Cape May, NJ—08204
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cape May, NJ
As of Oct '25, the median home price in Cape May, NJ is $687,000, with a year-over-year change of 1.5%. This indicates that home prices in Cape May, NJ are increasing. According to Zillow, the 1-year price projection is 3.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $687,000 | 1.5% |
| Single Family | $669,000 | 0.8% |
| Condos | $795,000 | 4.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $554,000 | 1.8% |
2 Bed | $609,000 | 2.0% |
3 Bed | $635,000 | 1.8% |
4 Bed | $1,032,000 | 1.7% |
| 5 Bed | $1,918,000 | 0.7% |
% of Housing Stock
Rental Trends — Cape May, NJ
As of July '25, Rentcast reports the average rent in Cape May, NJ is $2,330, with a year-over-year rent change of -13.7%. Per bedroom, the median rent as of July '25 in Cape May, NJ is 1-bedrooms: $1,410, 3-bedrooms: $3,250. The most common rental property sizes in Cape May, NJ are 2-bedroom and 1-bedroom, accounting for 33.7% and 28.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,410 | $2,330 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,410 | $1,410 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $3,250 | $3,250 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Cape May, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Cape May, NJ is 58. This is a increase of 6.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $898,000 | 15.0% |
Listing Count | 144 | 5.0% |
| Listings as % of Homes | 0.9% | 5.0% |
Days on Market | 58 | 6.0% |
Demographics — Cape May, NJ
As of the latest ACS Survey released in 2023, Cape May, NJ has a population of 16,900, which has decreased by -9.2% over the past 5 years. Cape May, NJ is a moderately popular place for families, as children make up 16.8% of the population. The area has a moderately educated workforce, with 38.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,900 | -9.2% |
% Under 18 | 16.8% | 0.0% |
% Seniors | 28.2% | 12.4% |
% WFH | 8.6% | 100.0% |
% w/ College Degree | 38.4% | 23.5% |
As of the latest ACS Survey released in 2023, Cape May, NJ is a predominantly white area, with 88.4% of the population identifying as white. The white population has grown by 3.3% in the last 5 years. The second most common race or ethnicity in Cape May, NJ is hispanic, making up 5.2% of the population. Foreign-born residents account for 4.1% of the population in Cape May, NJ, and this percentage has decreased by 36.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 88.4% | 3.3% |
% Black | 2.2% | -26.7% |
% Hispanic | 5.2% | -42.9% |
% Asian | 0.8% | 14.3% |
% Foreign Born | 4.1% | -36.9% |
Mortgage and Risk — Cape May, NJ
According to HUD data as of 2023, there were 466 mortgage originations in Cape May, NJ, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 50.0%, with 6.0% above 90% LTV (normal). This implies small mortgage risk in Cape May, NJ. Investor activity is low, as 6.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 466 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 6.0% |
% Second Loans | 38.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Cape May, NJ
Cape May, NJ lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 444 |
Total Units Section 8 | 284 |
% Rentals under Section 8 | 16.8% |
% Occupied Section 8 | 95.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$270 | $1,410 | $1,140 |
| 2 Bedroom | N/A | N/A | $1,500 |
| 3 Bedroom | -$1,240 | $3,250 | $2,010 |
| 4 Bedroom | N/A | N/A | $2,010 |
Affordability — Cape May, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.5 |
| Median Home Price | $687,000 |
| Median Household Income | $80,800 |