This region is located in the southeastern section of Massachusetts, and Cape Cod has a total area of 339 square miles. The region contains numerous cities and towns, such as Bourne, Mashpee, Truro, Orleans, Wellfleet and Provincetown, and the largest city is Barnstable. In total, the area has 147,083 housing units. The demand for real estate in Cape Cod has risen consistently during the last five years, and the average amount of time for which houses remain on the market has decreased rapidly.
The Prices of Properties
The median value of houses in Cape Cod is $362,000, and during the last year, this figure has risen by 4.2 percent. The average price per square foot is $278, and this amount is substantially higher than the value per square foot for homes in the most sections of Massachusetts. Moreover, the median list price of homes in Cape Cod is $429,900.
In Barnstable, the average price of a house is $525,200, and residences in Osterville have a median value of $488,100. The average worth of homes in Dennis has increased swiftly during the past two years. In 2013, the value of houses in the city dropped to $402,000, yet in January 2015, the median price is $456,200.
The Future Values of Residences
An extensive analysis suggested that the costs of houses and commercial buildings in Cape Cod are going to rise during the next five years. According to one organization, an available home in the region is usually sold within 90 days of the date on which the house was listed, and the quick sales indicate that demand for residences has been augmented.
Foreclosures in Cape Cod
Since May 2014, the average value of foreclosed homes in the region has been dropping steadily. Currently, the price of purchasing a foreclosed residence is more than 23 percent lower than the median worth of homes, and the value of foreclosed houses is $250,000 on average.
An extensive report indicated that approximately 38 percent of the homes in Cape Cod are vacant. A real estate agent can find houses that are currently vacant, and the expert will help you to determine each residence’s overall condition, to analyze the values of nearby homes and to contact the seller.
The Age of Houses
In the region, 21 percent of homes were constructed between 1980 and 1989, and 20 percent of residences were built during the 1970s. Furthermore, 12 percent of houses were created before 1939.
Currently, Barnstable has the highest number of houses on the market, and Barnstable is also the most populated city in Cape Cod. Located in the southwestern section of the region, Falmouth has the second largest amount of available residences, yet the number of houses that are for sale has been decreasing steadily because of the rising demand in the town.
Houses With Particularly High Values
In the entire country, only 2.1 percent of houses have a value that exceeds $1 million, yet in Cape Cod, 6.2 percent of the residences are worth more than $1 million. Moreover, homes that have values of $500,000 to $999,000 account for more than 21 percent of the residences in Massachusetts.
The Population's Effect on the Value of Real Estate
During the 1990s, the number of individuals in Cape Cod increased by more than 21 percent. The region has a population density of 562 inhabitants per square mile, and in total, there are 147,086 houses in Cape Cod. On average, the area has 372 housing units in each square mile. Currently, 12 percent of the residents are renting homes or apartments.
In Cape Cod, the median income for households is $62,678 per year, and the per capita income slightly exceeds $32,000. Residents who are between the ages of 45 and 65 have average, annual earnings of $74,234. Additionally, most of the people who have recently purchased a home in Cape Cod are in this age range.
Located near Hyannis and West Yarmouth, Cape Cod Hospital welcomes approximately 85,000 patients every year, and two million tests are performed at the facility annually. The institution manages other health centers in the region, and some of these include the Falmouth Hospital, JML Care Center and the Heritage at Falmouth.
Cape Cod contains 61 schools, and in the last five years, more than 90 percent of these institutions have received excellent ratings from the Massachusetts Department of Education. Sturgis Public Charter School was given the best scores.
In Barnstable County, most of the schools have classes that contain less than 17 students. Furthermore, approximately 35 percent of the courses do not have more than 10 pupils.
The region contains numerous colleges, such as the Massachusetts Maritime Academy, Cape Cod Community College and Hyannis State Teachers College. Established in 1930, the Woods Hole Oceanographic Institution extensively researches marine life and creates technology that will be used underwater. The university frequently analyses the ecosystem in Great Harbor, and members of the college commonly travel to Nonamesset Island and to Naushon Island.
A detailed analysis indicated that bridges, roads and commercial structures in the region are in excellent condition on average. According to the Cape Cod Commission, the water in the canals is quite clean, and many lakes have especially low levels of chemicals and contaminants. The organization recently introduced a program that would allow experts to place barriers around public wells.
Recently, CapeNet created a network that utilizes broadband, and the system features cables with a total length of at least 400 miles. This network also allows police officers and firefighters to more easily communicate with one another by using especially secure connections.
The main highway in Cape Cod is Route 6, which stretches from Sagamore Beach to the shores of Herring Cove. When driving in the southern section of the region, residents commonly use Route 28, and this road provides easy access to Falmouth, Harwich and Chatham.
While traveling to Boston, inhabitants can drive westward on Route 6, which is connected to Route 3. Subsequently, the residents may travel northward on Route 3 until they reach Route 1.
