Tuesday, September 12, 2023 / by Teresa DiPeso
While it's true that real estate sales have slowed due to higher interest rates, the market is still well paced and home prices have yet to see any meaningful decline. This is due to limited inventory and continued strong demand for the right properties. Earlier this year, forecasters predicted as much as a 20% drop in home prices (AEI) but that never materialized nationally or at the Shore.
In Cape May County, single family home sold prices have increased 8% year-to-date (most recent stats from NJAR) and condos/townhomes sold prices have seen a 5% increase.
It's common for forecasts to be updated and adjusted but it shows why that popular adage is so true: don't try to time the market, spend time in the market! Real estate remains an excellent investment and at the Shore, they aren't making any more land. Cape May County real estate will always be driven by a small area, and thus a limited number of new homes available for sale. Visitors have been coming to the Jersey Cape for over 200 years, since 1766!