Posted on 1/14/2023

Real Estate Market Recap - Cape May County - December 2022

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 December 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 January 2nd, 2022.

In December, the City of Cape May, West Cape May, and Cape May Point saw a slight uptick in the number of properties that sold compared to November 2022. The median sale price rose significantly in the City of Cape May ($1,180,000) and West Cape May ($737,500) compared to Cape May Pint, which saw one single property, a vacant lot, sell for $877,500, leading to a decrease of $315,500 median sale price month over month.

To begin the New Year, the three areas' active properties remain steady with minor changes to the median list price, days on the market, and number of listings. Historically inventory remains extremely low in each area.

Cape May

Active SFH Listings as of 01/02/23 25 (+1 vs. last month)

Median Days on Market 111 Days (-31 days vs. last month)

Median List Price - $1,849,000 (-$95,500 vs. last month)

Sold Properties in December 9 (+1 vs. last month)

Median Days on Market 148 Days (+64 days vs. last month)

Median Sale Price - $2,000,000 (+$1,180,000 vs. last month)

West Cape May

Active SFH Listings as of 01/02/23 10 (-3 vs. last month)

Median Days on Market 120 Days (+41 days vs. last month)

Median List Price - $1,217,500 (+$118,500 vs. last month)

Sold Properties in December 4 (+3 vs. last month)

Median Days on Market 221 Days (+196 days vs. last month)

Median Sale Price - $947,500 (+737,500 vs. last month)

Cape May Point

Active SFH Listings as of 01/02/23 3 (-1 vs. last month)

Median Days on Market 103 Days (-26 Days vs. last month)

Median List Price - $1,534,950 (+$0 vs. last month)

Sold Properties in December 1 (+0 vs. last month)

Median Days on Market 82 (-85 Days vs. last month)

Median Sale Price $877,500 (-$315,500 vs. last month)

Across Cape May County the trend to begin 2023 is lower inventory in almost every area tracked and slightly longer days on the market. Current inventory remains low, and the winter months typically have less available inventory. Days on market rose slightly in most areas aside from Middle Township and median listing prices remained primarily steady beside Sea Isle City / Strathmere with a significant $590,000 increase.

In December, there was no clearly defined trend looking at Cape May County as a whole. Notably, the Cape May area saw the number of properties and median sale price increase significantly alongside Sea Ilse City/Strathmere. Meanwhile, Upper Twp/Dennis Twp/Woodbine Areas saw a significant decrease in the median sale price for the month compared to November 2022.

Cape May Area (including Cape May City West Cape May Cape May Point)

Active SFH Listings as of 01/02/23 38 (-3 vs. last month)

Median Days on Market 113 Days (+23 Days vs. last month)

Median List Price - $1,535,000 (-$35,000 vs. last month)

Sold Properties in December 14 (+4 vs. last month)

Median Days on Market 128 Days (+48 days vs. last month)

Median Sale Price - $1,036,250 (+$116,250 vs. last month)

Lower Township

Active SFH Listings as of 01/02/23 80 (-10 vs. last month)

Median Days on Market 68 Days (+13 days vs. last month)

Median List Price - $362,500 (-$12,500 vs. last month)

Sold Properties in December 38 (+8 vs. last month)

Median Days on Market 72 Days (-7 days vs. last month)

Median Sale Price - $394,500 (+$12,000 vs. last month)

Middle Township