2023 Year in Review | Cape Cod Real Estate Market Update | Chatelain (2024)

FAQs

2023 Year in Review | Cape Cod Real Estate Market Update | Chatelain? ›

Cape homes set a new record 12-month high of $679,750 in December of 2023, up an eye-watering 66% from $410,000 in December 2019. But if we look closer, we see that prices from November 2023 to February 2024 have dropped more than usual for the holiday season.

Looking only at single-family homes, the $681,000 median selling price in Barnstable County was down 2% in March from $695,000 the month prior. Since March 2023, the sales price of single-family homes was up 9% from a median of $625,000.

Coastal areas are the primary target, and the Western Cape is experiencing significant semigration, with a 20% increase to 120k in 2023. New Cape Town developments are arising in response to this growing demand. With the property stock increasing, buyers have more choices and thus sellers have to lower their prices.

The Cape Cod real estate market is projected to maintain its strength throughout 2024, with a continuation of rising home prices and persistently low inventory levels.

In my opinion, real estate is one intelligent option to consider in 2023, as it often has excellent returns, tax advantages and provides diversification even in the face of a challenging economic climate. Real estate also has the potential to compound your investment.

Vann-Herbert says that property prices in Cape Town have not yet reached pre-Covid heights, making it a great time to buy, especially as those with hard currency can also benefit from the weakness of the rand. The local currency is exceptionally volatile, but its long-term trend is clear: since 1975, when it was R3.

Is buying a home on Cape Cod a good investment? ›

Cape Cod is one of the few real estate markets in the U.S. that remains lucrative even during challenging economic climates. People who invest in Cape Cod properties fare well and many times better than real estate investors elsewhere in the country.

The annual median sales price of single-family homes in Barnstable County has increased substantially over the past few years, from $433,000 in 2019 to $730,000 for 2023.

If you've been wondering whether now's the right time to invest in real estate, you're in the right place. The 2024 real estate market is full of opportunities but also some uncertainties. Home prices are rising, but the pace has slowed.

Interest Rates: A bright spot for potential buyers is the recent dip in interest rates from their late 2023 highs. This translates to increased purchasing power, allowing you to stretch your budget further. However, experts predict rates may fluctuate throughout the year.

Blockchain. The predictions about how blockchain can change and revolutionize the industry are huge. 2024 is envisioned to finally adopt blockchain to bring security, clarity, and efficiency to real estate transactions. In 2024, the spending for blockchain solutions will peak at 19 billion USD.

Erosion along the Nauset-Monomoy barrier system can move the beach anywhere from 1 to 6 meters a year (3 to 20 feet). Sea level rise — a least one foot in the past century — is also slowly taking away the beachfront. Between the two, the sea could reclaim Cape Cod in five or six thousand years.

While all areas saw more people moving in than out in 2020, only in the Upper Cape was that true for all four years. The net difference for moves in versus moves out in 2020 was significantly greater than in 2019, 2021, and 2022 as people flocked to the region in the early days of the pandemic.

The annual median sales price of single-family homes in Barnstable County has increased substantially over the past few years, from $433,000 in 2019 to $730,000 for 2023.