There are currently 7,558 real estate properties in Cape May, NJ, with a median automated valuation model (AVM) price of $653,200.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Cape May, NJ, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Cape May, NJ, is $856,814.00, with the most expensive house in Cape May, NJ, topping out at $11,500,000.00 and the cheapest home in Cape May, NJ, clocking in at $37,798.00. In other words, there’s something for every potential homebuyer or savvy investor in Cape May, NJ!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Cape May, NJ, is on a rollercoaster ride. The average rent price in Cape May, NJ, is $1,575.00. Indeed, when looking to rent in Cape May, NJ, you can expect to pay as little as $720.00 or as much as $3,260.00, with the average rent median estimated to be $1,550.00. The good news is that finding an affordable and desirable property to rent in Cape May, NJ -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Cape May is located in Cape May, New Jersey, with an estimated municipal population of 3,422 residents. All of the best foreclosed homes for sale in Cape May are located in the following zip code areas on Foreclosure.com: 08204. The estimated population per square kilometer (.62 miles) in Cape May is 534.
So, about how much do homes cost in Cape May? The most recent median value of resident-owned homes in Cape May is 649,440. An estimated 57.6 percent of households in Cape May own their homes, with an average family size of 2.81. The median household income in Cape May is 55,700, with28.7 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Cape May, the median commute time of resident workers (in minutes) is 14.3. And last, but certainly not least, are you looking for homes to rent in Cape May? If so, the average rent price paid by renters in Cape May is 1,009, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Cape May, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Cape May is 33.4, split between 55.6 percent male versus 44.4 female. The percentage of residents who report being married in Cape May is 52.4, with an average family size of 2.81.
The percentage of residents who report their race in Cape May is as follows:
|Black / African American
|American Indian / Alaskan Native
|Native Hawaiian / Other Pacifc Islander
Looking for family-friendly neighborhoods in and/or near Cape May? Or maybe you are searching for 55+ active adult communities in and/or near Cape May?
The percentage of residents who report their age in Cape May is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Cape May with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Cape May.
How do you know that living in -- or moving to -- Cape May is right where you need to be? Perhaps you grew up in Cape May or already live nearby; therefore, the decision to buy a home in Cape May is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Cape May for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Cape May:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Cape May.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Cape May can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Cape May, meanwhile, can field multiple offers from more qualified buyers.
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