CAPE COD, Mass. (WBZ NewsRadio) – With prices still higher than ever, the housing market on the Cape is still red-hot.
Housing officials are not expecting prices to drop anytime soon as the real-estate market has been riding high since the pandemic.
Before the pandemic, the median price for a single-family home on Cape Cod was $450,000. Now it is nearly $620,000.
Cape Cod Chamber of Commerce CEO Paul Niedzwiecki said that people expecting these prices to drop may be disappointed.
“A lot of these transactions were cash,” he said on the Chamber’s latest podcast episode. “So this really represents a transfer of wealth and not a credit bubble.”
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Niedzwiecki said it typically comes down to supply and demand and when housing prices are high, building more housing will offset that demand. However, the Cape does not have that option.
“We live on a peninsula and 86% of land on Cape Cod is either developed or protected,” he said. “So there’s not a lot of other places to go.”
Niedzwiecki added the housing climate has an impact on the employment market, with businesses in a bind when it comes to finding available workers living on Cape Cod.
WBZ’s Tim Dunn (@ConsiderMeDunn) has more: