An Update on the Cape Cod Market
Updated: May 26
Here’s an update about what’s happening in Cape Cod real estate.
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As you’re no doubt aware by now, the housing market is red-hot these days, having risen steadily since the pandemic started. There was a dip in the first two or three months when quarantine began, but since then, prices have gone up 43% year over year.
Right now, inventory is extremely tight. In Cape Cod, there are about 500 homes on the market, compared to the 2,000 homes that were on the market this same time last year. Given that, there are way more buyers than sellers in the market today.
As such, many buyers and their Realtors are frustrated. Competition for homes is high, and often they have to make offers on multiple properties before they can get their offer accepted. That difficulty is in part due to the fact that offers on well-priced, turnkey homes likely won’t be accepted unless the offer price is 10% to 15% above asking price.
"A lot of buyers are looking for homes with one or two extra rooms that can serve as home offices."
In some markets around the U.S., homes are receiving up to 100 offers. Here on the Cape, we often see anywhere between 15 and 30 offers on homes. Most of the offers that win are cash and don’t have any contingencies or inspections; some even have the appraisal waived.
Buyers’ home preferences have also changed since last year. Many have found that they can work remotely, so they’re looking for larger housing; they’re also no longer confined to the city for work, so they have more flexibility with their desired location. A lot of buyers are looking for homes with one or two extra rooms that can serve as home offices.
We’ve also noticed a trend towards multi-generational housing, as parents move in with children or siblings move in with each other to share expenses. Collaborating with family better allows them to afford the high home prices and to feel less isolated.
If you have any questions about what’s happening in today’s market or how home trends are changing, don’t hesitate to reach out to us. We’d love to help you.