What kind of architecture can you expect to see in this region? Many homes in this part of New England are Federal, Georgian, or Greek Revival. Naturally, there are a vast number of Cape houses as well. Plus, if you love distinguished old buildings, you might be able to purchase a residence that's more than 100 years old. You might even find one that's been around for two centuries.
What's more, Cape ranches, which have somewhat less room in their attics than the old-fashioned Cape homes, are popular and affordable choices. Many of those houses date back to the 1960s and 1970s.
Welcome to the Cape
To improve shipping and transportation in the area, engineers built a canal in the western part of the Cape. Stretching from Bourne to Sandwich, it was finished in 1914. The canal technically turned the Cape into an island, one that's accessible from the mainland by bridge, but many people still refer to this landmass as a peninsula.
The communities of the Cape boast lighthouses, first-rate seafood restaurants, cozy avenues lined with unique shops, and deep, tranquil marshes. During the summer, it's a haven for tourists, and everywhere you look, you might feel as though you're inside a postcard.
The peninsula is positioned in southeastern Massachusetts, and it resembles the arm of a skinny person who's flexing a bicep. It encompasses 15 towns, some of which are divided into quaint villages. The Cape is 339 square miles in area and 64 miles in length. At its widest point, it measures 20 miles.
The Cape features four main parts. One is called the Upper Cape, and its towns include Bourne, Falmouth, Mashpee, and Sandwich. Then there's the Mid-Cape, the section where you'll find Barnstable, Dennis, and Yarmouth. The Outer Cape is made up of Eastham, Provincetown, Truro, and Wellfleet. Finally, the Lower Cape is comprised of Brewster, Chatham, Harwich, and Orleans.
Each of those towns is distinct and offers its own array of attractions. For example, Sandwich is the Cape's oldest community. It's full of structures from the 1700s and 1800s as well as lovely lakes and ponds. Some people who live in Sandwich actually commute to Boston each day, giving it a real suburban flair.
For their part, Truro and Wellfleet are near the National Seashore, a place where new development is prohibited, and the Atlantic Ocean. As a result, those two towns tend to be especially peaceful, and they're home to fewer stores and businesses. Meanwhile, Provincetown, which is located at the tip of the Cape, is famous for its museums, nightclubs, and dining options.
In short, as you get to know the Cape, you'll come to appreciate the unique qualities of each community. Some of them are so bustling they almost resemble small cities, and others are more rural. You'd be hard-pressed, however, to select the most beautiful or the most desirable among them.
A realty professional can help you narrow down exactly what you're looking for; he or she will ensure that you choose the right hometown.
A Great Time to Buy Property
In the first half of 2016, home prices went down throughout the Cape. During this span of time, Barnstable County, which encompasses most of Cape Cod, saw a 1.4 percent decrease in its median home price. Obviously, those falling prices indicate that conditions are favorable for purchasing property there. Indeed, competition between home buyers is infrequent these days. Moreover, with an expert in realty helping you out, you very well could find some residences that are relative bargains.
Prices for homes in the area reached record highs during the housing bubble of the 2000s. For the most part, despite improvements in the national economy, home prices across the Cape haven't yet rebounded in full. On the other hand, in recent months, other communities in Massachusetts have seen their home prices exceed previous records.
The real estate market in this section of Massachusetts has always depended to some extent on those who buy retirement and vacation homes. However, people don't shop for those types of properties in large numbers unless the economy is doing especially well. Years after the Great Recession of the late 2000s, the global economy is still a little shaky in some respects. Consequently, many people are waiting to purchase those kinds of residences.
Turning a Paradise into Your Home
When you own property in one of these communities, you may feel as though you're living in a luxury resort. There are all kinds of exciting activities that you can pursue in your own backyard, including gardening, golf, swimming, fishing, kayaking, and sailing. You might simply enjoy hiking or jogging alongside one of the many streams or ponds. The art galleries are truly inviting too, and during the summertime, outdoor concerts and festivals are frequent occurrences.
Particularly appealing are the Cape's many bicycle trails. Some of them extend for miles, and they'll take you past sand dunes, bogs, and a wealth of other eye-popping scenery.
Throughout spring, summer, and fall, you'll be sharing your town with vacationers. Of course, the wintertime is a quieter period yet no less magnificent. Few experiences in life rival the spirituality of a beach stroll during a Cape winter. You'll probably marvel at the way the sunlight dances on the water and at the majesty of the solitary shoreline.
Be aware that the Gulf Stream warms Vineyard Sound, Nantucket Sound, and Buzzards Bay. By contrast, the Atlantic Ocean east of Cape Cod and the bay to its north are usually frigid.
Cape Cod real estate is as varied and as exciting as the local landscapes. Vacation homes, condominiums, apartments, year-round homes, retirement cottages, and many more options are readily available. You might be interested in a gorgeous seaside manor so that you could admire the waves each morning and evening. Alternatively, perhaps you'd like to purchase property that's a little farther inland and a little less expensive. After all, wherever you are on the Cape, you're not far from a pristine beach.