Q3 2023
CAPE COD
Market Report
P R E S E N T E D B Y PA U L E . G R O V E R
Welcome to the Q3 2023 Cape Cod Market Report As we head into the final stretch of 2023
as the Hamptons or Nantucket (which
with another busy summer season behind
recently saw a record-breaking $42 million
us, the Cape Cod real estate market is
transaction), luxury property on Cape Cod
closing the books on a strong third quarter.
presents exceptional value. Further, with American Airlines recently announcing
The luxury sector, defined as $2 million
new flights to the Cape from New York
and above, was particularly active with a
and Washington D.C., the area is poised
staggering 45% increase in sales compared
to become more accessible to a wider
to the previous quarter and up nearly 5%
audience of affluent homebuyers.
year-over-year. The number of active listings also climbed noticeably, up 33% from last
In the pages that follow, you will find a
year. With more options to choose from
detailed look at the current housing market
and less competition than in years past,
on Cape Cod over the third quarter of
high-end buyers remain active in a more
2023. For more information, or to receive a
balanced environment and sellers are
confidential market analysis of your home,
increasingly willing to find common ground.
please contact me directly.
When looking at all price points, the median sales price on Cape Cod jumped 8% compared to the third quarter of 2022, reaching $740,000 amidst declines in closed
Paul E. Grover, Principal Broker
sales (28%) and active listings (13%). As we head toward an election year and the theme of uncertainty appears set to persist for the foreseeable future, it is clear that
2023 YTD S TAT I S T I C S
prime Cape Cod real estate continues to hold its appeal, both as an investment and
One likely explanation for this is that
$138M
compared to similar premier markets, such
IN CLOSED SALES
for the lifestyle it affords.
PA U L E . G R O V E R P R I N I C I PA L B R O K E R
$25M
$65M
UNDER AGREEMENT
IN ACTIVE LISTINGS
Cape Cod
Luxury Market Summary
Shore Road Chatham, Massachusetts
RESIDENTIAL, $2M+ Q2 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
$2,000,000 - $2,999,999
65
CARET-DOWN 4.4%
68
CARET-UP 32.7%
49
$3,000,000 - $3,999,999
33
CARET-UP 10%
30
CARET-UP 26.9%
26
$4,000,000 - $4,999,999
19
0%
19
CARET-UP 137.5%
8
$5,000,000+
42
CARET-UP 10.5%
38
CARET-UP 16.7%
36
Total
159
CARET-UP 2.6%
155
CARET-UP 33.6%
119
Q2 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
$2,000,000 - $2,999,999
45
CARET-DOWN 11.8%
51
CARET-UP 9.8%
41
$3,000,000 - $3,999,999
10
CARET-UP 42.9%
7
CARET-DOWN 23.1%
13
$4,000,000 - $4,999,999
5
CARET-DOWN 44.4%
9
CARET-DOWN 37.5%
8
$5,000,000+
4
CARET-DOWN 55.6%
9
CARET-DOWN 42.9%
7
Total
64
CARET-DOWN 15.8%
76
CARET-DOWN 7.2%
69
Sold
Q2 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
$2,000,000 - $2,999,999
40
CARET-UP 37.9%
29
CARET-UP 11.1%
36
$3,000,000 - $3,999,999
11
CARET-UP 83.3%
6
CARET-DOWN 15.4%
13
$4,000,000 - $4,999,999
7
CARET-UP 600%
1
CARET-UP 40%
5
$5,000,000+
6
CARET-DOWN 25%
8
CARET-DOWN 14.3%
7
Total
64
CARET-UP 45.5%
44
CARET-UP 4.9%
61
Active
Pending
All data from the Cape Cod and Islands Association of REALTORS ®
Shore Drive West New Seabury, Massachusetts
Upper Cape | Mid Cape | Lower Cape | Outer Cape
Cape Cod K E Y TA K E A W AY S
CARET-UP 8.1% Median Sales Price YOY
CARET-DOWN 27.9%
$15.1M
Closed Sales YOY
Highest Sale
