October 2024 Cape Cod Market Report

Buyer Activity on Cape Cod Surges as Pending Sales Reach 2-Year High

Buyer activity across Cape Cod's housing market surged during October as homes under contract, known as pending sales, reached a two-year high at the end of the month.

According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 310 single-family homes and 83 condominiums went under contract in October—a 41.6 percent increase for single-family homes and a 15.3 percent increase for condominiums, which will show up in closed-home sales in the coming months. Last October, there were 219 pending single-family homes and 72 pending condominiums. This was the highest month for pending sales since June 2022.

“Buyers are active in the market right now. This shows solid signs for the future as we expect to end in 2024 with stronger sales growth than we had in 2023, which looks to be the bottom point for the reduction in home sales.” CCIAOR CEO Ryan Castle said.

Additionally, 347 homes were sold in October 2024: 276 single-family homes and 71 condominiums.

The median sales price for single-family homes was $825,000 and $600,000 for condominiums. In October 2023, 377 homes (266 single-family homes and 71 condos) sold at a median price of $801,000 for single-family homes and $480,000 for condominiums.

Inventory continues to rise, and new listings are coming on the market. There were 743 single-family homes and 205 condominiums for sale in the Cape Cod & Islands Multiple Listing Service in Barnstable County. Last October, 622 single-family homes and 166 condos were listed for sale, a 19.5 percent increase and a 23.5 percent increase, respectively. This is still historically very low and less than half of what the market had for sale pre-2020.

Cumulative days on the market for October increased 59.4 percent for single-family homes compared to last October, increasing from 32 to 51 days. Condominiums had a 41.7 percent increase in cumulative days on the market compared to last October, decreasing from 36 to 51 days.

Click here to view archival data from the Cape Cod real estate market.

Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.