Cape Cod Real Estate

The Cape had an interesting year. There was a lot of talk about how the Cape was struggling with the rental market. And that people who bought during Covid were losing some interest with their Covid purchases. 

So what did the data say for 2023? Which Cape Cod towns appreciated and yes… What Cape Cod downs DEPRECIATED. Yup. As a matter of fact, 4 Cape Cod downs depreciated in both Average Sale Price and Median sales price. Seven saw the average home price appreciate while five saw Median home prices decrease. 

So let’s get into it, but real quick… My name is Jeff Chubb and I am a retired investment banker turned real estate agent that has sold more than a 1,000 homes. If you have real estate questions, then I am here to help. 

Let’s start by working our way down. Starting with the top appreciating towns. 

Provincetown, or P Town leads the way seeing the average home price appreciated by 38.2% to $2.429 million while median prices increased by 22% to $2.050m. It’s important to note that Ptown saw a 42% decrease in the amount of Single Family homes sold. It’s kind of crazy. There were only 18 homes sold in 2023 which is compared to the 31 in 2022. Interested in checking out all Provincetown Homes For Sale

The second highest appreciating Cape Cod town is Bourne, Massachusetts. Bourne Homes For Sale saw 223 homes sell in 2023 which is compared to the 290 sold in 2022. This represents a 23.1% decrease in sales activity. Meanwhile the average home price was up 13.8% to $687,000 and the median price was up by 14.3% to $600,000. 

I am going to give Eastham the win for the third best town on the Cape in 2023… And you will see why in a moment. The amount of homes sold was down by 5.3% to 124 units sold in 2023. Meanwhile the average Eastham Homes For Sale home price was up by 7% to $836,000 and the median price was up by 7.7% to $762,000 in 2023. 

Falmouth earned the number 4 spot with an average sale price of $909,000 which represented a 5.2% increase in the average sales price. Meanwhile the median price was up by 3.7% to an average sales price $700,000. Sales were down 13.2% for Falmouth Homes For Sale in 2023 with 498 Single Family homes closing. 

The 5th town on the Cape was Barnstable who saw a Cape Cod sales high of 578 Single Family homes sold in 2023. This represented a 26.4% decrease in sales activity. The average sale price in Barnstable was up 5.8% to $894,000 while the median price was up by 2.4% to $622,000. Here are all the Barnstable Homes For Sale.

Sandwich earned the number six spot with 309 Single Family homes sales. This represented a 5.5% decrease in sales activity. Sales in Sandwich Homes For Sale were slightly down while the average home price was slightly up at 1.6% to a home price of $723,000. And the median price was up 6.1% to a price of $640,000. 

Wellfleet found itself in spot number 7. And believe it or not, it was the seventh spot that I was going back and forth as to whether to give the third spot. And here is why. The Average Home price was up by 7.5% to $1.032 million. BUT the median sales price was down by .9% to a price of $857,000 in 2023. Basically how I ended up figuring out the ranking order is by averaging the median and average sale price. Sales in Wellfleet Homes For Sale were actually up a Cape Cod high of 11.1% to 70 homes sales in 2023. 

Yarmouth was the eighth best town on the Cape and was actually opposite of Wellfleet. The average price was down .4% to an average sale price of $612,000. Meanwhile the median price for Yarmouth Homes For Sale was up 6.7% to $560,000. The average and medians being positive and negative switched! Sales however were down by 18.6% with 411 SIngle Family homes trading hands in 2023. 

Now let’s get into the towns that saw property prices go down.. And then there is a wild card one. But we will get to that in a minute. 

Brewster came in as the ninth town on the Cape for 2023 with some stats that were right on the line. I think that will make sense in a moment. The average home price in Brewster was down 2.1% to $877,000. The median price for Brewster Homes For Sale was down .5% to $748,000. See. Right on the line. Barely in the negative territory. The 136 sales was down by 10% in 2023. 

Orleans was ranked number ten with 96 home sales in 2023. This represented a 10.3% decrease in sales activity. The average home price was down by 5.8% to $1.229 million. The median home price was down by .3% to $998,000. Check out all of the Orleans Homes For Sale here. 

Three more towns left… Which includes the wildcard! Again, I think this wildcard label will make sense in a couple seconds. 

Mashpee was in the number 11 spot. Mashpee Homes For Sale saw the average home price go down by 3.3% to $964,000 in 2023. The median home price was down by 5.9% to $706,000. The 238 sales were down by 17.9% in 2023. 

And that brings us to Chatham who earned the 12th spot on the Cape for 2023. The amount of sales in Chatham were down by 24.4% with the 136 Single Family homes sold in 2023. Chatham is a beautiful town with Chatham Homes For Sale. The average home price was down 4.8% to $1.639 million. The median home price was down 6.4% to $1.1 million. 

So that brings us to the ummm, I guess worst town on the Cape for 2023 as well as the wildcard. 

Harwich had 232 Single Family homes sell in 2023. The average home price was down by 25.7% to $945,000. So here is where the wildcard part comes in… The median Harwich Home For sale price was actually up by 5.3% to $695,000. I stayed true to my process and this average of the median and average sales price was the lowest of the bunch!

Curious about what was going on in the West of Boston, South of Boston, North of Boston or the Boston Metro Market in 2023? Well then be sure to check out those videos on the channel. 

As always, I truly appreciate you keeping me in mind should you or anyone you know are thinking about buying or selling a home in 2024! 

And let me know if you have any questions. You can drop me a line in the comment section below or I invite you to reach out to me as all my contact information is in the description below. 

So until next time.

 

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