On the Tip of Cape Cod, Million-Dollar Listings Are the Standard in Provincetown

On the very tip of Cape Cod, MA, one of the country's oldest arts colonies sits in an extremely geographically limited market where nearly 3 of every 4 listings clears $1 million."Provincetown is small, and effectively finished expanding," writes Realtor.com® senior economist Anthony Smith in his latest luxury report highlighting the coastal city.Hemmed in on three sides by water and only about two streets wide at its thinnest, "P-Town," as the locals call it, is already a confined area.Add in that only 18% of the town is zoned residential—the Cape Cod Commission puts 79% of the town's zoned area under conservation—and new builds are effectively impossible."Any new supply has to come off from redevelopment or small-scale infill, both of which tend to be expensive and difficult to pull off," explains Realtor.com senior economist Hannah Jones.Loading...An "untouched jewel" in Provincetown is priced at luxury level despite being decidedly nonluxury, thanks to P-Town's pricey market. SeaScape RealtyAs with other highly limited waterfront communities near wealthy urban cores—such as Nantucket or The Hamptons—there is little place for prices to go but up.While Provincetown's luxury marke...