Where is this Barnstable real estate market going?
Well, now that we have the final Barnstable real estate market stats for 2024, we can see that year over year the median sales price has risen by nearly 5% for single family homes and over 10% for condominiums. Are prices going to keep going up? No. We can also see that days on market and inventory are going up. We remain with an historic low level of inventory and pricing is all about inventory. What else will affect pricing? Insurance, environmental issues, mortgage rates, etc. We know that the insurance costs for 2 major hurricanes in Florida and the major wild fires in California will certainly affect rates here on Cape Cod over time. If we have a destructive Northeaster this winter, that can surely affect our inventory and buyer demand.
Mortgage rates remain high and homeowners with a 3% mortgage do not want to move into a new home with a 7% mortgage! So, all of these factors are part of the inventory issue. I do believe that Barnstable real estate inventory will continue to build- it has already has started- prices will stabilize and drop!