S I N G L E FA M I LY H O M E S
Q3 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
New Listings
948
CARET-DOWN 0.4%
952
CARET-DOWN 14.4%
1107
Active Listings
565
CARET-UP 26.4%
447
CARET-DOWN 12.9%
649
Pending Sales
772
CARET-DOWN 6.1%
822
CARET-DOWN 10.4%
862
Closed Sales
672
CARET-DOWN 9.1%
739
CARET-DOWN 27.9%
932
Average DOM
29
CARET-DOWN 19.4%
36
CARET-UP 20.8%
24
$740,000
CARET-UP 1.9%
$726,000
CARET-UP 8.1%
$684,750
Cape Cod
Median Sales Price
All data from the Cape Cod and Islands Association of REALTORS ®
Sandwich | Bourne | Mashpee | Falmouth
Upper Cape K E Y TA K E A W AY S
CARET-UP 6% Median Sales Price YOY
CARET-DOWN 23.1%
$13.5M
Closed Sales YOY
Highest Sale
S I N G L E FA M I LY H O M E S
Upper Cape
Q3 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
New Listings
353
CARET-UP 19.3%
296
CARET-DOWN 9.7%
391
Active Listings
174
CARET-UP 34.9%
129
CARET-DOWN 28.4%
243
Pending Sales
301
CARET-UP 9.1%
276
CARET-UP 3.4%
291
Closed Sales
236
CARET-DOWN 13.6%
273
CARET-DOWN 23.1%
307
Average DOM
26
CARET-DOWN 29.7%
37
CARET-DOWN 3.9%
27
$737,000
CARET-UP 5.3%
$700,000
CARET-UP 6%
$695,000
Median Sales Price
All data from the Cape Cod and Islands Association of REALTORS ®
Barnstable | Dennis | Yarmouth
Mid Cape K E Y TA K E A W AY S
CARET-UP 8.3% Median Sales Price YOY
CARET-DOWN 34.6%
$15.1M
Closed Sales YOY
Highest Sale
S I N G L E FA M I LY H O M E S
Q3 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
New Listings
355
CARET-DOWN 3.5%
368
CARET-DOWN 15.7%
421
Active Listings
216
CARET-UP 41.2%
153
CARET-UP 0.5%
215
Pending Sales
257
CARET-DOWN 16.6%
308
CARET-DOWN 25.7%
346
Closed Sales
250
CARET-DOWN 6%
266
CARET-DOWN 34.6%
382
Average DOM
25
CARET-DOWN 7.4%
27
CARET-UP 13.6%
22
$650,000
CARET-UP 0.1%
$649,500
CARET-UP 8.3%
$600,000
Mid Cape
Median Sales Price
All data from the Cape Cod and Islands Association of REALTORS ®
Chatham | Orleans | Brewster | Harwich
Lower Cape K E Y TA K E A W AY S
CARET-UP 1.8% Median Sales Price YOY
CARET-DOWN 27.2%
$11.5M
Closed Sales YOY
Highest Sale
S I N G L E FA M I LY H O M E S
Lower Cape
Q3 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
New Listings
159
CARET-DOWN 19.7%
198
CARET-DOWN 17.2%
192
Active Listings
118
CARET-UP 12.4%
105
CARET-DOWN 4.8%
124
Pending Sales
139
CARET-DOWN 13.7%
161
CARET-DOWN 9.7%
154
Closed Sales
126
CARET-DOWN 14.3%
147
CARET-DOWN 27.2%
173
Average DOM
38
CARET-DOWN 19.1%
47
CARET-UP 90%
20
$891,000
CARET-UP 1.8%
$875,000
CARET-UP 1.8%
$875,000
Median Sales Price
All data from the Cape Cod and Islands Association of REALTORS ®
Provincetown | Truro | Wellfleet | Eastham
Outer Cape K E Y TA K E A W AY S
CARET-UP 43.7%
CARET-DOWN 14.3%
Median Sales Price YOY
Closed Sales YOY
$5.35M Highest Sale
S I N G L E FA M I LY H O M E S
Outer Cape
Q3 2023
% Δ (QTR)
Q2 2023
% Δ (YR)
Q3 2022
New Listings
81
CARET-DOWN 10%
90
CARET-DOWN 21.4%
103
Active Listings
57
CARET-DOWN 5%
60
CARET-DOWN 14.9%
67
Pending Sales
75
CARET-DOWN 2.6%
77
CARET-UP 5.6%
71
Closed Sales
60
CARET-UP 13.2%
53
CARET-DOWN 14.3%
70
Average DOM
40
CARET-DOWN 25.9%
54
CARET-UP 33.3%
30
$1,149,425
CARET-UP 23.6%
$930,000
CARET-UP 43.7%
$800,000
Median Sales Price
All data from the Cape Cod and Islands Association of REALTORS ®
An Elevated Real Estate Experience 867 Main Street
140 Newbury Street
(508) 364-3500
Osterville, MA 02655
Boston, MA 02116
pgrover@robertpaul.com
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