Cape Cod, Massachusetts

Cape Cod

Market Insights

• Despite a decline in total units closed compared to Q2 2019, Q2 2020 saw prices steadily rise on the Cape by 2.4% as the demand for second homes increases due to the rise in remote working. The top end of the Cape market, however, has softened compared to Q2 2019 which saw three sales above $6.5M as opposed to none in Q2 2020. Nevertheless, although the was a statewide stay at home order in April and May coupled with business closures that impacted tourism, this quarter could have been much worse.
• With 250 homes currently on the market priced over $1M compared to 381 in June of 2019, the upper end of the Cape market is currently undersupplied; Q3 2020 will likely show a positive correction and swing average price upwards along with number of closings as the state and nation recovers.