mortgage rates in more than 20 years.
Median sales price hit a new record completely outpacing affordability. Median sales price was $795,000 for a single family home in September. Prices this high continue to strain affordability, which was reported at 34. This means median household income in Barnstable County is 34% of what is needed to afford a median priced home.
New listings are still very low. New listings dropped 11% compared to September 2022 and we only added 460 new homes. This number was closer to 650 10 years ago. Without new inventory coming onto the market or other changes, home prices are likely to stay high for quite some time.
Mortgage rates continue to be a challenge for some buyers. At the time of writing, mortgage rates are higher than 8% which is pricing many buyers out of the market.
Whichever seat you are in, whether buying, selling or vacation renting, the professionals at Chatelain Real Estate are here to give you the expert advice you will need to make your transaction a success. For more market data check out our blog category Real Estate Trends. You can also give us a call any time - we look forward to hearing from you.
|Median Sales Price||$753k||$700k||$795k|
|Avg Days on Market||30||28||29|
|Avg % of Original Price||99%||98%||98%|