The Cape Charles Community Enhancement Board (VA Main Street) contracted, via VA Main Street, the research firm of Arnett & Muldrow to conduct an economic and market research study and survey to capture real market data for Cape Charles.
As the lonely winter streets tell the tale, half the homes in Cape Charles are either summer rentals, weekend homes, or both.
52% of houses are owner-occupied.
80% of units are single family (detached homes, townhomes, condos).
20% are multi-family apartments.
The median value of a home in Cape Charles is an impressive, $330,819 the highest in the region. 1/3 homes are over $500k.
As we write, prices and home values continue to move upward with the current asking price over $337k.
Prices, Values increasing – current med asking = $337,000
New construction is still marginally slow with half of the listings built
The average days on the market is 324 days – up 30% from previous year.
Of note, 48% of housing units are not occupied by full-time residents. The breakout is 27% seasonal, 13% vacant, 51
Overall, apartments are made up of Sea Breeze with 28 Units subsidized, Heritage Acres with 93 units, senior subsidized, and Cape Charles Lofts with 17 units, market-rate.
Affordable housing continues to be an issue in town. Limited to no availability of apartments/rental are in town. 57% of renters in Northampton County are considered cost-burdened (>30% of income on rent).
Looking forward, it is estimated Cape Charles will need 38 new household/units in next 5-years. Rising costs along with decreasing supply will push the need for more affordable-workforce housing.