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November 2023 Cape Cod Real Estate Market Update

from Cape Cod's Favorite Real Estate Pros, Nichole Willey & Team

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October 2023 Market Stats for Barnstable County (Video)

"U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month- Closed Sales over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.

New Listings were up 3.3 percent for single-family homes and 10.5 percent for condominium properties. Closed Sales increased 6.8 percent for single-family homes but remained flat for condominium properties.

The Median Sales Price was up 12.4 percent to $811,000 for single-family homes and 2.1 percent to $485,000 for condominium properties. Months Supply of Inventory increased 8.3 percent for single-family units and 23.8 percent for condominium units.

Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases."

Information provided by The Cape Cod & Islands Association of REALTORS

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Nichole Willey & Team are your local real estate experts on Cape Cod & the South Shore! Whether you are looking to buy, sell, invest, or rent- we have a team of passionate, local professionals waiting to help make your real estate goals a reality. Contact us today or schedule a 1:1 consultation.

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