Market Overview
Home Prices in Cape May, NJ
The median home value in Cape May, NJ is $745,559 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.2% compared to a year ago and up 2.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Cape May are priced82% above average. Cape May is part of the Ocean City, NJ metro area.
Over the past five years, Cape May home values have risen by approximately39.5%, reflecting strong long-term appreciation in this market.
Price History
Cape May Home Price Trend
City Comparison
Cape May vs. National Median
At $745,559, homes in Cape May cost 82% above the national median of $410,000. Buyers in Cape May should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Cape May?
20% Down Payment
$149,112
on $745,559
Monthly P&I
$3,888/mo
30-yr @ 6.8%
Total Monthly Est.
~$4,938/mo
incl. taxes & insurance
Income Needed
$197,520
gross annual (30% rule)
10% Down Option
$74,556
+ PMI applies
Loan Amount (20% dn)
$596,447
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Cape May, NJ?
The median home value in Cape May is $745,559 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.2% year-over-year.
How much have home prices changed in Cape May?
Over the past year, home values in Cape May have increased by 6.2%. Over five years, prices have risen approximately 39.5%.
How much do I need to earn to buy a home in Cape May?
To comfortably afford the median home price of $745,559 with a 20% down payment ($149,112) at today's rates (6.8%), you'd need a gross annual income of approximately $197,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Cape May compare to the national average home price?
The national median home value is approximately $410,000. At $745,559, homes in Cape May are 82% above the national average.
What metro area is Cape May part of?
Cape May is part of the Ocean City, NJ metropolitan area. Home prices and market conditions can vary across the broader metro region.