Cape Cod | Massachusetts Market Report – First Half of 2024

At the end of the first half of 2024, the high-end inventory increased by 30% to 263 listings compared to 203 last year and the record high of 271 listings in 2016. Inventories began improving in Q4 2022 and now exceed the ten-year average of 227 listings. There was strong growth in inventory at the very high end ($5mm+). 

Sales volume is up in the first half by 26% with 98 sales compared to 78 sales last year, and better than the ten year average of 67 sales. The majority (63%) of these sales were in the $2-$3 million range and 79% were in the $2-$4 million range. Seven percent were above $7,000,000.  High-end sales volumes had a post-COVID retraction in 2023, but are trending close to COVID peak levels. Wealthy millennials continue to drive the market for high-end properties on Cape Cod. Climate change risks, particularly sea level rise, and insurance that is costly, with limited coverage or not available, are increasing concerns for owners and buyers of coastal properties. Buyers will benefit from improving inventories and will find exceptional deals for high risk properties. 

Days on market for high-end sales in the first half increased  by 35% to 116 from 86 last year and significantly below the ten year average of 269. The range in days on market is wide from 1 to 975.  

In the first half, 12 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Barnstable led the pack with 16 sales (8 in Osterville) closely followed by Chatham with 15 sales, Harwich 14 sales, and Falmouth and Sandwich with 10 sales each. Harwich is remarkable with 14 sales compared to a 10 year average of 4 sales and Sandwich had 10 sales compared to a 10 year average of 2 sales.