Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 2,778, 1,233 total housing units (homes and apartments), and a median house value of $1,468,205, Cape May house prices are not only among the most expensive in New Jersey, Cape May real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Cape May, accounting for 48.34% of the city's housing units. Other types of housing that are prevalent in Cape May include row houses and other attached homes ( 32.83%), duplexes, homes converted to apartments or other small apartment buildings ( 10.32%), and a few large apartment complexes or high rise apartments ( 8.51%).
The most prevalent building size and type in Cape May are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.93% owning and 47.07% renting.
There is a lot of housing in Cape May built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cape May built before 1939 ( 30.31%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.14%). There's also some housing in Cape May built between 2000 and later ( 7.40%).
A decent proportion of the Cape May housing stock is seasonally occupied. That is, homes and condos in Cape May are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Cape May housing market speaks to its popularity as a vacation location of choice.
In the last 10 years, Cape May has experienced some of the highest home appreciation rates of any community in the nation. Cape May real estate appreciated 165.91% over the last ten years, which is an average annual home appreciation rate of 10.27%, putting Cape May in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Cape May definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Cape May that despite a nationwide downturn in the housing market, Cape May real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cape May appreciation rates continue to be some of the highest in America, at 22.20%, which is higher than appreciation rates in 99.71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cape May. Cape May appreciation rates in the latest quarter were at 1.06%, which equates to an annual appreciation rate of 4.31%.
Relative to New Jersey, our data show that Cape May's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.
$1,468,205
for New jersey
for nation
1,233
$2,117 / per month