Is Ocean City, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Ocean City was a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $268K | $299.9K | +11.9% |
2 Bedrooms | $400K | $410K | +2.5% |
3 Bedrooms | $559.2K | $599.9K | +7.3% |
4 Bedrooms | $830.7K | $730K | -12.1% |
5+ Bedrooms | $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 | $417.7K | $439.6K | +5.3% |
Selbyville-Frankford | $541.9K | $529.9K | -2.2% |
Housing Supply in Ocean City, MD
How many homes are available in Ocean City, MD?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
620 | 710 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 113 | 116 | +2.7% |
2 Bedrooms | 244 | 286 | +17.2% |
3 Bedrooms | 181 | 214 | +18.2% |
4 Bedrooms | 48 | 55 | +14.6% |
5+ Bedrooms | 34 | 39 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
48 | 71 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
43 Days | 54 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
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.