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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Cape Elizabeth, ME Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cape Elizabeth, ME Housing Market Trends

With a population of 9,580, 3,893 total housing units (homes and apartments), and a median house value of $760,528, Cape Elizabeth house prices are not only among the most expensive in Maine, Cape Elizabeth real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Cape Elizabeth, accounting for 90.52% of the town's housing units. Other types of housing that are prevalent in Cape Elizabeth include row houses and other attached homes ( 4.36%), large apartment complexes or high rise apartments ( 3.03%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.10%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cape Elizabeth. Owner-occupied housing accounts for 87.41% of Cape Elizabeth's homes, and 67.76% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Cape Elizabeth built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cape Elizabeth built between 1940-1969 ( 32.74%). A lesser amount of the housing stock also hails from before 1939 ( 22.49%). There's also some housing in Cape Elizabeth built between 2000 and later ( 9.20%).

Cape Elizabeth Home Appreciation Rates

In the last 10 years, Cape Elizabeth has experienced some of the highest home appreciation rates of any community in the nation. Cape Elizabeth real estate appreciated 111.55% over the last ten years, which is an average annual home appreciation rate of 7.78%, putting Cape Elizabeth in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Cape Elizabeth definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Cape Elizabeth that despite a nationwide downturn in the housing market, Cape Elizabeth real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cape Elizabeth appreciation rates continue to be some of the highest in America, at 9.35%, which is higher than appreciation rates in 93.83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cape Elizabeth. Cape Elizabeth appreciation rates in the latest quarter were at 3.64%, which equates to an annual appreciation rate of 15.37%.

Relative to Maine, our data show that Cape Elizabeth's latest annual appreciation rate is lower than 60% of the other cities and towns in Maine.

Average Home Values

Median Home Value

$760,528

Cape Elizabeth Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,377 / per month

Homeownership Rate

Owners
Renters
Vacant
87.4%
87.4%
12.6%
12.6%
7.2%
7.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.2%
9.2%
35.6%
35.6%
32.7%
32.7%
22.5%
22.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
90.5%
90.5%
4.4%
4.4%
2.1%
2.1%
3.0%
3.0%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
4.0%
4.0%
17.7%
17.7%
40.6%
40.6%
27.1%
27.1%
10.6%
10.6%
0% 100.0%
% of Homes

Popular Neighborhoods in Cape Elizabeth

Zip Codes in Cape Elizabeth, ME