Sure, tongues wag when the headlines hit above $10 million. But don’t let the hype fool you, the Seven Mile Island market keeps settling closer to a $5 million center of gravity.
Since Memorial Day, 20 single-family homes in Avalon and Stone Harbor have either sold or gone under contract, according to Cape May County MLS data reviewed by Ironside Shore Wire.
The median transaction price: $4.8975 million.
Call it $4.9 million.
That number sits well below the island’s recent trophy-home headlines.
During the same period, buyers stepped forward for homes priced at $10.735 million, $11.7 million, $12.5 million and $14.95 million.
Those deals command attention.
They do not define the middle of the market. The middle sits much closer to $5 million.
Six of the 20 transactions landed between $4.155 million and $4.995 million. Five landed between $4.675 million and $4.995 million.
For a market ranging from $2.8 million to nearly $15 million, that is a notable concentration.
The pattern appears throughout the data.
A Stone Harbor home at 225 85th Street sold at $4.779 million. Another at 164 84th Street went under contract at $4.793 million.
Avalon properties traded at $4.675 million, $4.8 million and $4.995 million.
Different streets. Different sellers. Similar outcomes.
The finding does not mean $5 million homes sell the fastest.
The data shows activity across the pricing spectrum.
A $3.25 million Avalon home went under contract after four days on market. A $6.195 million Avalon property went under contract after 22 days. At the top end, a $14.95 million Stone Harbor oceanfront found a buyer after nine days.
Buyers remain active across multiple price bands.
What the data suggests is something different.
When buyers and sellers reach agreement, the market repeatedly finds its way back to the upper-$4 million range.
That does not make $5 million a ceiling.
It does not make it a floor.
It makes it Seven Mile Island’s center of gravity.
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