Cape May County, New Jersey Housing Market Prices
Cape May County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 7% above the New Jersey median More expensive than 70% of counties in New Jersey$376,270
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Median rent 21% below the New Jersey median Among the top 3 cheapest counties in New Jersey$1,360
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cape May County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $376,270 | $352,792 | $248,835 |
| Price Trend (Annual %) | 3.3% | 4.4% | 7.5% |
| Median Gross Rent | $1,360 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 3.4% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cape May County is about 7% higher than in New Jersey. Rent is about 21% lower than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Cape May County, up about 3.3% and 3.4% a year respectively. Rent is changing faster.
Median rent in Cape May County rose about 31.0% between 2015 and 2024, from $1,038 to $1,360. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Cape May County.
Buying the median-priced home in Cape May County costs roughly 23.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cape May County. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Cape May County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $376,270 | $352,792 | $248,835 |
| Median Household Income | $91,655 | $103,817 | $80,455 |
| Price-to-Income Ratio | 4.1 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cape May County rose about 12.4%, while median household income rose about 60.7% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cape May County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 36.2% | 59.1% | 58.5% |
| Rental Rate | 8.9% | 33.5% | 31.2% |
| Vacancy Rate | 54.9% | 7.5% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Cape May County has a homeownership rate of 36.2%, lower than the New Jersey average of 59.1%. Its housing vacancy rate is 54.9%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Cape May County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1977 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Cape May County was built around 1977. On average, 2.1 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Cape May County, NJ Housing Compared With Nearby Counties
Cape May County, NJ is the smallest of the 6 counties compared here, 94,930 residents against a local median of 252,121. Cape May County, NJ's median home price, at $376,270, runs 57% above the $239,515 typical of the counties around it.
The counties themselves spread $167,876 on median home price, so Cape May County, NJ sits at one end of an already wide local range rather than apart from it. Cape May County, NJ has the highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Cape May County, NJ | 94,930 | $376,270 #1/6 | $1,360 #3/6 | 80.3% #2/6 |
| Cumberland County, NJ | 153,308 | $178,114 | $1,282 | 66.5% |
| Atlantic County, NJ | 276,076 | $328,302 | $1,375 | 68.7% |
| Sussex County, DE | 252,121 | $345,990 | $1,237 | 81.5% |
| Kent County, DE | 187,603 | $239,515 | $1,354 | 72.5% |
| Gloucester County, NJ | 306,962 | $186,863 | $1,530 | 80.1% |
Frequently Asked Questions
Common questions about the housing market in Cape May County, New Jersey.
What is the median home price in Cape May County, New Jersey?
The median home price in Cape May County, New Jersey is $376,270, higher than the New Jersey average of $352,792.
What is the average home price in Cape May County, New Jersey?
The typical home price in Cape May County, New Jersey, reported as the median sale price, is $376,270. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cape May County, New Jersey?
The median gross rent in Cape May County, New Jersey is $1,360 per month, lower than the New Jersey average of $1,719.
What was the median gross rent in Cape May County in 2020?
In 2020, the median gross rent in Cape May County, New Jersey was $1,175 per month.
What is the price-to-rent ratio in Cape May County, New Jersey?
The price-to-rent ratio in Cape May County, New Jersey is about 23.1, meaning it would take roughly 23.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cape May County.
Are home prices or rent rising faster in Cape May County, New Jersey?
Both home prices and rent are rising in Cape May County, up about 3.3% and 3.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Cape May County, New Jersey?
36.2% of households in Cape May County, New Jersey own their home, lower than the New Jersey average of 59.1%.
What is the vacancy rate in Cape May County, New Jersey?
The housing vacancy rate in Cape May County, New Jersey is 54.9%, higher than the New Jersey average of 7.5%.
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