Market Report! Here s a quick Real Estate market report of most of Cape May County. Included is a recap of all sold properties(SFH, Land, Condo, etc) in the month of July 2022 for a given area; as well as a current look at the current inventory of residential single family homes(SFH) in an area as of August 3rd, 2022
In the immediate Cape May area the trend for the month of July for sold properties was a mixed bag. The Borough of Cape May Point saw 4 properties sell in the month of July, the first to sell since the month of May. The City of Cape May saw a drop in the number of properties closing during the month and West Cape May remained the same. To begin August the total number of listings saw an uptick, specifically in the City of Cape May.
Cape May
Active SFH Listings as of 8/03/22 31 (+9 vs. last month)
Median Days on Market 55 Days (+7 days vs. last month)
Median List Price - $1,875,000 (-$220,000 vs. last month)
Sold Properties in July 10 (-4 vs. last month)
Median Days on Market 88 Days (+22 days vs. last month)
Median Sale Price - $1,525,000 (+$225,000 vs. last month)
West Cape May
Active SFH Listings as of 8/03/22 7 (+2 vs. last month)
Median Days on Market 77 Days (-46 days vs. last month)
Median List Price - $1,250,000 (+$0 vs. last month)
Sold Properties in July 1 (+0 vs. last month)
Median Days on Market 50 Days (-151 days vs. last month)
Median Sale Price - $915,000 (+$535,000 vs. last month)
