Sunday, August 13, 2023 / by Teresa DiPeso
In a new study from the the Business Journals, Wildwood ranked high in a list of the hottest residential real estate markets in the country.
NBC10 news gathering partner the Philadelphia Business Journal said the study used data collected from Zillow Group Inc. and the U.S. Census Bureau's 2021 American Community Survey.
Ranked at #30 in the U.S. is Wildwood, where the average home value is now $531,000, a 78% increase compared to 2018. In just the last 6 months, Wildwood has seen a 5% increase in median home value!
Cape May has also seen one of the larger increases in the country, increasing by 73% since 2018 to $607,800. Like Wildwood, the nation's oldest resort saw a 5% increase in the past 6 months.
Farther north, Margate ranks No. 16 in the U.S. after home values jumped 80% over the past five years from $483,300 to $871,700, a 7% increase from just last year.
The real estate market along the Jersey Shore is still hot, although less so than the peak of the seller's market of a couple years back. Numerous towns at the Jersey Cape have secured spots among the most vibrant markets in the United States thanks to the prevailing trend in sought-after tourist destinations and the flourishing second-home market.
Reach out today to put my 25 eyars experience to work for you, I've helped hundreds of happy clients over that time here in Cape May County and would love to help you achieve your real estate goals!