CAPE COD – Cape Cod real estate prices, fueled in part by reactions to Covid-19, are appreciating in value at the fourth highest rate of any “metro area” in the United States, according to the National Association of Realtors.
The hot market, if it continues, will arguably change the future of Cape Cod in fundamental ways. Or rather, it will accelerate change that is already happening.
And with the coming summer projecting to be at full capacity, and remote work becoming maybe a long-term reality that is also helping push Cape prices higher, local officials say some dire and noticeable changes may be coming fast.
“Covid-19 has been an economic disruptor,” said Paul Niedzwiecki, former Executive Director of the Cape Cod Commission and the incoming (as of July 1) CEO of the Cape Cod Chamber of Commerce. “It has changed people’s behavior – the way we work and where we choose to live.”
“I think this summer is going to be the greatest economic summer the Cape has ever had as long as we can figure out a way to service the people who are going to be here.” – Ryan Castle, CEO of the Cape Cod & Islands Association of Realtors.
Beyond the economic impact of the pandemic on Cape real estate prices, there is also the impact this summer of the loss, due to continued travel restrictions, of the needed seasonal influx of thousands of international workers – with J1 and H2B visas – that have annually filled in the gaps.
Meanwhile, because of those skyrocketing prices and decisions by landlords to either sell or rent to vacationers for huge profits, local workers are being priced out of housing.
“There is very little on the market, and there are a number of significant ripple effects,” said Andrew Gottlieb, Executive Director of the Association to Preserve Cape Cod (APCC). “All of the employers, the ones that survived, are going to have too much business and not enough people to handle it,” he said.
“There’s a demographic change going on,” he said. “A number of properties that were formerly on the rental market no longer are, causing a further tightening of the types of homes available to people.
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