March 2025 Real Estate Market Report | Outer Cape by Gibson Sotheby's International Realty

MarketReport OuterCape

YTDMarch2025

PREPARED BY MARK LYNETT

PHOTO BY MARK LYNETT

ReportSummary

Dear Homeowners, Buyers, and Real Estate Enthusiasts,

As we move through2025, the Outer Cape real estate market continues to shift, with changes in pricing, inventory, and buyer activity. Whether you're keeping an eye on the market, considering a move, or just curious about trends, here's a look at where things stand year-to-date in Provincetown, Truro, and Wellfleet.As we close out the first quarter of 2025, the Outer Cape real estate market continues to shift, revealing new patterns in inventory, pricing, and buyer behavior. Whether you're tracking market trends, planning a future transition, or just curious about local real estate, here's a look at how Provincetown, Truro, and Wellfleet are shaping up year-to-date.

Single-Family Homes

Provincetown's median sales price for single-family homes dipped 13% from last year, settling at $1,674,500. Truro saw a sharp decline of 42.3% to $1,137,500 after doubling the prior year, while Wellfleet showed more moderate movement, easing just 4% to $700,000. Inventory has continued to rise in all three towns, with Provincetown and Truro each holding steady at 19 and 12 homes for sale, respectively, and Wellfleet maintaining 15. New single-family listings are up year-over-year across the board, led by Provincetown with a 38.5% increase. Pending sales in Provincetown surged 160%, and both Truro and Wellfleet experienced solid increases in closed transactions-each up 100% from 2024. However, days on market have stretched notably in Truro and Provincetown, suggesting buyers are proceeding more deliberately this year.

Condominiums

Provincetown continues to lead the condo market, with its median sales price rising 18.9% to $1,040,000. In Truro, the median condo price dropped 33% to $305,000, while Wellfleet's data remained unchanged from 2024's previously steep decline. Provincetown also saw a jump in condo inventory, up55.6%, with new listings increasing by 16.7%. Closed condo sales in Provincetown rose 33.3% year-over-year, while Truro and Wellfleet saw significant declines. Provincetown's strong showing is further reinforced by the overall dollar volume, which reached $27.3M-up more than 61% compared to the same period last year.

Market Trends

The first quarter of 2025 reveals a clear increase in available inventory, especially in Provincetown, where buyers are taking more time. Days on market are up, and sellers are receiving slightly less than their last list price. Despite this, transaction volume and dollar sales are up significantly, signaling renewed confidence in pricing when homes are properly positioned.

Year-Over-Year Comparison

Compared to early 2024, the story for Ql is one of inventory expansion, more measured buyer behavior, and growing confidence in Provincetown's condo market. Truro's pricing has come back to earth after last year's surge, while Wellfleet's steadiness offers a grounded benchmark. Across all three towns, the increase in new listings and pending sales suggests a spring market filled with opportunity-for buyers ready to act and sellers who price wisely.

-Mark

Mark Lynett

Gibson Sotheby's International Realty