Cape Cod's housing crunch: Where can a regular person still buy a home?

Boston Globe

6 days ago

According to the Cape Cod & Islands Multiple Listing Service, the median sales price for a single-family home in Barnstable County now sits at $802,500. That figure puts homeownership out of reach for many year-round residents in an area where the median household income is just shy of $95,000, according to
While Provincetown led the county year to date with a median price of
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Affordability, in this landscape, is a relative term.
'We're talking single digits a year,' said Elliott Schmiedl, director of homeownership at the Massachusetts Housing Partnership, in reference to how many affordable home mortgages the agency (which offers below-market interest rates to eligible borrowers) now supports on the Cape and Islands.
A one-level home at 18 Race Road in West Yarmouth is in close proximity to the beach and has a fenced-in yard. The property is currently listed for sale at $435,000 on Zillow as of July 13, 2025.
Heather Diehl/For The Boston Globe
That's down from as many as a couple dozen annually in previous years, Schmiedl added. Most of those rare successes today come from affordable housing lotteries rather than typical market-rate sales.
The combination of
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According to Todd Machnik, president of the Cape Cod and Islands Association of Realtors, 43 percent of all home sales in June were cash purchases.
'[Locals are] missing out on homes because they're competing against people who don't need to finance as much,' he said.
A renovated ranch located at 31 Gardiner Lane in South Yarmouth is for sale near the beaches along Nantucket Sound. The house is currently listed at $565,000 on Zillow as of July 13, 2025.
Heather Diehl/For The Boston Globe
The
Homes that aren't near the coast may linger on the market slightly longer, but the most desirable properties are still snapped up in days and often above asking price and without contingencies.
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Englewood Beach is located less than a quarter-mile from a desirable home for sale at 90 W Broadway St. in West Yarmouth.
Heather Diehl/For The Boston Globe
The Cape's year-round housing inventory has been steadily eroded by second-home demand and the rise of short-term rentals. Magnotta pointed to platforms like
Homes that would have been offered as
'We've seen another shift in the market, where we've lost access to this existing inventory,' Magnotta said. 'This is in the rear-view mirror. We're looking back and going, 'That was happening in the marketplace, and we lost it all again.''
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Barnstable offers locals and visitors beautiful beaches and whale watching expeditions by Millway Beach.
Heather Diehl/For The Boston Globe
Data from the Cape Cod & Islands Multiple Listing Service underscores the shift. In June, Barnstable had the most homes listed both above and below the county median, a reflection of its size and market variety. But towns like Provincetown and Chatham continue to tilt luxury:
That said, there are pockets of affordability to be had: Dennis saw the lowest median condo sales price for all of the Cape and Islands year to date at $278,950.
Meanwhile, affordability programs don't always reach far enough. The state's One+ Mortgage Program, which provides down payment help and buys down interest rates for first-time buyers, is only available in designated Gateway Cities. On the Cape, that includes just one: Barnstable.
There are limitations and restrictions on how federal funds can be deployed. Expanding the One+ program would require substantial funding and buy-in from multiple municipalities — a logistical challenge given the Cape's fragmented governance.
'That's an idea we've kicked around,' Schmiedl said of opening the One+ program to more communities that opt into the program and pool resources. 'It just becomes tricky because managing so many funding sources is really fraught.'
Still, some progress is visible. The
An available seaside cottage at 135 S Shore Drive #17, in South Yarmouth, is part of a community of cottages with access to a private beach. The studio for sale is currently listed at $339,900 on Zillow as of July 13, 2025.
Heather Diehl/For The Boston Globe
Cape officials and housing advocates agree that solutions need to be both local and regional, encompassing zoning, infrastructure, and creative use of existing housing stock. Programs like
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Magnotta also urged individual action: 'If you're a second homeowner, build an [
But time is a factor.
'I raised my three daughters here,' Magnotta said. 'But today we couldn't roster a girls basketball team in elementary school. I guess it's not detrimental, but it's telling: You only need five players.'
What can bring positive change? Collective action, Magnotta emphasized.
'It's a shared value that we've had on the Cape for a long time. It's part of who we are,' she added. 'I hope that in these years of [an affordability] crisis, we continue to keep coming together. Otherwise, we're going to become a museum and a place for the rich and famous just to visit. And none of us will be here.'
Traffic builds as visitors leave the Cape Sunday night, traveling across the Sagamore Bridge over the Cape Cod Canal.
Heather Diehl/For The Boston Globe