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Is It Easier Now To Find A Home In Cape May County?

Is It Easier Now To Find A Home In Cape May County?


March 29th 2024

One of the biggest hurdles buyers have faced over the past few years has been a lack of homes available for sale. But thats starting to change.

(Search All Cape May County Listings Here!)

In Cape May County, the latest market stats (February) show a major uptick in the amount of new listings in the first two months of 2024 compared to the first two months of 2023.  Condo/townhome listings are 14% more, and single family home listings are 8% more (see chart below).

Nationally the situation is similar.  There were nearly 15% more homes for sale in February than a year earlier . . . That alone could jolt the housing market a bit if more For Sale signs continue to appear. However, the nation is still suffering from a housing shortage even with all of that new inventory.

Does That Mean Finding a Home Is Easier?

The answer is yes, and no.  Context is important. On the one hand, inventory is up over the past few years. That means youll likely have more options to choose from as you search for your next home.

But, at the same time, the graph above also shows there are still significantly fewer homes for sale than there would usually be in a more normal, pre-pandemic market. And that deficit isnt going to be reversed overnight.

What Does This Mean for You?

You might find a few more choices now than in recent years, but you shouldnt expect a ton of options.

To help you explore the growing list of choices you have now, team up with a local real estate agent you trust. They can really help you understand the inventory situation where you want to buy. Thats because real estate is local. An experienced agent can share some smart tips theyve used to help other buyers in your area deal with ongoing low housing supply.

Bottom Line

If youre thinking about buying a home, team up with a local real estate agent. That way, youll be up to date on everything that could affect your move, including how many homes are for sale right now.

 

 

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