Co-own real estate report: Provincetown, MA

How many times have you gone on vacation, gazed at the water, and said, “I want to live here.” Most of us have probably done that, right? If you’ve visited Cape Cod, you’ve likely had this thought go through your head. But what if this paradise was your home?

The Cape Cod area, including Provincetown, Massachusetts, or P-town, is synonymous with summer. But it is a great place to live the other nine months of the year, too. For anyone thinking about living full-time on Cape Cod, it is a great place to be.

During the summer, Cape Cod’s population swells from about 229,000 to more than 500,000. Provincetown, for instance, has a year-round population of 3,664, but its summer population goes as high as 60,000!

Of course, Provincetown is known for its advantages during the summer—but the offseason dazzles too. During the offseason, the area’s natural beauty is its biggest asset. Its color, atmosphere, and light have long been admired by writers, painters, artisans, or anyone simply looking to get away from it all.

Provincetown truly caters to everyone. Want to shop and gallery hop? How about check out a museum or brewery? Lie on the beach all day or do a sand dune tour? You can do all of those things and more in Provincetown.

What makes Provincetown attractive for co-buying

The Cape Cod Region, consisting of Cape Cod and the islands of Martha’s Vineyard and Nantucket, has an incredible collection of activities for everyone to enjoy. From amazing golf courses to legendary seafood to iconic natural landscapes, it is easy to see why Cape Cod is one of the most well-known travel destinations around the world.

However, no matter how many times someone visits Cape Cod, they will continue to be mesmerized by its beauty. Thanks to its charming towns, quiet beaches, and winding back roads, hundreds of thousands of visitors make their way to Cape Cod, year after year.

This is what makes it incredibly attractive for co-buying a home. Cape Cod continues to regularly draw more than 4 million visitors per year. And of these visitors, many are especially drawn to Provincetown, described as the crown jewel at the very tip of Cape Cod. 

Hands down, nothing beats Cape Code beaches or Cape Cod lighthouses. This is reflected in the area’s real estate market, with some key statistics being:

27.3% of homes sold above list price

$910,000 median home sale price

27 days on the market (on average) before sale

96.4% sale-to-list price

Short-term rentals in Provincetown

Provincetown’s short-term rental statistics include:

81% occupancy rate on Airbnb

$271 average daily rate

$4,500 average monthly revenue on Airbnb

75 / 100 rental demand

75% are entire home rentals

88% of listings are on Airbnb, 5% on Vrbo, and 7% are listed on both

Provincetown is an increasingly popular short-term rental (STR) market. STR regulations and requirements vary by city, so please visit the Town of Provincetown’s website for further information.

What to see in Provincetown

Commercial Street

You can’t take a trip to Provincetown without exploring its most charming street. Bustling Commercial Street is considered Cape Cod’s main street and go-to spot for food, fun, art, and entertainment. Commercial Street is three miles long and runs through the heart of town. It also serves as the gateway to the best waterfront activities in Provincetown.

Race Point Beach

In recent years, Race Point Beach in Provincetown was named one of the five best beaches in New England by the American Automobile Association (AAA). Race Point Beach includes several miles of seacoast and luxurious, soft sand.

Race Point Beach, perched on the Cape Cod National Seashore's northernmost tip, boasts miles of sandy dunes, wild crashing waves and seemingly endless sunlight. As night descends, be sure to stick around to admire the sunset. You won’t regret it.

Province Lands Bike Trail

Hoping to break a sweat? Be sure to head to Province Lands Bike Trail, starting at Herring Cove Beach, and glide over the changing landscape of white-sand dunes, scrubby pine forests, and cranberry-filled bogs. The hilly 6.6-mile loop is a great break from the constant buzz of Commercial Street.

Provincetown

Nearby cities

• Boston, Massachusetts – 2 hours
• Providence, Rhode Island – 2 hours
• Hartford, Connecticut – 3.5 hours

Provincetown co-buy opportunities

4 Atwood Avenue, Provincetown, MA 02657

Asking price: $979,000

Estimated down payment: $195,800

Estimated mortgage: $5,649/month

Estimated rental revenue: $5,714/month

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46 Harry Kemp Way, Provincetown, MA 02657

Asking price: $849,000

Estimated down payment: $169,800

Estimated mortgage: $4,899/month

Estimated rental revenue: $5,714/month

346 Bradford Street, Provincetown, MA 02657

Asking price: $924,900

Estimated down payment: $184,980

Estimated mortgage: $5,337/month

Estimated rental revenue: $7,111/month

Sources:

Provincetown Housing Market

Provicetown Airbnb Calculator

Nestment, Inc. does not guarantee and is in no way responsible for the accuracy of information provided in this blog post. All information is provided “AS IS” and with all faults. Data presented here may not reflect all real estate activity in the market.  While the information on this site is about legal and tax issues, it is not intended as legal or tax advice or as a substitute for the particularized advice of your own attorney and tax professional.

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