High-End $2,000,000+ Market Highlights
- Inventory up 21% (230 vs 182 last year).
- Sales volume up 57% (47 vs 30 last year).
- Top sale: $7,900,000, Little Bars Neck Road, West Falmouth.
- Tariffs and supply chain dislocations will increase the cost of new construction and renovations.
- Sea level rise, storm impacts, and costly insurance are concerns for coastal properties.
- As usual special properties, in turnkey condition, expertly presented, reaching out to a broad market with a strong value proposition, will have a competitive advantage.
Active Listings
At the end of the first quarter, the high-end inventory of listings, active and pending, was up by 21% to 230 listings compared to 182 last year and the previous record high of 253 listings in 2016. The majority (57%) of these listings were in the $2-$3 million range, and 71% were in the $2-$4 million range. Four percent were $7,000,000+ and 5% were $10,000,000+. Inventories dropped significantly in 2021, more so in 2022 to a bottom of 96. At the end of Q1 2025, they exceeded the ten-year average of 192 listings.
High-End Sales
Sales volume at the end of the first quarter was up by 57% with 47 sales compared to 30 sales last year, and better than the ten-year average of 30 sales. The majority (59%) of these sales were in the $2-$3 million range, and 78% were in the $2-$4 million range. Seven percent were $7,000,000+ and none were $10,000,000+. High-end sales volume had a post-COVID retraction in 2023 and 2024 but now exceeds COVID peak level of 59 sales in 2021. Climate change risks and insurance that is costly, with limited coverage or not available, are increasing concerns for owners and buyers of coastal properties. Turnkey properties have an advantage with likely increases in building costs. Buyers will benefit from improving inventories and will find exceptional deals for high-risk properties. On the other hand, demand still outstrips supply.
First Quarter 2025 – Top Sale
45 Little Bars Neck Road
Town: West Falmouth
Selling price: $7,900,000
Award-winning contemporary design built in 2018 with 3,234 sq ft, 4 bedrooms, private site in the dunes of Black Beach overlooking Buzzards Bay. Originally listed for $13,250,000 and on the market for 561 days.
Highest & Median Sale – First Quarter 2025
Days on Market
Days on market for high-end sales at the end of the first quarter were down by 1% to 135 from 137 last year and are significantly below the ten year average of 274. The record low was 88 days in 2022. The range in days on market is wide from 0 to 561.
Sales by Town
At the end of the first quarter, 13 of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Chatham led the pack with 11 sales followed by Barnstable with 9 sales (2 in Osterville), and Falmouth and Provincetown tied with 5 sales. Orleans had 4 sales and the rest had 0-2 sales.
Available Properties on Cape Cod and Beyond
The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.
