As we progress through 2025, the real estate market in Cape Charles, Virginia, continues to exhibit notable trends that both buyers and sellers should consider. Here’s an in-depth look at the current landscape.
Median Home Values
As of January 2025, the average home value in Cape Charles stands at $353,192, reflecting a 3.5% increase over the past year. This appreciation indicates a steady growth in property values, making it an opportune time for homeowners considering selling.
Median Listing Prices
The median listing price, which represents the midpoint of all homes currently on the market, was reported at $645,900 in January 2025, marking a 13.5% year-over-year increase. This significant rise suggests a strong seller’s market, with properties potentially attracting higher offers.
Median Sale Prices
In contrast, the median sale price—the midpoint of all homes sold—was $939,000 last month, up 129.2% from the previous year. This substantial increase underscores the heightened demand and willingness of buyers to invest in Cape Charles properties.
Market Competitiveness
Despite rising prices, the Cape Charles housing market is currently not very competitive. Homes typically sell after 87 days on the market, a decrease from 142 days the previous year. This reduction in time on the market indicates that while demand is strong, buyers still have some leverage in negotiations.
Inventory Levels
The number of active home listings has seen an increase, with 75 homes for sale in February 2025, up 19% from the previous month. This rise in inventory provides buyers with more options, potentially balancing the market dynamics.
Price Per Square Foot
The median price per square foot in Cape Charles is $451, reflecting a 37% increase from last year. This metric is crucial for buyers and investors to assess property values relative to size.
Future Outlook
Forecasts suggest a continued upward trend in home values. The median price of an average house in Cape Charles was $296,318 as of March 7, 2025, with expectations of reaching $319,708 by March 2030—a projected increase of approximately 7.89% over five years. This projection indicates sustained growth, making Cape Charles an attractive market for long-term investment.
What This Means for Buyers and Sellers
The Cape Charles real estate market in 2025 is characterized by rising home values, increased listing prices, and a moderate level of market competitiveness. For sellers, the appreciating market presents an opportunity to capitalize on their investments. Buyers, while facing higher prices, can benefit from the growing inventory and potential for long-term value appreciation. Staying informed and consulting with local real estate professionals can provide valuable insights tailored to individual circumstances.
