Is Ocean City, MD a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ocean City is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Ocean City was a Seller's Market.

Key Takeaway

Ocean City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Ocean City, MD

How much do homes in Ocean City, MD cost?

Median Sold Price

$439,676

$433/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$21,934(+5.3%)

Key Takeaway

Homes in Ocean City have sold for 5.3% more than they did a year ago.

Summary: The median home sold price in Ocean City was $439,676 in February 2024, up 5.3% from last year, and the median price per square foot was $433.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $268K$299.9K
+11.9%
2 $400K$410K
+2.5%
3 $559.2K$599.9K
+7.3%
4 $830.7K$730K
-12.1%
5+ $1.0M$1.0M
+4.5%

Summary: Ocean City housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.9%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 7.3%, 4 bedroom homes decreased by 12.1%, and 5+ bedroom homes increased by 4.5%.

Median Sold Price Compared To Nearby Cities

Ocean City
+5.3%
Selbyville-Frankford
-2.2%

Housing Supply in Ocean City, MD

How many homes are available in Ocean City, MD?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
620710+14.5%

Summary: The Ocean City real estate market had 710 homes for sale in February 2024, a 14.5% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 113116
+2.7%
2 244286
+17.2%
3 181214
+18.2%
4 4855
+14.6%
5+ 3439
+14.7%

Summary: The Ocean City housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.7%, 2 bedroom homes increased by 17.2%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes increased by 14.7%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4871+47.9%

Asking Price vs. Sold Price

51 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ocean City, you may be able to get a good deal. 71.8% of homes here sold below asking price last month.

Summary: A total of 71 homes were sold or pending in Ocean City in February 2024, up by 47.9% month-over-month. Of the 71 sold homes, 72% were sold under asking, 17% were sold at asking, and 11% were sold over asking.

Days on Market for Ocean City, MD

How long does it take to sell a home in Ocean City, MD?

Average Sale Time

Feb 2023Feb 2024CHANGE
43 Days54 Days+27.0%

Summary: Homes in Ocean City had an average of 54 days on market in Feb 2024, up by 27% compared to last year.

Breakdown of Home Sale Times

28 Homes Were Sold
Under 30 Days

29 Homes Were Sold
In 30 - 90 Days

14 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Ocean City has remained consistent over time.

Summary: During February 2024, 71 homes were sold in Ocean City; 39% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

Newest Listings in Ocean City, MD

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